ADNOC Distribution: revenue up 39.1% but profit barely moved as margin compressed
Contents
In its Q3 2026 report, ADNOC Distribution posted revenue of AED 12,970.6 mn (+39.1% YoY), EBITDA of AED 1,205.4 mn (+3.3%) and net profit of AED 818.4 mn (+0.9%). Revenue growth decelerated from +52.8% in Q2 to +39.1% in Q3, while the EBITDA margin fell to 9.3% from 12.5% a year earlier. Our conclusion: the share is fairly valued – the portal model implies -1% upside to fair value. Our view: the share is fairly valued; upside on the portal model -1%.
Our view: is there upside
Our view in numbers
| Metric | Our read |
|---|---|
| Verdict | Neutral |
| Upside on the portal model | -1% |
| How the model works | fundamental value-creation model: EBITDA growth times the target multiple, against market cap |
| Net debt / EBITDA | 0.79 – low leverage |
| Strongest case for | Free cash flow of AED 966.1 mn in the quarter comfortably covers capex of AED 226.5 mn, and leverage at 0.79x LTM EBITDA remains moderate. |
| Strongest case against | EBITDA margin fell to 9.3% from 12.5%, so 39.1% revenue growth barely translates into profit – net profit rose only 0.9%. |
| What would change the view | A recovery in EBITDA margin above 12% while sustaining revenue growth would move the verdict one step up; further margin compression below 9% would move it one step down. |
Key takeaways
— Revenue rose 39.1% but growth decelerated from +52.8% in Q2
— EBITDA added only 3.3% on 39.1% revenue growth – margin fell to 9.3% from 12.5%
— Net profit rose 0.9% to AED 818.4 mn, with margin down to 6.3% from 8.7%
— Leverage at 0.79x EBITDA LTM is moderate, but net debt rose from AED 2.5 bn to 3.1 bn over the year
— Free cash flow of AED 966.1 mn in the quarter covers capex of AED 226.5 mn
— Valuation: P/E LTM 17.6 and EV/EBITDA LTM 13.1; the portal model implies -1% upside
Key figures, AED bn
| Metric | Q3 2025 | Q3 2026 | Change |
|---|---|---|---|
| Revenue | 9.33 | 13.0 | +39.1% |
| EBITDA | 1.17 | 1.21 | +3.3% |
| Operating profit | 1.05 | 1.00 | -3.9% |
| Net profit | 0.81 | 0.82 | +0.9% |
| Operating cash flow | 1.19 | 1.19 | +0.5% |
| Capex | 0.27 | 0.23 | -15.3% |
| EBITDA margin | 12.5% | 9.3% | -3.2 pp |
| Net margin | 8.7% | 6.3% | -2.4 pp |
Revenue rose 39.1% but growth decelerated from +52.8% in Q2
In Q3 2026, ADNOC Distribution's revenue reached AED 12,970.6 mn, up 39.1% from the same quarter last year. This marks a notable deceleration from Q2, when growth was 52.8%. The slowdown comes against a high base: Q3 2025 revenue was already AED 9,325.5 mn.
The growth appears to be driven by fuel and convenience retail volumes, though the facts do not provide a segment breakdown. Importantly, revenue growth is not matched by profit growth: EBITDA rose only 3.3% to AED 1,205.4 mn. This suggests that revenue growth is accompanied by margin compression.
Revenue and EBITDA by quarter
| Period | Measure | bn AED |
|---|---|---|
| Q4 2024 | Revenue | 8.836454999999999 |
| Q1 2025 | Revenue | 8.473115 |
| Q2 2025 | Revenue | 8.638468999999999 |
| Q3 2025 | Revenue | 9.325541999999999 |
| Q4 2025 | Revenue | 9.459491 |
| Q1 2026 | Revenue | 8.833596 |
| Q2 2026 | Revenue | 13.201407999999999 |
| Q3 2026 | Revenue | 12.970646 |
| Q4 2024 | EBITDA | 0.939332 |
| Q1 2025 | EBITDA | 1.010741 |
| Q2 2025 | EBITDA | 1.089633 |
| Q3 2025 | EBITDA | 1.205288 |
| Q4 2025 | EBITDA | 1.033491 |
| Q1 2026 | EBITDA | 1.1298599999999999 |
| Q2 2026 | EBITDA | 1.75718 |
| Q3 2026 | EBITDA | 1.2054280000000002 |
EBITDA margin
| Period | Measure | % |
|---|---|---|
| Q4 2024 | EBITDA margin | 10.6 |
| Q1 2025 | EBITDA margin | 11.9 |
| Q2 2025 | EBITDA margin | 12.6 |
| Q3 2025 | EBITDA margin | 12.9 |
| Q4 2025 | EBITDA margin | 10.9 |
| Q1 2026 | EBITDA margin | 12.8 |
| Q2 2026 | EBITDA margin | 13.3 |
| Q3 2026 | EBITDA margin | 9.3 |
EBITDA added only 3.3% on 39.1% revenue growth – margin fell to 9.3% from 12.5%
Q3 2026 EBITDA came in at AED 1,205.4 mn, up just 3.3% year on year. The EBITDA margin fell to 9.3% from 12.5% in Q3 2025. This 3.2 percentage point decline explains why profit is barely growing despite the significant revenue increase.
The margin decline may be due to a higher share of low-margin fuel sales or increased operating costs, though the facts do not provide a cost breakdown. Operating profit for the quarter was AED 1,004.7 mn, also pointing to margin pressure. A recovery in margin to last year's level would be a key driver for future profit growth.
Net profit by quarter
| Period | Measure | bn AED |
|---|---|---|
| Q4 2024 | Net profit | 0.5804279999999999 |
| Q1 2025 | Net profit | 0.638678 |
| Q2 2025 | Net profit | 0.676654 |
| Q3 2025 | Net profit | 0.8108569999999999 |
| Q4 2025 | Net profit | 0.667811 |
| Q1 2026 | Net profit | 0.770674 |
| Q2 2026 | Net profit | 1.314673 |
| Q3 2026 | Net profit | 0.818436 |
Net profit rose 0.9% to AED 818.4 mn, with margin down to 6.3% from 8.7%
Q3 2026 net profit was AED 818.4 mn, just 0.9% above the Q3 2025 result. The net margin fell to 6.3% from 8.7% a year earlier. This reflects both operating margin pressure and possibly higher finance costs or other items.
