Middle East Oil Services: not boring, drilling (initiating on Arabian Drilling with a BUY and ADNOC Drilling with a HOLD)
In this report, we initiate coverage of two Middle Eastern oil drilling companies, Arabian Drilling from Saudi Arabia and ADNOC Drilling from Abu Dhabi. We rate Arabian Drilling a BUY, with a price target (PT) of RYL 168.3, and ADNOC Drilling a HOLD, with a PT of AED 3.44. Both markets have seen a major recovery in drilling activity since the pandemic and have plans to increase their production capacity in the next few years. Both Saudi Arabia and Abu Dhabi also have major gas expansion plans and unconventional projects, both of which will increase drilling activity. Both companies are, therefore, well-placed for growth in their home markets, in our view. We prefer Arabian Drilling over ADNOC Drilling because we expect faster growth in the short term and because ADNOC Drilling is more richly valued, in our view.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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