Britain’s Barclays Bank has initiated coverage of five of listed subsidiaries of Adnoc, with an “overweight” rating on each and expects price appreciation of their stocks in the next 12 months.
The five companies – Adnoc Distribution, Adnoc Drilling, Adnoc Gas, Adnoc Logistics & Services as well as Fertiglobe – are assets that are ready to scale, with rapid artificial intelligence and technology adoption, Barclays analysts Lydia Rainforth, Ramachandra Kamath and Mick Pickup wrote in a note to investors last week.
“Together, these companies form a diversified ecosystem poised to deliver robust returns in a dynamic energy landscape,” Barclays said. “We take the unusual step of initiating on each company with an ‘overweight’ rating.”
An overweight rating on a stock refers to analysts expectations that stock will outperform its industry peers within the next six to 12 months and it is used as an industry yardstick to guide investors on the potential of price appreciation of a particular stock.
Barclays’ broader coverage of five Adnoc-listed companies is a strong vote of confidence in the Adnoc investment ecosystem and in the UAE as a dynamic, resilient and increasingly attractive destination for global capital
Youssef Salem,
CFO, Adnoc Drilling
Barclays said the Adnoc stocks it has included in its coverage universe offer a range of different investment cases with the combination of “value and momentum as the optimal mix”.
The typical return on average capital employed, a financial ratio showing profitability versus the investments a company has made in itself – across Adnoc-covered companies is 20 per cent, which compares to the average of the US and European group at just 11 per cent.
Barclays analysts estimate dividend yields average of 4.9 per cent for investors and expects on average 35 per cent potential upside to the stock prices from current levels.
“With Barclays initiating coverage on Adnoc Drilling with an overweight rating, we are proud to now be the most covered stock in Mena, followed by 19 research analysts and supported by 18 'buy' recommendations from across the globe, from China to the US,” said Youssef Salem, chief financial officer of Adnoc Drilling.
“Barclays’ broader coverage of five Adnoc-listed companies is also a strong vote of confidence in the Adnoc investment ecosystem and in the UAE as a dynamic, resilient, and increasingly attractive destination for global capital.”
Barclays said the wider market negativity across the energy sector spectrum was “overdone”. The British bank continues to forecast oil and gas demand to grow into the 2030s, notably for oil as non-Opec supply additions slow.
“Concerns about a sustained sharp fall in oil prices will prove unfounded, even in the current tariff backdrop,” Barclays said.
The lender's positive rating and target price are a strong endorsement of Adnoc Gas's long-term growth strategy and recent financial performance, said Fatema Al Nuaimi, chief executive of Adnoc Gas.
“Adnoc Gas is targeting 40 per cent Ebitda growth between 2023 and 2029, which, we believe, is a key factor in Barclays recommendation of a buy rating for our stock,” she said.
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
Dunki
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In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
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Specs
Engine: Duel electric motors
Power: 659hp
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On sale: Available for pre-order now
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
COMPANY%20PROFILE
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What: 11th edition of the Mubadala World Tennis Championship
When: December 27-29, 2018
Confirmed: men: Novak Djokovic, Rafael Nadal, Kevin Anderson, Dominic Thiem, Hyeon Chung, Karen Khachanov; women: Venus Williams
Tickets: www.ticketmaster.ae, Virgin megastores or call 800 86 823
Checks continue
A High Court judge issued an interim order on Friday suspending a decision by Agriculture Minister Edwin Poots to direct a stop to Brexit agri-food checks at Northern Ireland ports.
Mr Justice Colton said he was making the temporary direction until a judicial review of the minister's unilateral action this week to order a halt to port checks that are required under the Northern Ireland Protocol.
Civil servants have yet to implement the instruction, pending legal clarity on their obligations, and checks are continuing.
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Engine: four-litre V6 and 3.5-litre V6 twin-turbo
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THE SPECS – Honda CR-V Touring AWD
Engine: 2.4-litre 4-cylinder
Power: 184hp at 6,400rpm
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0-100kmh in 9.4 seconds
Top speed: 202kmh
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French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Islamophobia definition
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RACE CARD
4pm Al Bastakiya – Listed (TB) $150,000 (Dirt) 1,900m
4.35pm Dubai City Of Gold – Group 2 (TB) $228,000 (Turf) 2,410m
5.10pm Mahab Al Shimaal – Group 3 (TB) $228,000 (D) 1,200m
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7.30pm Nad Al Sheba – Group 3 (TB) $228,000 (T) 1,200m
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
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Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Squad
Ali Kasheif, Salim Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdulrahman, Mohammed Al Attas, Abdullah Ramadan, Zayed Al Ameri (Al Jazira), Mohammed Al Shamsi, Hamdan Al Kamali, Mohammed Barghash, Khalil Al Hammadi (Al Wahda), Khalid Essa, Mohammed Shaker, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Al Hassan Saleh, Majid Suroor (Sharjah) Walid Abbas, Ahmed Khalil (Shabab Al Ahli), Tariq Ahmed, Jasim Yaqoub (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Muharami (Baniyas)
Company profile
Date started: January, 2014
Founders: Mike Dawson, Varuna Singh, and Benita Rowe
Based: Dubai
Sector: Education technology
Size: Five employees
Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.
Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)