Over the trailing twelve months, net profit amounted to AED 2,800.9 mn. Profit growth in the reported quarter has nearly stalled, and if revenue and margin dynamics persist, the annual result could stagnate. The key question for investors is whether the company can restore profitability.
Net debt
at each reporting date, current net debt / EBITDA (LTM) = 0.79
| Period | Measure | bn AED |
|---|---|---|
| Q4 2024 | Net debt | 2.760821 |
| Q1 2025 | Net debt | 2.856112 |
| Q2 2025 | Net debt | 3.242238 |
| Q3 2025 | Net debt | 2.547354 |
| Q4 2025 | Net debt | 3.138737 |
| Q1 2026 | Net debt | 3.121422 |
| Q2 2026 | Net debt | 4.739056 |
| Q3 2026 | Net debt | 3.1456660000000003 |
Leverage at 0.79x EBITDA LTM is moderate, but net debt rose from AED 2.5 bn to 3.1 bn over the year
Net debt as of 30 September 2026 was AED 3,145.7 mn. The net debt to LTM EBITDA ratio is 0.79x, indicating moderate leverage. However, net debt has risen over the year: at 30 September 2025 it was AED 2,547.4 mn, an increase of about AED 0.6 bn.
The rise in net debt occurred despite strong quarterly operating cash flow of AED 1,192.7 mn and capital expenditures of AED 226.5 mn. Free cash flow for the quarter was AED 966.1 mn, covering capex. Moderate leverage does not pose immediate risks, but its trajectory warrants attention.
Free cash flow of AED 966.1 mn in the quarter covers capex of AED 226.5 mn
Q3 2026 operating cash flow was AED 1,192.7 mn, with capital expenditures of AED 226.5 mn. Free cash flow therefore amounted to AED 966.1 mn, comfortably covering capex. This is a positive signal for the company's ability to fund growth and pay dividends.
Over the trailing twelve months, operating cash flow was AED 4,414.9 mn. Quarterly capex remains moderate relative to revenue. Cash flow remains the primary funding source, and its stability is important for sustaining dividend payments.
Share price, three years
close, last point 2026-11-09
| Period | Measure | AED per share |
|---|---|---|
| 2023-11-09 | Closing price | 3.46 |
| 2023-11-10 | Closing price | 3.63 |
| 2023-11-13 | Closing price | 3.68 |
| 2023-11-14 | Closing price | 3.68 |
| 2023-11-15 | Closing price | 3.72 |
| 2023-11-16 | Closing price | 3.71 |
| 2023-11-17 | Closing price | 3.61 |
| 2023-11-20 | Closing price | 3.68 |
| 2023-11-21 | Closing price | 3.64 |
| 2023-11-22 | Closing price | 3.63 |
| 2023-11-23 | Closing price | 3.63 |
| 2023-11-24 | Closing price | 3.66 |
| 2023-11-27 | Closing price | 3.62 |
| 2023-11-28 | Closing price | 3.7 |
| 2023-11-29 | Closing price | 3.77 |
| 2023-11-30 | Closing price | 3.8 |
| 2023-12-01 | Closing price | 3.78 |
| 2023-12-05 | Closing price | 3.79 |
| 2023-12-06 | Closing price | 3.75 |
| 2023-12-07 | Closing price | 3.75 |
| 2023-12-08 | Closing price | 3.69 |
| 2023-12-11 | Closing price | 3.68 |
| 2023-12-12 | Closing price | 3.63 |
| 2023-12-13 | Closing price | 3.59 |
| 2023-12-14 | Closing price | 3.6 |
| 2023-12-15 | Closing price | 3.63 |
| 2023-12-18 | Closing price | 3.59 |
| 2023-12-19 | Closing price | 3.62 |
| 2023-12-20 | Closing price | 3.59 |
| 2023-12-21 | Closing price | 3.57 |
| 2023-12-22 | Closing price | 3.64 |
| 2023-12-25 | Closing price | 3.62 |
| 2023-12-26 | Closing price | 3.62 |
| 2023-12-27 | Closing price | 3.61 |
| 2023-12-28 | Closing price | 3.63 |
| 2023-12-29 | Closing price | 3.7 |
| 2024-01-02 | Closing price | 3.72 |
| 2024-01-03 | Closing price | 3.68 |
| 2024-01-04 | Closing price | 3.66 |
| 2024-01-05 | Closing price | 3.67 |
| 2024-01-08 | Closing price | 3.65 |
| 2024-01-09 | Closing price | 3.69 |
| 2024-01-10 | Closing price | 3.65 |
| 2024-01-11 | Closing price | 3.68 |
| 2024-01-12 | Closing price | 3.67 |
| 2024-01-15 | Closing price | 3.63 |
| 2024-01-16 | Closing price | 3.64 |
| 2024-01-17 | Closing price | 3.63 |
| 2024-01-18 | Closing price | 3.58 |
| 2024-01-19 | Closing price | 3.57 |
| 2024-01-22 | Closing price | 3.61 |
| 2024-01-23 | Closing price | 3.58 |
| 2024-01-24 | Closing price | 3.54 |
| 2024-01-25 | Closing price | 3.56 |
| 2024-01-26 | Closing price | 3.58 |
| 2024-01-29 | Closing price | 3.56 |
| 2024-01-30 | Closing price | 3.54 |
| 2024-01-31 | Closing price | 3.55 |
| 2024-02-01 | Closing price | 3.57 |
| 2024-02-02 | Closing price | 3.57 |
| 2024-02-05 | Closing price | 3.55 |
| 2024-02-06 | Closing price | 3.57 |
| 2024-02-07 | Closing price | 3.6 |
| 2024-02-08 | Closing price | 3.7 |
| 2024-02-09 | Closing price | 3.67 |
| 2024-02-12 | Closing price | 3.66 |
| 2024-02-13 | Closing price | 3.7 |
| 2024-02-14 | Closing price | 3.71 |
