LBA: DCF Analysis

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Assignment due Sunday, March 17, 2024 by 11:00pm

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You are working at an investment bank as a financial analyst, and in your role, your manager has asked you to understand more about potential investment opportunities in a UAE company. You will select which UAE company to assess. Once you have done so, you will perform a DCF analysis of that company, so that your investment bank can better understand its valuation. You will provide a write-up of your findings to your manager. In your write-up of this company, you will do the following:

Clearly identify the company you are assessing
Perform a DCF analysis of the company, which should include
Calculating the 2018-2022 FCF
Forecasting the 2023-2028 FCF
Calculating the TV and NPV of the company
Based on your DCF analysis, determine whether or not this company is a worthwhile investment for your firm and explain your rationale

IMPORTANT NOTES:

Choose a public company traded in the stock market of the country you are residing in right now.
To assist you in selecting a company, please refer to the listed companies in the Abu Dhabi Securities Exchange (list) and the Dubai Financial Market (list). You should select a company that has at least 4 years of available data in Bloomberg (please ensure that you can find the data before selecting the company).
In your DCF analysis, to arrive at an appropriate valuation: Estimate FCF for 2022 (assume 2022 as Year 0 and include it in your valuation), project it over the next five years (2023-2028), and estimate a terminal value if you think the store will continue indefinitely (estimate a reasonable terminal growth rate).
Calculate your own WACC. Use CAPM to calculate the cost of capital. Assume a beta based on the systematic risk by looking up betas of public companies that are in the same industry and geography (Yahoo Finance shows equity betas which you will need to adjust by using Hamada’s Equation to account for the public companies’ debt; this is because you need an asset beta for your store given the assumption of no debt) or estimate your own beta using market data.
Be sure you justify the key assumptions (revenue growth rate, working capital changes, terminal growth rate etc.).
For your write-up, focus on stating and justifying your assumptions, discussing each valuation result, comparing the results across the techniques, and comparing them with recommendation(s) made by the financial analyst(s) (if available).
Your valuation techniques and estimation approach could be explained further in an Appendix.
Your models and calculations should be submitted as a google sheet. The assumptions and given values should be colored blue and your calculations should be in black. Leave the formulas and links as is. The grader should be able to follow your calculations.
You will need to attach your Bloomberg Lab data download as part of your submission.
The course-related LO’s that are #valuation (x2) and #bizstrategy (x1) will be graded based on your answers to the questions above, with each corresponding to a specific LO as described below.
In addition to this, use and tag the following GLO’s wherever appropriate: #modeling and #estimation

If you have any questions about this assignment, contact the Professors immediately.

Campus resources you have available to you:

Bloomberg Finance Labs

Web Sources you may find useful (you do not have to use them):

Prof Damadoran’s Website
Market-risk-premia
Yahoo Finance
Global Corporate Tax Rates
Statistica.com
Ministry of Economy of UAE
Ministry of Finance of UAE
Central Bank of UAE
Abu Dhabi Securities Exchange
Dubai Financial Market
Annual financial reports of the company of your choice. The company must be a public company. Every public company must announce its financial statements with transparency. So you should be able to find these statements on their website under their investors’ relations page.

Be sure to follow these guidelines:

-** Do not put your name anywhere **on the assignment or on shared exhibits (Forum will track your submission). Your assignment will be graded blindly.

