Stock ADNIC ABU DHABI NATIONAL INSURANCE COMPANY
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Financials Abu Dhabi National Insurance Company

Equities

ADNIC

AEA001101012

Property & Casualty Insurance

Market Closed - Abu Dhabi Securities Exchange
Other stock markets
 02:36:51 2024-04-26 am EDT 		5-day change 1st Jan Change
5.81 AED 0.00% Intraday chart for Abu Dhabi National Insurance Company -1.86% -2.68%
Apr. 18 Abu Dhabi National Insurance Co. Closes Acquisition of $133 Million Stake in Allianz Saudi MT
Apr. 17 Abu Dhabi National Insurance Company PJSC (ADX : ADNIC) completed the acquisition of 51% stake in Allianz Saudi Fransi Cooperative Insurance Company (SASE : 8040) from Allianz Europe B.V., Allianz France SA and Allianz MENA Holding Bermuda Limited. CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 1,462 1,710 2,907 3,819 3,534 3,403
Enterprise Value (EV) 1 1,154 927.9 2,312 3,097 2,886 2,367
P/E ratio 9.34 x 5.99 x 7.84 x 9.5 x 9.35 x 8.48 x
Yield 7.69% 10% 6.86% 5.97% 6.45% -
Capitalization / Revenue 0.85 x 1 x 1.74 x 2.12 x 1.9 x 0.49 x
EV / Revenue 0.67 x 0.55 x 1.39 x 1.72 x 1.55 x 0.34 x
EV / EBITDA 4.1 x 3 x 5.69 x 7.1 x 7.4 x 5.58 x
EV / FCF 4.36 x 3.26 x 46 x 8.66 x 23.4 x -2.98 x
FCF Yield 22.9% 30.7% 2.17% 11.5% 4.27% -33.5%
Price to Book 1.06 x 0.74 x 1.16 x 1.35 x 1.31 x 1.17 x
Nbr of stocks (in thousands) 375,000 570,000 570,000 570,000 570,000 570,000
Reference price 2 3.900 3.000 5.100 6.700 6.200 5.970
Announcement Date 2/13/19 2/11/20 2/14/21 2/10/22 2/14/23 2/13/24
1AED in Million2AED
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 1,719 1,702 1,668 1,799 1,858 6,922
EBITDA 1 281.5 309.3 406.4 436 390.1 424.1
EBIT 1 268.1 294.9 390.1 418.8 370.4 403.3
Operating Margin 15.59% 17.33% 23.39% 23.28% 19.94% 5.83%
Earnings before Tax (EBT) 1 235.6 284.2 371 401.8 377.9 401.2
Net income 1 235.6 284.2 371 401.8 377.9 401.2
Net margin 13.71% 16.7% 22.25% 22.34% 20.34% 5.8%
EPS 2 0.4177 0.5009 0.6509 0.7049 0.6630 0.7038
Free Cash Flow 1 264.7 284.5 50.27 357.7 123.1 -794.1
FCF margin 15.39% 16.72% 3.01% 19.88% 6.63% -11.47%
FCF Conversion (EBITDA) 94.02% 91.96% 12.37% 82.02% 31.57% -
FCF Conversion (Net income) 112.32% 100.08% 13.55% 89.02% 32.58% -
Dividend per Share 2 0.3000 0.3000 0.3500 0.4000 0.4000 -
Announcement Date 2/13/19 2/11/20 2/14/21 2/10/22 2/14/23 2/13/24
1AED in Million2AED
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2023 Q1 2023 Q2 2023 Q3
Net sales 1 - - 1,196
EBITDA - - -
EBIT - - -
Operating Margin - - -
Earnings before Tax (EBT) - - -
Net income 1 99.68 104.7 97.49
Net margin - - 8.15%
EPS 2 0.1700 0.1800 0.1700
Dividend per Share - - -
Announcement Date 5/10/23 8/11/23 11/14/23
1AED in Million2AED
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 309 782 595 722 648 1,036
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 265 284 50.3 358 123 -794
ROE (net income / shareholders' equity) 11.6% 12.9% 15.4% 15.1% 13.7% 14.2%
ROA (Net income/ Total Assets) 2.4% 2.43% 3% 3.09% 2.49% 3.57%
Assets 1 9,808 11,698 12,364 12,999 15,176 11,235
Book Value Per Share 2 3.690 4.030 4.400 4.970 4.720 5.120
Cash Flow per Share 2 0.5900 1.370 1.040 1.370 1.220 1.820
Capex 1 15.2 9.95 17.2 27 19.4 16.1
Capex / Sales 0.88% 0.58% 1.03% 1.5% 1.04% 0.23%
Announcement Date 2/13/19 2/11/20 2/14/21 2/10/22 2/14/23 2/13/24
1AED in Million2AED
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
1
Last Close Price
5.81 AED
Average target price
8.78 AED
Spread / Average Target
+51.12%
Consensus

Quarterly earnings - Rate of surprise

Company calendar

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