Shared on02 Jun 25
Updated Valuation Narrative: Abu Dhabi Ports Company PJSC (ADPORTS) Fair Value Estimate : AED 8.86 Current Market Price : AED 3.94 (as of June 2, 2025) Implied Upside : +125% Key Updates Post-Q1 2025 Metric Previous Q1 2025 Update Revenue Growth 10–15% CAGR Confirmed with 18% YoY growth in Q1 Net Profit Margin 10–11% Reaffirmed at 10.1% (Q1 Net Profit: AED 464M) EBITDA Margin 25–30% Stable at 24.7% CapEx Intensity High (33% in 2024) Reduced to 21%, showing capital discipline Leverage (Net Debt/EBITDA) 3.3× Slight uptick to 3.4×, remains manageable Free Cash Flow Positive bias Slightly negative in Q1 due to working capital timing Revised Valuation Rationale 1. Reinforced Growth Outlook Q1 revenue of AED 4.60B signals ongoing traction in maritime and logistics clusters.