Be sure you submit a single PDF on Forum (do NOT submit Zip files).
Assume your audience is knowledgeable about the accounting/finance concepts we’ve covered in class and is familiar with the case facts. Don’t waste words explaining what financial concepts or terms mean from the course.
Go deep. When formulating a response, ask why. Then ask why again and justify your explanation. Back up your explanations with evidence. Integrate numbers into your arguments.
**Use no more than two significant digits **for all numbers in the text and exhibits (12%, 3.5%, or 0.46%, not .12480294). Less is more. Displaying too many digits makes numbers hard to read and actually obscures its value and intuition.
All exhibits you create yourself and referenced in your write-up must be included in the write-up itself and be properly formatted. You must also include a link to all your exhibits so that your calculations can be seen and checked (only those exhibits that appear in the write-up and are explicitly discussed will be assessed). Place your link at the very beginning of the write-up and be sure to grant your professor viewing privileges. Follow these guidelines (e.g. avoid including numbers in a calculation cell but instead, reference inputs/assumptions cells that do contain numbers; use black text for calculations and blue text for inputs).
Check your spelling and grammar. Poor writing conveys carelessness and unprofessionalism.
The course-related LO’s that are #valuation (x2) and #bizfunctions (x1) will be graded based on your answers to the 3 questions above, with each corresponding to a specific LO as described below.
In addition to this, use and tag the following GLO’s wherever appropriate: #modeling and #estimation.
Add a word count at the end of the assignment (exclude exhibits, footnotes, and the bibliography).
For assignment deadline extensions please refer to the policies section written at the end of the course syllabus.

IMPORTANT NOTE:

(1) Please refer to this video : : https://www.youtube.com/watch?v=83yR6EFEl5Y

(2) perform calculations within the paper

refer to the images provided and the excel sheet

note that i need you to complete the task separately for TAQA then Aldar (separate documents)

contact me in order to send you the missing required data

keep these concepts in mind:
Cost of equity

Copy cost of debt
Calculate weighted average cost of capital

Assignment Information
Length:

1000 to 1250 words

Weight:

15%

Learning Outcomes Added
Valuation: Calculate the value of a financial asset.
BizStrategy: Formulate and analyze business strategy.

