Abu Dhabi National Oil Co Distribution | Europe Off The (South Africa Transaction) Call

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Abu Dhabi National Oil Co Distribution | Europe Off The (South Africa Transaction) Call

Update

July 7, 2026 01:00 PM GMT

Morgan Stanley & Co. International plc+MAbu Dhabi National Oil Co Distribution | Europe Ricardo Rezende, CFA

Equity Analyst

Off The (South Africa Ricardo.Rezende@morganstanley.comGiulia Faro +44 20 7677-9886

Research Associate

Giulia.Faro@morganstanley.com +44 20 7425-7581

Transaction) Call Sylvia C Richards

Sylvia.Richards@morganstanley.com +44 20 7677-3354

Bottom line: positive. Incremental color was constructive on throughput, NFR and

supply-chain upside, though some key inputs - capex cadence, NFR margin uplift, site Abu Dhabi National Oil Co Distribution (ADNOCDIST.AD,

additions - were left for later. Management’s core message was disciplined ADNOCDIS DH)

expansion: apply the UAE/Saudi/Egypt playbook, keep local continuity, and only add EEMEA - Oil & Gas | United Arab Emirates

capital where returns clear the hurdle. Stock Rating Overweight

Industry View No Rating

Price target AED 4.40

# Growth levers. Analysts pushed on upside given SDSA already runs throughput

Shr price, close (Jul 7, 2026) AED 3.97

>30% above the sector average. Management indicated that incremental growth 52-Week Range AED 4.18- 3.47

Mkt cap, curr (mn) AED 49,616

should come from targeted site revamps, better customer experience, NFR/F&B, Net debt (12/26e) (mn)* AED 5,066

selective new stations and commercial volumes, with mid-term throughput growth EV, curr (mn)* AED 54,478

expected but detailed guidance deferred until closing. * = GAAP or approximated based on GAAP

# Capex and capital allocation. Management referenced annual investment north

of $30–35m for network optimization and store upgrades, while reiterating a >15%

hurdle-rate discipline.