ADNOC Distribution: Compelling growth reflected in valuation. Reiterate Neutral

研报英文原文证据摘录

ADNOC Distribution: Compelling growth reflected in valuation. Reiterate Neutral

iQprofile SM ADNOC Distribution

Key Income Statement Data (Dec) 2024A 2025A 2026E 2027E 2028E Company Sector

(AED Millions) Oil Refining & Marketing

Sales 35,454 35,897 39,972 38,358 37,466

EBITDA Adjusted 3,855 4,282 4,707 4,649 5,032

Depreciation & Amortization (786) (776) (737) (774) (812) Company Description EBIT Adjusted 3,069 3,506 3,970 3,875 4,220

Net Interest & Other Income (313) (332) (340) (339) (323) ADNOC Distribution is the largest fuel distributor and

Tax Expense / Benefit (283) (323) (363) (354) (390) retailer in the UAE and currently a 77% owned subsidiary of

Net Income (Adjusted) 2,420 2,794 3,203 3,119 3,438 ADNOC Group. It conducts its business activities through

Average Fully Diluted Shares Outstanding 12,500 12,498 12,498 12,498 12,498 two segments: Retail (B2C) and Commercial (B2B).

Key Cash Flow Statement Data

Net Income (Reported) 2,420 2,794 3,203 3,119 3,438 Retail includes fuel service stations, convenience stores, car

Depreciation & Amortization 786 776 737 774 812 care services, and property management. Commercial

Change in Working Capital 53.7 (290) (593) 242 86.5

includes corporate division (supply of fuels to commercial Deferred Taxation Charge 0 0 0 0 0

Other CFO 672 642 369 145 140 and government clients) and aviation division (supply of

Cash Flow from Operations 3,931 3,922 3,716 4,280 4,476 aviation fuels and services).

Capital Expenditure (1,117) (1,181) (924) (1,056) (1,053)

(Acquisition) / Disposal of Investments 0 0.23 0 0 0

Other CFI 105 52.7 49.3 47.8 53.5 Investment Rationale

Cash Flow from Investing (1,012) (1,128) (875) (1,008) (1,000)

While fuel retail volume growth remains robust supported

Share Issue / (Repurchase) 0 (10.5) (2.25) 0 0