Unformatted Attachment Preview

Abu Dhabi National Energy Co PJSC (TAQA UH) – Standardized
In Millions of AED except Per Share
12 Months Ending
Total Assets
+ Cash, Cash Equivalents & STI
+ Cash & Cash Equivalents
+ ST Investments
+ Accounts & Notes Receiv
+ Accounts Receivable, Net
+ Notes Receivable, Net
+ Inventories
+ Raw Materials
+ Work In Process
+ Finished Goods
+ Other Inventory
+ Other ST Assets
+ Prepaid Expenses
+ Derivative & Hedging Assets
+ Assets Held-for-Sale
+ Taxes Receivable
+ Misc ST Assets
Total Current Assets
+ Property, Plant & Equip, Net
+ Property, Plant & Equip
– Accumulated Depreciation
+ LT Investments & Receivables
+ LT Investments
+ LT Receivables
+ Other LT Assets
+ Total Intangible Assets
+ Goodwill
+ Other Intangible Assets
+ Deferred Tax Assets
+ Derivative & Hedging Assets
+ Prepaid Pension Costs
+ Investments in Affiliates
+ Misc LT Assets
Total Noncurrent Assets
Total Assets
Liabilities & Shareholders’ Equity
+ Payables & Accruals
+ Accounts Payable
+ Accrued Taxes
FY 2014
12/31/2014
FY 2015
12/31/2015
FY 2016
12/31/2016
FY 2017
12/31/2017
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+ Interest & Dividends Payable
+ Other Payables & Accruals
+ ST Debt
+ ST Borrowings
+ ST Lease Liabilities
+ ST Finance Leases
+ Current Portion of LT Debt
+ Other ST Liabilities
+ Deferred Revenue
+ Derivatives & Hedging
+ Misc ST Liabilities
Total Current Liabilities
+ LT Debt
+ LT Borrowings
+ LT Lease Liabilities
+ LT Finance Leases
+ Other LT Liabilities
+ Accrued Liabilities
+ Pension Liabilities
+ Deferred Revenue
+ Deferred Tax Liabilities
+ Derivatives & Hedging
+ Misc LT Liabilities
Total Noncurrent Liabilities
Total Liabilities
+ Preferred Equity and Hybrid Capital
+ Share Capital & APIC
+ Common Stock
+ Additional Paid in Capital
– Treasury Stock
+ Retained Earnings
+ Other Equity
Equity Before Minority Interest
+ Minority/Non Controlling Interest
Total Equity
Total Liabilities & Equity
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Reference Items
Accounting Standard
Shares Outstanding
Number of Treasury Shares
Pension Obligations
Future Minimum Operating Lease Obligations
Capital Leases – Total
Options Granted During Period
Options Outstanding at Period End
Net Debt
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Net Debt to Equity
Tangible Common Equity Ratio
Current Ratio
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Number of Employees
Source: Bloomberg
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dardized
FY 2018
12/31/2018
FY 2019
12/31/2019
FY 2020
12/31/2020
FY 2021
12/31/2021
FY 2022
12/31/2022
FY 2023
12/31/2023
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Abu Dhabi National Energy Co PJSC (TAQA UH) – Standardized
In Millions of AED except Per Share
12 Months Ending
Total Assets
+ Cash, Cash Equivalents & STI
+ Cash & Cash Equivalents
+ ST Investments
+ Accounts & Notes Receiv
+ Accounts Receivable, Net
+ Notes Receivable, Net
+ Inventories
+ Raw Materials
+ Work In Process
+ Finished Goods
+ Other Inventory
+ Other ST Assets