| 2024-02-15 | Closing price | 3.7 |
| 2024-02-16 | Closing price | 3.73 |
| 2024-02-19 | Closing price | 3.7 |
| 2024-02-20 | Closing price | 3.71 |
| 2024-02-21 | Closing price | 3.72 |
| 2024-02-22 | Closing price | 3.67 |
| 2024-02-23 | Closing price | 3.64 |
| 2024-02-26 | Closing price | 3.66 |
| 2024-02-27 | Closing price | 3.57 |
| 2024-02-28 | Closing price | 3.5 |
| 2024-02-29 | Closing price | 3.5 |
| 2024-03-01 | Closing price | 3.6 |
| 2024-03-04 | Closing price | 3.64 |
| 2024-03-05 | Closing price | 3.58 |
| 2024-03-06 | Closing price | 3.55 |
| 2024-03-07 | Closing price | 3.57 |
| 2024-03-08 | Closing price | 3.58 |
| 2024-03-11 | Closing price | 3.56 |
| 2024-03-12 | Closing price | 3.58 |
| 2024-03-13 | Closing price | 3.57 |
| 2024-03-14 | Closing price | 3.6 |
| 2024-03-15 | Closing price | 3.64 |
| 2024-03-18 | Closing price | 3.67 |
| 2024-03-19 | Closing price | 3.64 |
| 2024-03-20 | Closing price | 3.69 |
| 2024-03-21 | Closing price | 3.68 |
| 2024-03-22 | Closing price | 3.72 |
| 2024-03-25 | Closing price | 3.7 |
| 2024-03-26 | Closing price | 3.69 |
| 2024-03-27 | Closing price | 3.66 |
| 2024-03-28 | Closing price | 3.64 |
| 2024-03-29 | Closing price | 3.67 |
| 2024-04-01 | Closing price | 3.65 |
| 2024-04-02 | Closing price | 3.63 |
| 2024-04-03 | Closing price | 3.64 |
| 2024-04-04 | Closing price | 3.65 |
| 2024-04-05 | Closing price | 3.57 |
| 2024-04-15 | Closing price | 3.48 |
| 2024-04-16 | Closing price | 3.5 |
| 2024-04-17 | Closing price | 3.51 |
| 2024-04-18 | Closing price | 3.48 |
| 2024-04-19 | Closing price | 3.48 |
| 2024-04-22 | Closing price | 3.47 |
| 2024-04-23 | Closing price | 3.47 |
| 2024-04-24 | Closing price | 3.46 |
| 2024-04-25 | Closing price | 3.48 |
| 2024-04-26 | Closing price | 3.48 |
| 2024-04-29 | Closing price | 3.52 |
| 2024-04-30 | Closing price | 3.49 |
| 2024-05-01 | Closing price | 3.49 |
| 2024-05-02 | Closing price | 3.47 |
| 2024-05-03 | Closing price | 3.46 |
| 2024-05-06 | Closing price | 3.45 |
| 2024-05-07 | Closing price | 3.48 |
| 2024-05-08 | Closing price | 3.49 |
| 2024-05-09 | Closing price | 3.42 |
| 2024-05-10 | Closing price | 3.39 |
| 2024-05-13 | Closing price | 3.39 |
| 2024-05-14 | Closing price | 3.38 |
| 2024-05-15 | Closing price | 3.39 |
| 2024-05-16 | Closing price | 3.5 |
| 2024-05-17 | Closing price | 3.52 |
| 2024-05-20 | Closing price | 3.58 |
| 2024-05-21 | Closing price | 3.52 |
| 2024-05-22 | Closing price | 3.49 |
| 2024-05-23 | Closing price | 3.54 |
| 2024-05-24 | Closing price | 3.52 |
| 2024-05-27 | Closing price | 3.48 |
| 2024-05-28 | Closing price | 3.38 |
| 2024-05-29 | Closing price | 3.32 |
| 2024-05-30 | Closing price | 3.32 |
| 2024-05-31 | Closing price | 3.24 |
| 2024-06-03 | Closing price | 3.3 |
| 2024-06-04 | Closing price | 3.37 |
| 2024-06-05 | Closing price | 3.32 |
| 2024-06-06 | Closing price | 3.35 |
| 2024-06-07 | Closing price | 3.37 |
| 2024-06-10 | Closing price | 3.44 |
| 2024-06-11 | Closing price | 3.37 |
| 2024-06-12 | Closing price | 3.31 |
| 2024-06-13 | Closing price | 3.32 |
| 2024-06-14 | Closing price | 3.29 |
| 2024-06-19 | Closing price | 3.29 |
| 2024-06-20 | Closing price | 3.29 |
| 2024-06-21 | Closing price | 3.28 |
| 2024-06-24 | Closing price | 3.3 |
| 2024-06-25 | Closing price | 3.29 |
| 2024-06-26 | Closing price | 3.27 |
| 2024-06-27 | Closing price | 3.29 |
| 2024-06-28 | Closing price | 3.39 |
| 2024-07-01 | Closing price | 3.43 |
| 2024-07-02 | Closing price | 3.4 |
| 2024-07-03 | Closing price | 3.4 |
| 2024-07-04 | Closing price | 3.4 |
| 2024-07-05 | Closing price | 3.38 |
| 2024-07-08 | Closing price | 3.37 |
| 2024-07-09 | Closing price | 3.4 |
| 2024-07-10 | Closing price | 3.39 |
| 2024-07-11 | Closing price | 3.39 |
| 2024-07-12 | Closing price | 3.39 |
| 2024-07-15 | Closing price | 3.42 |
| 2024-07-16 | Closing price | 3.42 |
| 2024-07-17 | Closing price | 3.47 |
| 2024-07-18 | Closing price | 3.57 |
| 2024-07-19 | Closing price | 3.57 |
| 2024-07-22 | Closing price | 3.51 |
| 2024-07-23 | Closing price | 3.47 |
| 2024-07-24 | Closing price | 3.48 |
| 2024-07-25 | Closing price | 3.52 |
| 2024-07-26 | Closing price | 3.51 |
| 2024-07-29 | Closing price | 3.56 |
| 2024-07-30 | Closing price | 3.54 |
| 2024-07-31 | Closing price | 3.57 |
| 2024-08-01 | Closing price | 3.54 |
| 2024-08-02 | Closing price | 3.48 |
| 2024-08-05 | Closing price | 3.3 |
| 2024-08-06 | Closing price | 3.34 |
| 2024-08-07 | Closing price | 3.42 |
| 2024-08-08 | Closing price | 3.42 |
| 2024-08-09 | Closing price | 3.44 |
