ADNOC Logistics: Attractively-priced exposure to the UAE’s growing energy sector

Rahul Shah

Head of Corporate & Thematic Research @ Tellimer Research

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17 May 2023

• The ADNOC Logistics & Services IPO is priced at a c25% discount to listed peers. It is seeing strong investor interest

• This is the 6th listing from the ADNOC stable: others saw a 19% median 1-day gain with 36% price gains to date (ex-dvds)

• In this note we assess the business model, outlook and investment risks, and highlight relevant listed valuation proxies

Rahul Shah

Head of Corporate & Thematic Research @ Tellimer Research

Follow

17 May 2023

17 May 2023

Published byTellimer Research

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