+ Prepaid Expenses
+ Derivative & Hedging Assets
+ Assets Held-for-Sale
+ Taxes Receivable
+ Misc ST Assets
Total Current Assets
+ Property, Plant & Equip, Net
+ Property, Plant & Equip
– Accumulated Depreciation
+ LT Investments & Receivables
+ LT Investments
+ LT Receivables
+ Other LT Assets
+ Total Intangible Assets
+ Goodwill
+ Other Intangible Assets
+ Deferred Tax Assets
+ Derivative & Hedging Assets
+ Prepaid Pension Costs
+ Investments in Affiliates
+ Misc LT Assets
Total Noncurrent Assets
Total Assets
Liabilities & Shareholders’ Equity
+ Payables & Accruals
+ Accounts Payable
+ Accrued Taxes
FY 2014
12/31/2014
FY 2015
12/31/2015
FY 2016
12/31/2016
FY 2017
12/31/2017
3,880.0
3,652.0
228.0
1,272.0
1,272.0
0.0
2,963.0
1,726.0
0.0
0.0
1,237.0
4,360.0
1,030.0
5.0
—
435.0
2,890.0
12,475.0
79,824.0
121,901.0
42,077.0
10,547.0
10,149.0
398.0
12,192.0
10,532.0
5,268.0
5,264.0
547.0
31.0
—
877.0
205.0
102,563.0
115,038.0
3,824.0
3,568.0
256.0
1,255.0
1,255.0
0.0
2,835.0
1,629.0
0.0
0.0
1,206.0
3,816.0
483.0
8.0
580.0
535.0
2,210.0
11,730.0
74,850.0
123,666.0
48,816.0
10,460.0
9,758.0
702.0
11,727.0
9,956.0
5,156.0
4,800.0
1,183.0
19.0
—
421.0
148.0
97,037.0
108,767.0
4,982.0
3,879.0
1,103.0
1,044.0
1,044.0
0.0
2,800.0
1,579.0
0.0
0.0
1,221.0
3,063.0
366.0
4.0
0.0
246.0
2,447.0
11,889.0
73,512.0
143,244.0
69,732.0
9,259.0
8,557.0
702.0
9,832.0
2,411.0
0.0
2,411.0
6,119.0
14.0
—
1,061.0
227.0
92,603.0
104,492.0
5,598.0
4,400.0
1,198.0
1,094.0
1,094.0
0.0
2,785.0
1,636.0
0.0
0.0
1,149.0
3,158.0
436.0
10.0
—
367.0
2,345.0
12,635.0
71,610.0
144,741.0
73,131.0
9,344.0
8,642.0
702.0
9,444.0
2,232.0
0.0
2,232.0
5,462.0
18.0
—
1,168.0
564.0
90,398.0
103,033.0
6,554.0
864.0
853.0
5,182.0
596.0
761.0
4,482.0
563.0
613.0
4,669.0
810.0
545.0
+ Interest & Dividends Payable
+ Other Payables & Accruals
+ ST Debt
+ ST Borrowings
+ ST Lease Liabilities
+ ST Finance Leases
+ Current Portion of LT Debt
+ Other ST Liabilities
+ Deferred Revenue
+ Derivatives & Hedging
+ Misc ST Liabilities
Total Current Liabilities
+ LT Debt
+ LT Borrowings
+ LT Lease Liabilities
+ LT Finance Leases
+ Other LT Liabilities
+ Accrued Liabilities
+ Pension Liabilities
+ Deferred Revenue
+ Deferred Tax Liabilities
+ Derivatives & Hedging
+ Misc LT Liabilities
Total Noncurrent Liabilities
Total Liabilities
+ Preferred Equity and Hybrid Capital
+ Share Capital & APIC
+ Common Stock
+ Additional Paid in Capital
– Treasury Stock
+ Retained Earnings
+ Other Equity
Equity Before Minority Interest
+ Minority/Non Controlling Interest
Total Equity
Total Liabilities & Equity
1,012.0
3,825.0
2,329.0
122.0
0.0
0.0
2,207.0
821.0
0.0
821.0
0.0
9,704.0
74,298.0
74,298.0
0.0
0.0
22,252.0
0.0
13,143.0
0.0
3,643.0
4,690.0
776.0
96,550.0
106,254.0
0.0
6,066.0
—
—
0.0
277.0
-1,729.0
4,614.0
4,170.0
8,784.0
115,038.0
1,191.0
2,634.0
6,059.0
131.0
0.0
0.0
5,928.0
861.0
0.0
861.0
0.0
12,102.0
68,373.0
68,373.0
0.0
0.0
20,961.0
0.0
13,396.0
0.0
2,570.0
4,219.0
776.0
89,334.0
101,436.0
0.0
6,066.0
—
—
0.0
-1,514.0
-1,713.0
2,839.0
4,492.0
7,331.0
108,767.0
1,020.0