| 2024-08-12 | Closing price | 3.42 |
| 2024-08-13 | Closing price | 3.38 |
| 2024-08-14 | Closing price | 3.39 |
| 2024-08-15 | Closing price | 3.47 |
| 2024-08-16 | Closing price | 3.56 |
| 2024-08-19 | Closing price | 3.6 |
| 2024-08-20 | Closing price | 3.64 |
| 2024-08-21 | Closing price | 3.61 |
| 2024-08-22 | Closing price | 3.64 |
| 2024-08-23 | Closing price | 3.59 |
| 2024-08-26 | Closing price | 3.64 |
| 2024-08-27 | Closing price | 3.61 |
| 2024-08-28 | Closing price | 3.59 |
| 2024-08-29 | Closing price | 3.59 |
| 2024-08-30 | Closing price | 3.65 |
| 2024-09-02 | Closing price | 3.64 |
| 2024-09-03 | Closing price | 3.64 |
| 2024-09-04 | Closing price | 3.63 |
| 2024-09-05 | Closing price | 3.65 |
| 2024-09-06 | Closing price | 3.66 |
| 2024-09-09 | Closing price | 3.6 |
| 2024-09-10 | Closing price | 3.62 |
| 2024-09-11 | Closing price | 3.56 |
| 2024-09-12 | Closing price | 3.6 |
| 2024-09-13 | Closing price | 3.63 |
| 2024-09-16 | Closing price | 3.6 |
| 2024-09-17 | Closing price | 3.6 |
| 2024-09-18 | Closing price | 3.6 |
| 2024-09-19 | Closing price | 3.59 |
| 2024-09-20 | Closing price | 3.67 |
| 2024-09-23 | Closing price | 3.68 |
| 2024-09-24 | Closing price | 3.72 |
| 2024-09-25 | Closing price | 3.78 |
| 2024-09-26 | Closing price | 3.79 |
| 2024-09-27 | Closing price | 3.67 |
| 2024-09-30 | Closing price | 3.61 |
| 2024-10-01 | Closing price | 3.62 |
| 2024-10-02 | Closing price | 3.57 |
| 2024-10-03 | Closing price | 3.59 |
| 2024-10-04 | Closing price | 3.55 |
| 2024-10-07 | Closing price | 3.63 |
| 2024-10-08 | Closing price | 3.66 |
| 2024-10-09 | Closing price | 3.63 |
| 2024-10-10 | Closing price | 3.67 |
| 2024-10-11 | Closing price | 3.64 |
| 2024-10-14 | Closing price | 3.66 |
| 2024-10-15 | Closing price | 3.63 |
| 2024-10-16 | Closing price | 3.56 |
| 2024-10-17 | Closing price | 3.54 |
| 2024-10-18 | Closing price | 3.57 |
| 2024-10-21 | Closing price | 3.57 |
| 2024-10-22 | Closing price | 3.6 |
| 2024-10-23 | Closing price | 3.58 |
| 2024-10-24 | Closing price | 3.59 |
| 2024-10-25 | Closing price | 3.6 |
| 2024-10-28 | Closing price | 3.61 |
| 2024-10-29 | Closing price | 3.6 |
| 2024-10-30 | Closing price | 3.58 |
| 2024-10-31 | Closing price | 3.61 |
| 2024-11-01 | Closing price | 3.63 |
| 2024-11-04 | Closing price | 3.56 |
| 2024-11-05 | Closing price | 3.56 |
| 2024-11-06 | Closing price | 3.56 |
| 2024-11-07 | Closing price | 3.58 |
| 2024-11-08 | Closing price | 3.6 |
| 2024-11-11 | Closing price | 3.58 |
| 2024-11-12 | Closing price | 3.56 |
| 2024-11-13 | Closing price | 3.59 |
| 2024-11-14 | Closing price | 3.58 |
| 2024-11-15 | Closing price | 3.55 |
| 2024-11-18 | Closing price | 3.57 |
| 2024-11-19 | Closing price | 3.55 |
| 2024-11-20 | Closing price | 3.55 |
| 2024-11-21 | Closing price | 3.49 |
| 2024-11-22 | Closing price | 3.43 |
| 2024-11-25 | Closing price | 3.41 |
| 2024-11-26 | Closing price | 3.48 |
| 2024-11-27 | Closing price | 3.47 |
| 2024-11-28 | Closing price | 3.48 |
| 2024-11-29 | Closing price | 3.45 |
| 2024-12-04 | Closing price | 3.48 |
| 2024-12-05 | Closing price | 3.46 |
| 2024-12-06 | Closing price | 3.45 |
| 2024-12-09 | Closing price | 3.46 |
| 2024-12-10 | Closing price | 3.43 |
| 2024-12-11 | Closing price | 3.47 |
| 2024-12-12 | Closing price | 3.45 |
| 2024-12-13 | Closing price | 3.41 |
| 2024-12-16 | Closing price | 3.44 |
| 2024-12-17 | Closing price | 3.42 |
| 2024-12-18 | Closing price | 3.42 |
| 2024-12-19 | Closing price | 3.44 |
| 2024-12-20 | Closing price | 3.38 |
| 2024-12-23 | Closing price | 3.4 |
| 2024-12-24 | Closing price | 3.41 |
| 2024-12-25 | Closing price | 3.44 |
| 2024-12-26 | Closing price | 3.46 |
| 2024-12-27 | Closing price | 3.45 |
| 2024-12-30 | Closing price | 3.45 |
| 2024-12-31 | Closing price | 3.52 |
| 2025-01-02 | Closing price | 3.49 |
| 2025-01-03 | Closing price | 3.47 |
| 2025-01-06 | Closing price | 3.47 |
| 2025-01-07 | Closing price | 3.48 |
| 2025-01-08 | Closing price | 3.52 |
| 2025-01-09 | Closing price | 3.46 |
| 2025-01-10 | Closing price | 3.45 |
| 2025-01-13 | Closing price | 3.4 |
| 2025-01-14 | Closing price | 3.41 |
| 2025-01-15 | Closing price | 3.44 |
| 2025-01-16 | Closing price | 3.44 |
| 2025-01-17 | Closing price | 3.43 |
| 2025-01-20 | Closing price | 3.39 |
| 2025-01-21 | Closing price | 3.46 |
| 2025-01-22 | Closing price | 3.56 |
| 2025-01-23 | Closing price | 3.52 |
| 2025-01-24 | Closing price | 3.54 |
| 2025-01-27 | Closing price | 3.53 |
| 2025-01-28 | Closing price | 3.6 |
| 2025-01-29 | Closing price | 3.53 |
