Financials ADNOC Gas plc

Equities

ADNOCGAS

AEE01195A234

Oil & Gas Exploration and Production

Delayed Abu Dhabi Securities Exchange Other stock markets 06:33:06 2024-05-23 am EDT			5-day change	1st Jan Change
3.08 ^AED	0.00%		+0.65%	-0.32%

May. 22	Galp Energia to Receive About $650 Million for 10% Stake in Area 4 Mozambique	DJ
May. 07	Abu Dhabi Shares Edge Up, Dubai Flat Amid Rising Middle East Tensions	MT

Valuation

Fiscal Period: December	2023	2024	2025	2026
Capitalization ¹	64,581	64,360	-	-
Enterprise Value (EV) ¹	64,581	61,347	63,312	64,036
P/E ratio	12.7 x	14 x	14.5 x	13.5 x
Yield	-	5.16%	5.8%	5.92%
Capitalization / Revenue	2.84 x	3.43 x	3.19 x	3.02 x
EV / Revenue	2.84 x	3.27 x	3.14 x	3.01 x
EV / EBITDA	8.48 x	8.16 x	8.29 x	7.66 x
EV / FCF	14.5 x	18.3 x	29.6 x	22 x
FCF Yield	6.9%	5.45%	3.38%	4.54%
Price to Book	-	2.8 x	2.69 x	2.65 x
Nbr of stocks (in thousands)	76,751,422	76,751,422	-	-
Reference price ²	0.8414	0.8386	0.8386	0.8386
Announcement Date	2/12/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2022	2023	2024	2025	2026
Net sales ¹	21,200	22,731	18,759	20,161	21,293
EBITDA ¹	8,700	7,614	7,522	7,634	8,361
EBIT ¹	-	5,934	6,096	6,083	6,500
Operating Margin	-	26.1%	32.5%	30.17%	30.53%
Earnings before Tax (EBT) ¹	-	5,822	5,967	6,109	6,391
Net income ¹	-	4,720	4,562	4,518	4,828
Net margin	-	20.76%	24.32%	22.41%	22.67%
EPS ²	-	0.0660	0.0600	0.0578	0.0622
Free Cash Flow ¹	-	4,459	3,346	2,140	2,905
FCF margin	-	19.62%	17.84%	10.61%	13.64%
FCF Conversion (EBITDA)	-	58.56%	44.48%	28.03%	34.74%
FCF Conversion (Net income)	-	94.47%	73.35%	47.36%	60.17%
Dividend per Share ²	-	-	0.0433	0.0486	0.0497
Announcement Date	3/30/23	2/12/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	4,095	4,059	4,769	6,301	4,560	5,168	5,168	5,168
EBITDA	1,635	1,589	1,758	2,212	1,885	-	-	-
EBIT ¹	1,381	1,332	1,486	1,735	1,603	1,624	1,624	1,624
Operating Margin	33.72%	32.81%	31.16%	27.54%	35.15%	31.42%	31.42%	31.42%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-
Net income	-	1,276	-	1,345	1,187	-	-	-
Net margin	-	31.43%	-	21.35%	26.03%	-	-	-
EPS	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	5/11/23	8/4/23	11/14/23	2/12/24	5/7/24	-	-	-

¹USD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-
Net Cash position ¹	-	-	3,013	1,048	324
Leverage (Debt/EBITDA)	-	-	-	-	-
Free Cash Flow ¹	-	4,459	3,346	2,140	2,905
ROE (net income / shareholders' equity)	-	-	20.6%	19.3%	19.1%
ROA (Net income/ Total Assets)	-	-	15.5%	16.6%	14.8%
Assets ¹	-	-	29,422	27,270	32,646
Book Value Per Share ²	-	-	0.3000	0.3100	0.3200
Cash Flow per Share ²	-	-	0.0700	0.0700	0.0800
Capex ¹	-	657	2,413	3,480	3,438
Capex / Sales	-	2.89%	12.86%	17.26%	16.14%
Announcement Date	3/30/23	2/12/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for ADNOC Gas plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.8386 USD

Average target price

1.051 USD

Spread / Average Target

+25.29%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Natural Gas Exploration & Production - Onshore

	1st Jan change	Capi.
ADNOC GAS PLC	-0.65%	64.36B
XINJIANG XINTAI NATURAL GAS CO., LTD.	+9.62%	1.96B
YAKUTSK FUEL AND ENERGY COMPANY	-.--%	1B
K&O ENERGY GROUP INC.	+62.01%	632M
VALEURA ENERGY INC.	+69.37%	371M
SINO PRIMA GAS TECHNOLOGY CO., LTD.	-22.16%	338M
LA FRANÇAISE DE L'ENERGIE	-27.05%	211M
ALVOPETRO ENERGY LTD.	-21.97%	138M
RENERGEN LIMITED	-33.89%	83.95M
ENWELL ENERGY PLC	+14.06%	79.06M

Natural Gas Exploration & Production - Onshore