2,286.0
7,147.0
95.0
0.0
0.0
7,052.0
673.0
0.0
673.0
0.0
12,302.0
65,108.0
65,108.0
0.0
0.0
19,010.0
0.0
14,037.0
0.0
930.0
3,323.0
720.0
84,118.0
96,420.0
0.0
6,066.0
—
—
0.0
-1,868.0
-1,227.0
2,971.0
5,101.0
8,072.0
104,492.0
965.0
2,349.0
7,337.0
193.0
0.0
0.0
7,144.0
639.0
0.0
639.0
0.0
12,645.0
63,081.0
63,081.0
0.0
0.0
18,171.0
0.0
14,120.0
0.0
909.0
2,641.0
501.0
81,252.0
93,897.0
0.0
6,066.0
—
—
0.0
-1,712.0
-826.0
3,528.0
5,608.0
9,136.0
103,033.0
Reference Items
Accounting Standard
Shares Outstanding
Number of Treasury Shares
Pension Obligations
Future Minimum Operating Lease Obligations
Capital Leases – Total
Options Granted During Period
Options Outstanding at Period End
Net Debt
IAS/IFRS
6,066.0
0.0
13,143.0
2,291.0
0.0
0.0
0.0
72,747.0
IAS/IFRS
6,066.0
0.0
13,396.0
3,718.0
0.0
0.0
0.0
70,608.0
IAS/IFRS
6,066.0
0.0
14,037.0
3,808.0
0.0
0.0
0.0
67,273.0
IAS/IFRS
6,066.0
0.0
14,120.0
1,363.0
0.0
0.0
0.0
64,820.0
Net Debt to Equity
Tangible Common Equity Ratio
Current Ratio
Cash Conversion Cycle
Number of Employees
Source: Bloomberg
828.18
963.14
833.41
709.50
-5.66
-7.20
0.55
1.29
1.29
0.97
0.97
1.00
45.70
71.66
49.18
98.77
—
—
—
—
Right click to show data transparency (not supported for all values)
dardized
FY 2018
12/31/2018
FY 2019
12/31/2019
FY 2020
12/31/2020
FY 2021
12/31/2021
FY 2022
12/31/2022
FY 2023
12/31/2023
4,607.0
3,457.0
1,150.0
1,125.0
1,125.0
0.0
2,872.0
1,776.0
0.0
0.0
1,096.0
3,035.0
607.0
2.0
—
493.0
1,933.0
11,639.0
69,456.0
145,598.0
76,142.0
8,697.0
7,999.0
698.0
9,545.0
2,207.0
0.0
2,207.0
5,516.0
0.0
—
1,422.0
400.0
87,698.0
99,337.0
220.0
220.0
0.0
0.0
0.0
0.0
94.0
0.0
0.0
0.0
94.0
5,898.0
29.0
0.0
—
0.0
5,869.0
6,212.0
42,873.0
66,368.0
23,495.0
0.0
0.0
—
114.0
0.0
0.0
0.0
0.0
0.0
—
0.0
114.0
42,987.0
49,199.0
9,716.0
8,519.0
1,197.0
4,692.0
4,692.0
0.0
3,599.0
1,611.0
0.0
0.0
1,988.0
5,207.0
1,149.0
49.0
—
538.0
3,471.0
23,214.0
125,949.0
210,516.0
84,567.0
9,740.0
9,740.0
—
28,024.0
19,232.0
0.0
19,232.0
5,622.0
68.0
0.0
2,429.0
673.0
163,713.0
186,927.0
10,047.0
8,772.0
1,275.0
4,504.0
4,504.0
0.0
3,518.0
1,750.0
0.0
0.0
1,768.0
4,433.0
1,471.0
11.0
0.0
446.0
2,505.0
22,502.0
122,397.0
214,020.0
91,623.0
9,047.0
9,047.0
—
26,251.0
17,974.0
0.0
17,974.0
5,598.0
72.0
486.0
1,683.0
438.0
157,695.0
180,197.0
11,675.0
10,422.0
1,253.0
4,104.0
4,104.0
0.0
3,402.0
1,808.0
0.0
0.0
1,594.0
5,753.0
2,546.0
106.0
234.0
424.0
2,443.0
24,934.0
117,470.0
216,664.0
99,194.0
7,917.0
7,917.0
—
31,301.0
16,708.0
0.0
16,708.0
6,678.0
511.0
119.0
6,515.0
770.0
156,688.0
181,622.0
15,290.0
14,077.0
1,213.0
3,135.0
3,135.0
0.0
3,202.0
1,633.0
0.0
0.0
1,569.0
6,302.0
2,221.0
190.0
942.0
527.0
2,422.0
27,929.0
115,376.0
222,739.0
107,363.0
19,431.0
19,431.0
—
31,264.0
15,597.0
0.0
15,597.0
6,098.0
306.0
145.0
8,209.0
909.0
166,071.0
194,000.0
5,012.0
747.0
880.0
4,916.0
133.0
0.0
14,149.0
2,247.0
587.0
16,182.0
1,903.0
543.0
20,548.0
2,014.0
1,098.0
21,608.0
1,669.0
906.0
874.0
2,511.0
5,281.0
65.0
0.0
0.0
5,216.0
557.0
0.0
557.0
0.0
10,850.0
61,055.0
61,055.0
0.0
0.0
16,873.0
0.0
13,682.0
