Financials ADNOC Drilling Company

Equities

ADNOCDRILL

AEA007301012

Oil & Gas Drilling

Delayed Abu Dhabi Securities Exchange 06:05:16 2024-05-24 am EDT 5-day change 1st Jan Change
4.14 AED -1.43% Intraday chart for ADNOC Drilling Company -2.13% +9.52%

Valuation

Fiscal Period: December 2021 2022 2023 2024 2025 2026
Capitalization 1 14,812 12,985 16,469 18,295 - -
Enterprise Value (EV) 1 15,899 14,199 18,297 20,289 19,826 19,385
P/E ratio 24.4 x 16.2 x 15.8 x 16.4 x 14.5 x 13.5 x
Yield 2.16% - - 4.26% 4.51% 5.14%
Capitalization / Revenue 6.53 x 4.86 x 5.39 x 4.92 x 4.48 x 4.26 x
EV / Revenue 7.01 x 5.31 x 5.99 x 5.46 x 4.86 x 4.51 x
EV / EBITDA 15.2 x 11.5 x 12.3 x 11.3 x 9.98 x 9.3 x
EV / FCF 26.7 x 24.4 x 62.5 x 54.8 x 13.4 x 13 x
FCF Yield 3.75% 4.1% 1.6% 1.82% 7.44% 7.71%
Price to Book 5.3 x 4.43 x 5.05 x 5.17 x 4.51 x 4.02 x
Nbr of stocks (in thousands) 16,000,000 16,000,000 16,000,000 16,000,000 - -
Reference price 2 0.9258 0.8115 1.029 1.143 1.143 1.143
Announcement Date 2/11/22 2/13/23 2/12/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,098 2,269 2,673 3,057 3,717 4,081 4,295
EBITDA 1 - 1,047 1,232 1,483 1,796 1,986 2,085
EBIT 1 - 610.8 824.2 1,092 1,304 1,462 1,541
Operating Margin - 26.92% 30.84% 35.71% 35.08% 35.82% 35.88%
Earnings before Tax (EBT) 1 - 603.9 801.8 1,033 1,177 1,334 1,421
Net income 1 569 604 802 1,033 1,140 1,276 1,353
Net margin 27.12% 26.62% 30% 33.79% 30.65% 31.27% 31.5%
EPS 2 - 0.0380 0.0500 0.0650 0.0697 0.0790 0.0844
Free Cash Flow 1 - 596.4 582 292.8 370 1,476 1,494
FCF margin - 26.28% 21.77% 9.58% 9.95% 36.16% 34.78%
FCF Conversion (EBITDA) - 56.96% 47.24% 19.74% 20.6% 74.32% 71.64%
FCF Conversion (Net income) - 98.74% 72.57% 28.35% 32.47% 115.66% 110.4%
Dividend per Share 2 - 0.0200 - - 0.0487 0.0515 0.0588
Announcement Date 9/27/21 2/11/22 2/13/23 2/12/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 575 601.2 669 671 733 716.1 724 776.1 840.7 885.9 927.7 954.7 988.8 952.2
EBITDA 1 262 279.8 300 299 353 333.2 344.2 380.8 424.7 436.6 444.4 465.6 475.6 483.1
EBIT 1 147.6 178.7 203.9 196.2 242 230.7 241.3 270.4 349.3 329.9 326.4 350.4 366 342.2
Operating Margin 25.67% 29.72% 30.47% 29.23% 33.01% 32.21% 33.33% 34.84% 41.55% 37.25% 35.18% 36.71% 37.01% 35.94%
Earnings before Tax (EBT) 1 - - - - - - - - - 302.2 311.3 308.9 338.8 316.5
Net income 1 144 174.5 204 189 234 218.7 227.6 257.4 329.1 274.6 285.3 300.8 305.1 285.4
Net margin 25.04% 29.02% 30.49% 28.17% 31.92% 30.54% 31.44% 33.16% 39.15% 31% 30.75% 31.5% 30.86% 29.98%
EPS 2 - - 0.0130 0.0118 0.0150 0.0140 - 0.0161 0.0210 0.0170 0.0178 0.0188 0.0191 0.0178
Dividend per Share 2 - - - - - - - - - - - - 0.0246 -
Announcement Date 2/11/22 5/10/22 8/9/22 11/14/22 2/13/23 5/11/23 8/4/23 11/14/23 2/12/24 5/13/24 - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 1,086 1,214 1,827 1,994 1,531 1,090
Net Cash position 1 - - - - - - -
Leverage (Debt/EBITDA) - 1.037 x 0.9856 x 1.232 x 1.11 x 0.7712 x 0.5228 x
Free Cash Flow 1 - 596 582 293 370 1,476 1,494
ROE (net income / shareholders' equity) - 20% 28% 33.3% 33.7% 33.1% 32.3%
ROA (Net income/ Total Assets) - 11.4% 15.1% 16.9% 16% 16.6% 17%
Assets 1 - 5,288 5,296 6,117 7,142 7,685 7,965
Book Value Per Share 2 - 0.1700 0.1800 0.2000 0.2200 0.2500 0.2800
Cash Flow per Share 2 - 0.0700 0.1000 0.0800 0.0900 0.1100 0.1300
Capex 1 - 583 942 1,062 918 313 327
Capex / Sales - 25.68% 35.24% 34.75% 24.7% 7.67% 7.61%
Announcement Date 9/27/21 2/11/22 2/13/23 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

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
13
Last Close Price
1.143 USD
Average target price
1.296 USD
Spread / Average Target
+13.30%
Consensus
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