TAQA (1K) | Hold (vs Not Rated) | An exit route for minorities

研报英文原文证据摘录

TAQA (1K) | Hold (vs Not Rated) | An exit route for minorities

TAQA Hold | Target Price: AED2.70

Company description Management

TAQA is an international utility and energy group headquartered in Abu Dhabi. It Jasim Husain Thabet, Group CEO & MD

operates in generation, transmission and distribution of power and water, Adrian Kershaw, CFO

wastewater collection and treatment, owns upstream and midstream oil & gas

assets, as well as a 5% stake in ADNOC Gas. TAQA owns or manages assets in 26 Key shareholders

countries. It is vertically integrated across the UAE’s utilities value chain and Free float 1.88%

contributes to Abu Dhabi’s roadmap for a sustainable economy. AD Power 98.12%

Investment case Valuation methodology

TAQA is a leading utility company providing most of Abu Dhabi's We have introduced a TP of AED2.70, in line with AD Power’s

essential power and water infrastructure. It has stable cash proposed squeeze-out price.

flows from regulated network assets and long-term offtake Risks to our rating

contracts, with significant growth potential through exclusivity Changes to the regulatory framework or restructuring mandates

rights and a strategic partnership through Masdar. in power and water could affect profitability.

TAQA is dedicated to preserving its financial stability, striving to Decline in oil and gas prices could affect the profitability of the

maintain investment-grade ratings on a standalone basis, and Oil & Gas business (c. 11% of 2025 EBITDA).

ensuring its capacity to distribute dividends to shareholders. TAQA's free float is relatively low, making the stock less liquid

Given the very high likelihood of completion of the squeeze-out and potentially more volatile.

process announced on 12 June 2026 and the limited upside to