0.0
937.0
1,864.0
390.0
77,928.0
88,778.0
0.0
6,066.0
—
—
0.0
-2,651.0
910.0
4,325.0
6,234.0
10,559.0
99,337.0
0.0
4,783.0
16.0
0.0
16.0
—
0.0
72.0
72.0
0.0
0.0
5,004.0
21.0
0.0
21.0
—
1,194.0
0.0
112.0
1,026.0
0.0
0.0
56.0
1,215.0
6,219.0
0.0
8,105.0
5,992.0
2,113.0
0.0
6,178.0
28,697.0
42,980.0
0.0
42,980.0
49,199.0
795.0
10,520.0
9,312.0
66.0
217.0
—
9,029.0
4,180.0
1,871.0
838.0
1,471.0
27,641.0
67,339.0
66,978.0
361.0
—
22,692.0
0.0
16,337.0
315.0
1,312.0
4,415.0
313.0
90,031.0
117,672.0
0.0
112,434.0
—
—
0.0
4,925.0
-55,450.0
61,909.0
7,346.0
69,255.0
186,927.0
673.0
13,063.0
3,673.0
31.0
138.0
—
3,504.0
3,534.0
1,338.0
875.0
1,321.0
23,389.0
61,849.0
61,461.0
388.0
—
21,757.0
0.0
17,256.0
45.0
1,304.0
2,719.0
433.0
83,606.0
106,995.0
0.0
112,434.0
—
—
0.0
7,284.0
-53,814.0
65,904.0
7,298.0
73,202.0
180,197.0
732.0
16,704.0
11,507.0
37.0
249.0
—
11,221.0
3,488.0
1,225.0
193.0
2,070.0
35,543.0
50,803.0
50,484.0
319.0
—
17,287.0
0.0
14,364.0
602.0
1,330.0
434.0
557.0
68,090.0
103,633.0
0.0
112,434.0
—
—
0.0
9,002.0
-50,909.0
70,527.0
7,462.0
77,989.0
181,622.0
616.0
18,417.0
6,479.0
3.0
265.0
—
6,211.0
3,150.0
1,556.0
106.0
1,488.0
31,237.0
55,248.0
55,017.0
231.0
—
18,594.0
0.0
13,872.0
1,339.0
2,417.0
390.0
576.0
73,842.0
105,079.0
0.0
112,434.0
—
—
0.0
18,168.0
-48,084.0
82,518.0
6,403.0
88,921.0
194,000.0
IAS/IFRS
6,066.0
0.0
13,682.0
1,320.0
0.0
0.0
0.0
61,729.0
IAS/IFRS
112,434.3
0.0
112.0
—
—
0.0
0.0
-183.0
IAS/IFRS
112,434.0
0.0
16,337.0
—
—
0.0
0.0
66,935.0
IAS/IFRS
112,434.3
0.0
17,256.0
—
—
0.0
0.0
55,475.0
IAS/IFRS
112,434.0
0.0
14,364.0
—
—
0.0
0.0
50,635.0
IAS/IFRS
112,434.0
0.0
13,872.0
—
—
0.0
0.0
46,437.0
orted for all values)
584.61
2.18
1.07
87.17
—
-0.43
87.36
1.24
—
—
96.65
25.45
0.84
52.77
—
75.78
29.55
0.96
52.47
6,906.00
64.93
32.63
0.70
46.15
—
52.22
37.51
0.89
39.06
—
Abu Dhabi National Energy Co PJSC (TAQA UH) – BBG Adjusted
In Millions of AED except Per Share
FY 2015
12 Months Ending
12/31/2015
Revenue
#NAME?
+ Sales & Services Revenue
#NAME?
+ Other Revenue
#NAME?
– Cost of Revenue
#NAME?
+ Cost of Goods & Services
#NAME?
+ Depreciation & Amortization
#NAME?
Gross Profit
#NAME?
+ Other Operating Income
#NAME?
– Operating Expenses
#NAME?
+ Selling, General & Admin
#NAME?
+ General & Administrative
#NAME?
+ Research & Development
#NAME?
+ Other Operating Expense
#NAME?
Operating Income (Loss)
#NAME?
– Non-Operating (Income) Loss
#NAME?
+ Interest Expense, Net
#NAME?
+ Interest Expense
#NAME?
– Interest Income
#NAME?
+ Other Investment (Inc) Loss
#NAME?
+ Foreign Exch (Gain) Loss
#NAME?
+ (Income) Loss from Affiliates
#NAME?
+ Other Non-Op (Income) Loss
#NAME?
Pretax Income (Loss), Adjusted
#NAME?
– Abnormal Losses (Gains)
#NAME?
+ Disposal of Assets
#NAME?
+ Asset Write-Down
#NAME?
+ Impairment of Goodwill
#NAME?
+ Gain/Loss on Sale/Acquisition of Business
#NAME?
+ Sale of Investments
#NAME?
Pretax Income (Loss), GAAP
#NAME?
– Income Tax Expense (Benefit)
#NAME?
+ Current Income Tax
#NAME?
+ Deferred Income Tax
#NAME?
Income (Loss) from Cont Ops
#NAME?
– Net Extraordinary Losses (Gains)