| 2025-01-30 | Closing price | 3.59 |
| 2025-01-31 | Closing price | 3.6 |
| 2025-02-03 | Closing price | 3.6 |
| 2025-02-04 | Closing price | 3.53 |
| 2025-02-05 | Closing price | 3.56 |
| 2025-02-06 | Closing price | 3.58 |
| 2025-02-07 | Closing price | 3.59 |
| 2025-02-10 | Closing price | 3.64 |
| 2025-02-11 | Closing price | 3.6 |
| 2025-02-12 | Closing price | 3.59 |
| 2025-02-13 | Closing price | 3.52 |
| 2025-02-14 | Closing price | 3.51 |
| 2025-02-17 | Closing price | 3.48 |
| 2025-02-18 | Closing price | 3.52 |
| 2025-02-19 | Closing price | 3.5 |
| 2025-02-20 | Closing price | 3.47 |
| 2025-02-21 | Closing price | 3.47 |
| 2025-02-24 | Closing price | 3.43 |
| 2025-02-25 | Closing price | 3.47 |
| 2025-02-26 | Closing price | 3.49 |
| 2025-02-27 | Closing price | 3.5 |
| 2025-02-28 | Closing price | 3.49 |
| 2025-03-03 | Closing price | 3.52 |
| 2025-03-04 | Closing price | 3.5 |
| 2025-03-05 | Closing price | 3.5 |
| 2025-03-06 | Closing price | 3.47 |
| 2025-03-07 | Closing price | 3.41 |
| 2025-03-10 | Closing price | 3.38 |
| 2025-03-11 | Closing price | 3.42 |
| 2025-03-12 | Closing price | 3.36 |
| 2025-03-13 | Closing price | 3.5 |
| 2025-03-14 | Closing price | 3.52 |
| 2025-03-17 | Closing price | 3.46 |
| 2025-03-18 | Closing price | 3.39 |
| 2025-03-19 | Closing price | 3.44 |
| 2025-03-20 | Closing price | 3.4 |
| 2025-03-21 | Closing price | 3.38 |
| 2025-03-24 | Closing price | 3.36 |
| 2025-03-25 | Closing price | 3.39 |
| 2025-03-26 | Closing price | 3.4 |
| 2025-03-27 | Closing price | 3.41 |
| 2025-03-28 | Closing price | 3.4 |
| 2025-04-02 | Closing price | 3.4 |
| 2025-04-03 | Closing price | 3.25 |
| 2025-04-04 | Closing price | 3.23 |
| 2025-04-07 | Closing price | 3.31 |
| 2025-04-08 | Closing price | 3.24 |
| 2025-04-09 | Closing price | 3.16 |
| 2025-04-10 | Closing price | 3.21 |
| 2025-04-11 | Closing price | 3.27 |
| 2025-04-14 | Closing price | 3.25 |
| 2025-04-15 | Closing price | 3.27 |
| 2025-04-16 | Closing price | 3.25 |
| 2025-04-17 | Closing price | 3.24 |
| 2025-04-18 | Closing price | 3.27 |
| 2025-04-21 | Closing price | 3.26 |
| 2025-04-22 | Closing price | 3.29 |
| 2025-04-23 | Closing price | 3.28 |
| 2025-04-24 | Closing price | 3.35 |
| 2025-04-25 | Closing price | 3.36 |
| 2025-04-28 | Closing price | 3.33 |
| 2025-04-29 | Closing price | 3.34 |
| 2025-04-30 | Closing price | 3.37 |
| 2025-05-01 | Closing price | 3.38 |
| 2025-05-02 | Closing price | 3.38 |
| 2025-05-05 | Closing price | 3.4 |
| 2025-05-06 | Closing price | 3.42 |
| 2025-05-07 | Closing price | 3.42 |
| 2025-05-08 | Closing price | 3.44 |
| 2025-05-09 | Closing price | 3.44 |
| 2025-05-12 | Closing price | 3.51 |
| 2025-05-13 | Closing price | 3.52 |
| 2025-05-14 | Closing price | 3.53 |
| 2025-05-15 | Closing price | 3.53 |
| 2025-05-16 | Closing price | 3.53 |
| 2025-05-19 | Closing price | 3.52 |
| 2025-05-20 | Closing price | 3.52 |
| 2025-05-21 | Closing price | 3.57 |
| 2025-05-22 | Closing price | 3.55 |
| 2025-05-23 | Closing price | 3.56 |
| 2025-05-26 | Closing price | 3.59 |
| 2025-05-27 | Closing price | 3.61 |
| 2025-05-28 | Closing price | 3.65 |
| 2025-05-29 | Closing price | 3.67 |
| 2025-05-30 | Closing price | 3.63 |
| 2025-06-02 | Closing price | 3.66 |
| 2025-06-03 | Closing price | 3.67 |
| 2025-06-04 | Closing price | 3.7 |
| 2025-06-09 | Closing price | 3.67 |
| 2025-06-10 | Closing price | 3.69 |
| 2025-06-11 | Closing price | 3.72 |
| 2025-06-12 | Closing price | 3.64 |
| 2025-06-13 | Closing price | 3.54 |
| 2025-06-16 | Closing price | 3.54 |
| 2025-06-17 | Closing price | 3.55 |
| 2025-06-18 | Closing price | 3.53 |
| 2025-06-19 | Closing price | 3.47 |
| 2025-06-20 | Closing price | 3.52 |
| 2025-06-23 | Closing price | 3.53 |
| 2025-06-24 | Closing price | 3.56 |
| 2025-06-25 | Closing price | 3.6 |
| 2025-06-26 | Closing price | 3.68 |
| 2025-06-30 | Closing price | 3.67 |
| 2025-07-01 | Closing price | 3.68 |
| 2025-07-02 | Closing price | 3.7 |
| 2025-07-03 | Closing price | 3.72 |
| 2025-07-04 | Closing price | 3.71 |
| 2025-07-07 | Closing price | 3.73 |
| 2025-07-08 | Closing price | 3.73 |
| 2025-07-09 | Closing price | 3.69 |
| 2025-07-10 | Closing price | 3.68 |
| 2025-07-11 | Closing price | 3.68 |
| 2025-07-14 | Closing price | 3.68 |
| 2025-07-15 | Closing price | 3.71 |
| 2025-07-16 | Closing price | 3.68 |
| 2025-07-17 | Closing price | 3.68 |
| 2025-07-18 | Closing price | 3.69 |
| 2025-07-21 | Closing price | 3.67 |
| 2025-07-22 | Closing price | 3.66 |
| 2025-07-23 | Closing price | 3.7 |
| 2025-07-24 | Closing price | 3.71 |
