Upside to FY26 guidance; growth trajectory on track

研报英文原文证据摘录

Upside to FY26 guidance; growth trajectory on track

MENA Energy

ADNOC L&S (ADNOCLS UH)

EQUITY RESEARCH Company Update

May 14, 2026

Upside to FY26 guidance; growth trajectory on track Price: AED5.79

Price Target: AED7.50 (From ADNOC L&S gave a very upbeat update on the company’s business, AED7.30)

especially the Shipping segment. The company said it has taken a

Rating: Overweight conservative approach to its FY26 profitability guidance, not only for

Key Statistics: its Shipping segment but also its Integrated Logistics, which assumes a

Symbol ADS: ADNOCLS minimum activity level. The company also acknowledged that it was not

UH fully utilising its balance sheet, but has not found suitable opportunities 52-Week Range 4.12 - 6.22

Market Cap 42,837.3 that meet its return criteria. We believe ADNOC L&S is attractively valued

ADV (3 mo) 8,057,897 relative to its global shipping peers and see upside to consensus estimates

Free Float (%) 22.000 post the company update. We reiterate our Overweight rating.

Shares Out (M) 7,398.5

Earnings increased by c.9% over FY26-28E on average, with PT raised to

Research Analysts: AED7.5/sh. We have adjusted our earnings forecast upwards by on average

Scott Darling c.9% pa over FY26-28E to reflect the company’s updated FY26 guidance.

+971 52 699 0785 As such, we have increased our price target to AED7.5/sh (Dec-26) from

scott.darling@cantor.com AED7.3/sh, based on an unchanged 10x EV/EBITDA multiple.

Sales ($) Conservative FY26 guidance. ADNOC L&S stated that its FY26 guidance

FYE Dec 2026E 2027E 2028E for Shipping was 'conservative'. The company also said Integrated Logistics

Year 5.1(B)E 5.3(B) 5.6(B) EBITDA FY26 guidance reflects: 1) G-Island EPC project revenue stream Prev 4.9(B)E 5.2(B) 5.4(B)