2Q26 Results Due on 12th August

研报英文原文证据摘录

2Q26 Results Due on 12th August

is of debt financing. Ongoing asset

monetization and undrawn credit facilities provide firepower for the deal, however on an all

debt basis, we see leverage up 0.3x pro forma, EPS LSD EPS diluted in Y1, and with CLI Sul

close to max capacity, expansion capex required to drive further organic growth.

Updating estimates and PT. We update our estimates to reflect an ongoing elevated shipping

rates environment, particularly for Gulf container and feeder rates benefitting Maritime. We

also capture AED 650m of additional revenues in EC&FZ from the Aldar warehouse sale. We

leave our 2027+ estimates broadly unchanged, as we expect a normalization of rates over

time, and we capture the AED 1.1b GFS stake acquisition in investing cash flows, and see FCF

before M&A broadly neutral in the quarter seeing leverage ticking up slightly QoQ. Overall we

lift our PT to AED 6.75, reflecting stronger 2026 earnings and higher near-term EBITDA.

Key topics to look out for: 1) Outlook for pricing and demand for Gulf Maritime activities,

following a spike in shipping rates during the Iran/Israel conflict. 2) Commentary on recent

acquisitions and any updated timing for ALCN and CLI. 3) Progress in the ramp up of the

concessions business, and commentary around capital allocation priorities going forward. 4)

M&A prospects and disclosure on realized synergies of executed deals. 5) Pace of net new

land lease additions in KEZAD.

Valuation. We update our model reflecting new segmentation and divestment/investments.

The shares trade on 8x 27e EV/EBITDA and 14x P/E.

Graham Hunt, CFA * | Equity Analyst

44 (0)20 7548 4251 | ghunt@jefferies.com

Glynis Johnson * | Equity Analyst

44 (0) 20 7029 8677 | glynis.johnson@jefferies.com