Financials ADNOC Gas plc

Equities

ADNOCGAS

AEE01195A234

Oil & Gas Exploration and Production

Market Closed - Abu Dhabi Securities Exchange Other stock markets 06:59:01 2024-05-10 am EDT			5-day change	1st Jan Change
3.03 ^AED	+1.00%		+2.36%	-1.94%

May. 07	Abu Dhabi Shares Edge Up, Dubai Flat Amid Rising Middle East Tensions	MT
May. 07	Adnoc Gas Logs Lower Q1 Attributable Profit; Revenue Up	MT

Valuation

Fiscal Period: December	2023	2024	2025	2026
Capitalization ¹	64,581	63,313	-	-
Enterprise Value (EV) ¹	64,581	60,777	62,728	64,309
P/E ratio	12.7 x	13.8 x	14.4 x	13.5 x
Yield	-	5.17%	5.95%	6.04%
Capitalization / Revenue	2.84 x	3.22 x	3.17 x	2.98 x
EV / Revenue	2.84 x	3.09 x	3.15 x	3.02 x
EV / EBITDA	8.48 x	8.42 x	8.47 x	7.97 x
EV / FCF	14.5 x	23.9 x	30.9 x	21.7 x
FCF Yield	6.9%	4.19%	3.23%	4.61%
Price to Book	-	2.69 x	2.61 x	2.59 x
Nbr of stocks (in thousands)	76,751,422	76,751,422	-	-
Reference price ²	0.8414	0.8249	0.8249	0.8249
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	19,675	19,942	21,280
EBITDA ¹	8,700	7,614	7,215	7,408	8,073
EBIT ¹	-	5,934	5,832	5,881	6,344
Operating Margin	-	26.1%	29.64%	29.49%	29.81%
Earnings before Tax (EBT) ¹	-	5,822	5,815	5,985	6,197
Net income ¹	-	4,720	4,489	4,447	4,719
Net margin	-	20.76%	22.82%	22.3%	22.18%
EPS ²	-	0.0660	0.0599	0.0573	0.0610
Free Cash Flow ¹	-	4,459	2,544	2,029	2,962
FCF margin	-	19.62%	12.93%	10.17%	13.92%
FCF Conversion (EBITDA)	-	58.56%	35.26%	27.39%	36.7%
FCF Conversion (Net income)	-	94.47%	56.68%	45.62%	62.78%
Dividend per Share ²	-	-	0.0426	0.0491	0.0498
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	4,849	4,849	4,849
EBITDA ¹	1,635	1,589	1,758	2,212	1,885	-	-	-
EBIT ¹	1,381	1,332	1,486	1,735	1,603	1,491	1,491	1,491
Operating Margin	33.72%	32.81%	31.16%	27.54%	35.15%	30.74%	30.74%	30.74%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-
Net income ¹	-	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	-	-	-	-	995
Net Cash position ¹	-	-	2,536	586	-
Leverage (Debt/EBITDA)	-	-	-	-	0.1233 x
Free Cash Flow ¹	-	4,459	2,544	2,029	2,963
ROE (net income / shareholders' equity)	-	-	19.9%	18.8%	18.6%
ROA (Net income/ Total Assets)	-	-	15.5%	16.1%	14.9%
Assets ¹	-	-	29,055	27,563	31,671
Book Value Per Share ²	-	-	0.3100	0.3200	0.3200
Cash Flow per Share ²	-	-	0.0700	0.0700	0.0800
Capex ¹	-	657	2,250	3,440	3,317
Capex / Sales	-	2.89%	11.44%	17.25%	15.59%
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

0.8249 USD

Average target price

1.044 USD

Spread / Average Target

+26.57%

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	-1.94%	63.31B
XINJIANG XINTAI NATURAL GAS CO., LTD.	+10.34%	1.97B
YAKUTSK FUEL AND ENERGY COMPANY	-.--%	976M
K&O ENERGY GROUP INC.	+52.10%	577M
SINO PRIMA GAS TECHNOLOGY CO., LTD.	-23.76%	331M
LA FRANÇAISE DE L'ENERGIE	-29.79%	203M
ALVOPETRO ENERGY LTD.	-23.79%	135M
RENERGEN LIMITED	-24.84%	93.53M
ENWELL ENERGY PLC	+22.34%	78.55M

Natural Gas Exploration & Production - Onshore