External broker reports(aggregated public sources), International Securities

International Securities

International Securities’ equity research analysis and advisory have been a vital source of market intelligence for our distinguished clients over the years. The equity research team’s main objective is to cover listed equities and to provide thoughtful, insightful, differentiated and timely research that can help clients make informed decisions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We revise our FV on ADNOC Drilling to AED4.67/sh., offering 18.3% price upside from last close.</li><li>We maintain our Buy recommendation. We expect FY23-FY27 EBITDA and core net profit CAGR of 10% and 12%, respectively, taking EBITDA and net profit to USD2.2bn and 1.5bn in FY27e, respectively.</li><li>Stock is a mix of value and growth with 14% FY24 expected core net profit growth to USD 1.1bn and dividend of AED0.17/sh., translating into dividend yield of 4.4%.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We revise our FV on ADNOC Drilling to AED4.67/sh., offering 18.3% price upside from last close.We maintain our Buy recommendation. We expect FY23-FY27 EBITDA and core net profit CAGR of 10% and 12%, respectively, taking EBITDA and net profit to USD2.2bn and 1.5bn in FY27e, respectively.Stock is a mix of value and growth with 14% FY24 expected core net profit growth to USD 1.1bn and dividend of AED0.17/sh., translating into dividend yield of 4.4%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ADNOC Drilling: Sustained Earnings Growth and Rising Dividends

ADNOC Drilling PJSC

ADNOC Drilling: Sustained Earnings Growth and Rising Dividends