| 2025-07-25 | Closing price | 3.69 |
| 2025-07-28 | Closing price | 3.72 |
| 2025-07-29 | Closing price | 3.7 |
| 2025-07-30 | Closing price | 3.71 |
| 2025-07-31 | Closing price | 3.71 |
| 2025-08-01 | Closing price | 3.72 |
| 2025-08-04 | Closing price | 3.72 |
| 2025-08-05 | Closing price | 3.72 |
| 2025-08-06 | Closing price | 3.7 |
| 2025-08-07 | Closing price | 3.7 |
| 2025-08-08 | Closing price | 3.73 |
| 2025-08-11 | Closing price | 3.74 |
| 2025-08-12 | Closing price | 3.76 |
| 2025-08-13 | Closing price | 3.79 |
| 2025-08-14 | Closing price | 3.82 |
| 2025-08-15 | Closing price | 3.79 |
| 2025-08-18 | Closing price | 3.77 |
| 2025-08-19 | Closing price | 3.8 |
| 2025-08-20 | Closing price | 3.79 |
| 2025-08-21 | Closing price | 3.81 |
| 2025-08-22 | Closing price | 3.8 |
| 2025-08-25 | Closing price | 3.79 |
| 2025-08-26 | Closing price | 3.77 |
| 2025-08-27 | Closing price | 3.79 |
| 2025-08-28 | Closing price | 3.76 |
| 2025-08-29 | Closing price | 3.76 |
| 2025-09-01 | Closing price | 3.69 |
| 2025-09-02 | Closing price | 3.69 |
| 2025-09-03 | Closing price | 3.68 |
| 2025-09-04 | Closing price | 3.68 |
| 2025-09-08 | Closing price | 3.66 |
| 2025-09-09 | Closing price | 3.67 |
| 2025-09-10 | Closing price | 3.69 |
| 2025-09-11 | Closing price | 3.69 |
| 2025-09-12 | Closing price | 3.69 |
| 2025-09-15 | Closing price | 3.69 |
| 2025-09-16 | Closing price | 3.74 |
| 2025-09-17 | Closing price | 3.77 |
| 2025-09-18 | Closing price | 3.82 |
| 2025-09-19 | Closing price | 3.82 |
| 2025-09-22 | Closing price | 3.81 |
| 2025-09-23 | Closing price | 3.82 |
| 2025-09-24 | Closing price | 3.78 |
| 2025-09-25 | Closing price | 3.79 |
| 2025-09-26 | Closing price | 3.81 |
| 2025-09-29 | Closing price | 3.82 |
| 2025-09-30 | Closing price | 3.8 |
| 2025-10-01 | Closing price | 3.7 |
| 2025-10-02 | Closing price | 3.66 |
| 2025-10-03 | Closing price | 3.68 |
| 2025-10-06 | Closing price | 3.71 |
| 2025-10-07 | Closing price | 3.73 |
| 2025-10-08 | Closing price | 3.76 |
| 2025-10-09 | Closing price | 3.76 |
| 2025-10-10 | Closing price | 3.77 |
| 2025-10-13 | Closing price | 3.73 |
| 2025-10-14 | Closing price | 3.72 |
| 2025-10-15 | Closing price | 3.68 |
| 2025-10-16 | Closing price | 3.62 |
| 2025-10-17 | Closing price | 3.62 |
| 2025-10-20 | Closing price | 3.6 |
| 2025-10-21 | Closing price | 3.61 |
| 2025-10-22 | Closing price | 3.6 |
| 2025-10-23 | Closing price | 3.62 |
| 2025-10-24 | Closing price | 3.6 |
| 2025-10-27 | Closing price | 3.6 |
| 2025-10-28 | Closing price | 3.63 |
| 2025-10-29 | Closing price | 3.62 |
| 2025-10-30 | Closing price | 3.63 |
| 2025-10-31 | Closing price | 3.59 |
| 2025-11-03 | Closing price | 3.61 |
| 2025-11-04 | Closing price | 3.62 |
| 2025-11-05 | Closing price | 3.63 |
| 2025-11-06 | Closing price | 3.63 |
| 2025-11-07 | Closing price | 3.66 |
| 2025-11-10 | Closing price | 3.65 |
| 2025-11-11 | Closing price | 3.76 |
| 2025-11-12 | Closing price | 3.78 |
| 2025-11-13 | Closing price | 3.81 |
| 2025-11-14 | Closing price | 3.8 |
| 2025-11-17 | Closing price | 3.81 |
| 2025-11-18 | Closing price | 3.83 |
| 2025-11-19 | Closing price | 3.83 |
| 2025-11-20 | Closing price | 3.83 |
| 2025-11-21 | Closing price | 3.76 |
| 2025-11-24 | Closing price | 3.83 |
| 2025-11-25 | Closing price | 3.86 |
| 2025-11-26 | Closing price | 3.89 |
| 2025-11-27 | Closing price | 3.87 |
| 2025-11-28 | Closing price | 3.85 |
| 2025-12-03 | Closing price | 3.91 |
| 2025-12-04 | Closing price | 3.91 |
| 2025-12-05 | Closing price | 3.95 |
| 2025-12-08 | Closing price | 3.96 |
| 2025-12-09 | Closing price | 4.02 |
| 2025-12-10 | Closing price | 3.99 |
| 2025-12-11 | Closing price | 4.01 |
| 2025-12-12 | Closing price | 3.97 |
| 2025-12-15 | Closing price | 4.01 |
| 2025-12-16 | Closing price | 3.96 |
| 2025-12-17 | Closing price | 3.99 |
| 2025-12-18 | Closing price | 3.93 |
| 2025-12-19 | Closing price | 3.94 |
| 2025-12-22 | Closing price | 3.93 |
| 2025-12-23 | Closing price | 3.99 |
| 2025-12-24 | Closing price | 3.95 |
| 2025-12-25 | Closing price | 3.95 |
| 2025-12-26 | Closing price | 3.92 |
| 2025-12-29 | Closing price | 3.93 |
| 2025-12-30 | Closing price | 3.89 |
| 2025-12-31 | Closing price | 3.9 |
| 2026-01-02 | Closing price | 3.93 |
| 2026-01-05 | Closing price | 3.9 |
| 2026-01-06 | Closing price | 3.93 |
| 2026-01-07 | Closing price | 3.9 |
| 2026-01-08 | Closing price | 3.9 |
| 2026-01-09 | Closing price | 3.87 |
| 2026-01-12 | Closing price | 3.87 |
| 2026-01-13 | Closing price | 3.88 |
| 2026-01-14 | Closing price | 3.89 |
