ADNOC Logistics & Services IPO: Offer size raised on high demand
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ADNOC is now selling 19% of the company, up from 15% originally. Secondary market liquidity should benefit
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The price range is unchanged and looks attractive versus listed peers. Previous ADNOC listings have performed well
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We see earnings growing 90% this year and 10% CAGR thereafter, driven by 8% annual top line growth
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.