| 2026-01-15 | Closing price | 3.9 |
| 2026-01-16 | Closing price | 3.9 |
| 2026-01-19 | Closing price | 3.99 |
| 2026-01-20 | Closing price | 3.97 |
| 2026-01-21 | Closing price | 3.99 |
| 2026-01-22 | Closing price | 4.01 |
| 2026-01-23 | Closing price | 4.01 |
| 2026-01-26 | Closing price | 4.02 |
| 2026-01-27 | Closing price | 4.12 |
| 2026-01-28 | Closing price | 4.13 |
| 2026-01-29 | Closing price | 4.09 |
| 2026-01-30 | Closing price | 4.1 |
| 2026-02-02 | Closing price | 4.08 |
| 2026-02-03 | Closing price | 4.1 |
| 2026-02-04 | Closing price | 4.1 |
| 2026-02-05 | Closing price | 4.08 |
| 2026-02-06 | Closing price | 4.04 |
| 2026-02-09 | Closing price | 4.1 |
| 2026-02-10 | Closing price | 4.1 |
| 2026-02-11 | Closing price | 4.05 |
| 2026-02-12 | Closing price | 4.08 |
| 2026-02-13 | Closing price | 4.09 |
| 2026-02-16 | Closing price | 4.1 |
| 2026-02-17 | Closing price | 4.08 |
| 2026-02-18 | Closing price | 4.11 |
| 2026-02-19 | Closing price | 4.09 |
| 2026-02-20 | Closing price | 4.07 |
| 2026-02-23 | Closing price | 4.03 |
| 2026-02-24 | Closing price | 4.05 |
| 2026-02-25 | Closing price | 4.06 |
| 2026-02-26 | Closing price | 4.05 |
| 2026-02-27 | Closing price | 4.0 |
| 2026-03-04 | Closing price | 3.8 |
| 2026-03-05 | Closing price | 3.95 |
| 2026-03-06 | Closing price | 3.91 |
| 2026-03-09 | Closing price | 3.84 |
| 2026-03-10 | Closing price | 3.76 |
| 2026-03-11 | Closing price | 3.69 |
| 2026-03-12 | Closing price | 3.7 |
| 2026-03-13 | Closing price | 3.65 |
| 2026-03-16 | Closing price | 3.55 |
| 2026-03-17 | Closing price | 3.7 |
| 2026-03-18 | Closing price | 3.61 |
| 2026-03-23 | Closing price | 3.69 |
| 2026-03-24 | Closing price | 3.79 |
| 2026-03-25 | Closing price | 3.83 |
| 2026-03-26 | Closing price | 3.78 |
| 2026-03-27 | Closing price | 3.84 |
| 2026-03-30 | Closing price | 3.74 |
| 2026-03-31 | Closing price | 3.79 |
| 2026-04-01 | Closing price | 3.8 |
| 2026-04-02 | Closing price | 3.73 |
| 2026-04-03 | Closing price | 3.77 |
| 2026-04-06 | Closing price | 3.77 |
| 2026-04-07 | Closing price | 3.74 |
| 2026-04-08 | Closing price | 3.88 |
| 2026-04-09 | Closing price | 3.75 |
| 2026-04-10 | Closing price | 3.79 |
| 2026-04-13 | Closing price | 3.78 |
| 2026-04-14 | Closing price | 3.76 |
| 2026-04-15 | Closing price | 3.78 |
| 2026-04-16 | Closing price | 3.75 |
| 2026-04-17 | Closing price | 3.78 |
| 2026-04-20 | Closing price | 3.76 |
| 2026-04-21 | Closing price | 3.75 |
| 2026-04-22 | Closing price | 3.68 |
| 2026-04-23 | Closing price | 3.67 |
| 2026-04-24 | Closing price | 3.66 |
| 2026-04-27 | Closing price | 3.7 |
| 2026-04-28 | Closing price | 3.69 |
| 2026-04-29 | Closing price | 3.71 |
| 2026-04-30 | Closing price | 3.67 |
| 2026-05-01 | Closing price | 3.7 |
| 2026-05-04 | Closing price | 3.8 |
| 2026-05-05 | Closing price | 3.77 |
| 2026-05-06 | Closing price | 3.84 |
| 2026-05-07 | Closing price | 3.87 |
| 2026-05-08 | Closing price | 3.88 |
| 2026-05-11 | Closing price | 3.88 |
| 2026-05-12 | Closing price | 3.8 |
| 2026-05-13 | Closing price | 3.85 |
| 2026-05-14 | Closing price | 3.88 |
| 2026-05-15 | Closing price | 3.88 |
| 2026-05-18 | Closing price | 3.87 |
| 2026-05-19 | Closing price | 3.88 |
| 2026-05-20 | Closing price | 3.88 |
| 2026-05-21 | Closing price | 3.86 |
| 2026-05-22 | Closing price | 3.85 |
| 2026-05-25 | Closing price | 3.93 |
| 2026-06-01 | Closing price | 3.87 |
| 2026-06-02 | Closing price | 3.8 |
| 2026-06-03 | Closing price | 3.77 |
| 2026-06-04 | Closing price | 3.75 |
| 2026-06-05 | Closing price | 3.76 |
| 2026-06-08 | Closing price | 3.67 |
| 2026-06-09 | Closing price | 3.75 |
| 2026-06-10 | Closing price | 3.7 |
| 2026-06-11 | Closing price | 3.8 |
| 2026-06-12 | Closing price | 3.87 |
| 2026-06-16 | Closing price | 3.9 |
| 2026-06-17 | Closing price | 3.96 |
| 2026-06-18 | Closing price | 4.01 |
| 2026-06-19 | Closing price | 3.98 |
| 2026-06-22 | Closing price | 3.98 |
| 2026-06-23 | Closing price | 4.0 |
| 2026-06-24 | Closing price | 3.99 |
| 2026-06-25 | Closing price | 3.95 |
| 2026-06-26 | Closing price | 3.97 |
| 2026-06-29 | Closing price | 3.94 |
| 2026-06-30 | Closing price | 3.92 |
| 2026-07-01 | Closing price | 3.94 |
| 2026-07-02 | Closing price | 3.95 |
| 2026-07-03 | Closing price | 3.95 |
| 2026-07-06 | Closing price | 3.92 |
| 2026-07-07 | Closing price | 3.97 |
| 2026-07-08 | Closing price | 3.94 |
| 2026-07-09 | Closing price | 3.98 |
| 2026-07-10 | Closing price | 4.0 |
| 2026-07-13 | Closing price | 4.0 |
| 2026-07-14 | Closing price | 3.98 |
| 2026-07-15 | Closing price | 3.97 |
| 2026-07-16 | Closing price | 3.97 |
| 2026-07-17 | Closing price | 3.94 |
| 2026-07-20 | Closing price | 3.9 |
| 2026-07-21 | Closing price | 3.93 |
| 2026-07-22 | Closing price | 3.97 |
| 2026-07-23 | Closing price | 3.99 |
| 2026-07-24 | Closing price | 3.99 |
| 2026-07-27 | Closing price | 3.98 |
| 2026-07-28 | Closing price | 4.01 |
| 2026-07-29 | Closing price | 4.0 |
| 2026-07-30 | Closing price | 4.03 |
| 2026-07-31 | Closing price | 4.0 |
| 2026-08-03 | Closing price | 4.03 |
| 2026-08-04 | Closing price | 4.1 |
| 2026-08-05 | Closing price | 4.07 |
| 2026-08-06 | Closing price | 4.08 |
| 2026-08-07 | Closing price | 4.07 |
| 2026-08-10 | Closing price | 4.07 |
| 2026-08-11 | Closing price | 4.09 |
| 2026-08-12 | Closing price | 4.1 |
| 2026-08-13 | Closing price | 4.05 |
| 2026-08-14 | Closing price | 4.07 |
| 2026-08-17 | Closing price | 4.06 |
| 2026-08-18 | Closing price | 4.09 |
| 2026-08-19 | Closing price | 4.1 |
| 2026-08-20 | Closing price | 4.11 |
| 2026-08-21 | Closing price | 4.11 |
| 2026-08-24 | Closing price | 4.09 |
| 2026-08-25 | Closing price | 4.08 |
| 2026-08-26 | Closing price | 4.06 |
| 2026-08-27 | Closing price | 4.03 |
| 2026-08-31 | Closing price | 4.0 |
| 2026-09-01 | Closing price | 4.04 |
| 2026-09-02 | Closing price | 4.0 |
| 2026-09-03 | Closing price | 4.01 |
| 2026-09-04 | Closing price | 4.0 |
| 2026-09-07 | Closing price | 4.03 |
| 2026-09-08 | Closing price | 4.03 |
| 2026-09-09 | Closing price | 4.03 |
| 2026-09-10 | Closing price | 4.04 |
| 2026-09-11 | Closing price | 4.06 |
| 2026-09-14 | Closing price | 4.02 |
| 2026-09-15 | Closing price | 4.04 |
| 2026-09-16 | Closing price | 4.04 |
| 2026-09-17 | Closing price | 4.07 |
| 2026-09-18 | Closing price | 4.03 |
| 2026-09-21 | Closing price | 4.03 |
| 2026-09-22 | Closing price | 4.03 |
| 2026-09-23 | Closing price | 4.07 |
| 2026-09-24 | Closing price | 4.03 |
| 2026-09-25 | Closing price | 4.05 |
| 2026-09-28 | Closing price | 4.04 |
| 2026-09-29 | Closing price | 4.04 |
| 2026-09-30 | Closing price | 4.04 |
| 2026-10-01 | Closing price | 4.05 |
| 2026-10-02 | Closing price | 4.0 |
| 2026-10-05 | Closing price | 4.01 |
| 2026-10-06 | Closing price | 4.0 |
| 2026-10-07 | Closing price | 4.01 |
| 2026-10-08 | Closing price | 3.91 |
| 2026-10-09 | Closing price | 3.91 |
| 2026-10-12 | Closing price | 3.81 |
| 2026-10-13 | Closing price | 3.81 |
| 2026-10-14 | Closing price | 3.8 |
| 2026-10-15 | Closing price | 3.79 |
| 2026-10-16 | Closing price | 3.8 |
| 2026-10-19 | Closing price | 3.8 |
| 2026-10-20 | Closing price | 3.79 |
| 2026-10-21 | Closing price | 3.79 |
| 2026-10-22 | Closing price | 3.77 |
| 2026-10-23 | Closing price | 3.75 |
| 2026-10-26 | Closing price | 3.8 |
| 2026-10-27 | Closing price | 3.83 |
| 2026-10-28 | Closing price | 3.79 |
| 2026-10-29 | Closing price | 3.81 |
| 2026-10-30 | Closing price | 3.76 |
| 2026-11-02 | Closing price | 3.79 |
| 2026-11-03 | Closing price | 3.77 |
| 2026-11-04 | Closing price | 3.8 |
| 2026-11-05 | Closing price | 3.84 |
| 2026-11-06 | Closing price | 3.8 |
| 2026-11-09 | Closing price | 3.92 |
Valuation: P/E LTM 17.6 and EV/EBITDA LTM 13.1; the portal model implies -1% upside
ADNOC Distribution currently trades at P/E LTM 17.6 and EV/EBITDA LTM 13.1. Market capitalisation is AED 49,238.0 mn. The facts do not provide three-year average multiples, so we cannot say whether the valuation is above or below its own history.
Our valuation model, based on EBITDA growth and a target multiple, implies -1% upside to fair value. This means the share is fairly valued, with no significant margin of safety or overvaluation. Dividend yield is not provided in the facts, limiting the analysis.
Valuation on the latest reported figures
| Metric | Value |
|---|---|
| Market cap | 49.2 bn AED |
| P/E (LTM) | 17.6 |
| EV/EBITDA (LTM) | 13.1 |
| P/B | 14.23 |
| Net debt / EBITDA (LTM) | 0.79 |
| Operating cash flow (LTM) | 4.41 bn |
| ROE | 89.7% |
Bottom line
The report's strengths remain revenue growth of 39.1% and solid free cash flow of AED 966.1 mn for the quarter. However, this growth barely converts into profit: EBITDA added only 3.3%, net profit 0.9%, and the margin compressed. Moderate leverage at 0.79x LTM EBITDA is not a concern, but its increase over the year bears watching. The key question for a holder is whether the company can restore profitability while sustaining revenue growth. Our conclusion: the share is fairly valued, with -1% upside on the portal model. Our view: the share is fairly valued; upside on the portal model -1%.