#NAME?
+ Discontinued Operations
#NAME?
+ XO & Accounting Changes
#NAME?
Income (Loss) Incl. MI
#NAME?
– Minority Interest
#NAME?
Net Income, GAAP
#NAME?
– Preferred Dividends
#NAME?
FY 2016
12/31/2016
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
FY 2017
12/31/2017
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
FY 2018
12/31/2018
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
– Other Adjustments
Net Income Avail to Common, GAAP
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
Net Income Avail to Common, Adj
Net Abnormal Losses (Gains)
Net Extraordinary Losses (Gains)
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
Basic Weighted Avg Shares
Basic EPS, GAAP
Basic EPS from Cont Ops, GAAP
Basic EPS from Cont Ops, Adjusted
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
Diluted Weighted Avg Shares
Diluted EPS, GAAP
Diluted EPS from Cont Ops, GAAP
Diluted EPS from Cont Ops, Adjusted
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
Reference Items
Accounting Standard
EBITDA
EBITDA Margin (T12M)
EBITA
EBIT
Gross Margin
Operating Margin
Profit Margin
Sales per Employee
Dividends per Share
Total Cash Common Dividends
Personnel Expenses
Depreciation Expense
Source: Bloomberg
IAS/IFRS
IAS/IFRS
IAS/IFRS
IAS/IFRS
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
Right click to show data transparency (not supported for all values)
G Adjusted
FY 2019
12/31/2019
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
FY 2020
12/31/2020
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
FY 2021
12/31/2021
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
FY 2022
12/31/2022
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
FY 2023
12/31/2023
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
Last 12M
12/31/2023
51,717.0
51,717.0
39,185.0
29,973.0
9,212.0
12,532.0
0.0
2,345.0
2,334.0
2,334.0
11.0
10,187.0
1,551.0
498.0
55.0
-191.0
2,185.0
8,636.0
-10,795.0
-11.0
19,431.0
2,629.0
1,016.0
1,613.0
16,802.0
-18.0
-18.0
0.0
16,820.0
173.0
16,647.0
0.0
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
0.0
16,647.0
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
5,834.0
-10,795.0
-18.0
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
112,434.0
0.14
0.14
0.05
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
112,434.0
0.14
0.14
0.05
IAS/IFRS
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
orted for all values)
IAS/IFRS
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
IAS/IFRS
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
IAS/IFRS
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
IAS/IFRS
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
19,440.0
37.59
12,047.0
10,187.0
24.23
19.70
11.28
0.03
3,710.3
7,393.0
Abu Dhabi National Energy Co PJSC (TAQA UH) – BBG Adjusted
In Millions of AED except Per Share
FY 2015
12 Months Ending
12/31/2015
Revenue
19,344.0
+ Sales & Services Revenue
15,976.0
+ Other Revenue
3,368.0
– Cost of Revenue
15,678.0
+ Cost of Goods & Services
9,137.0
+ Depreciation & Amortization
6,541.0
Gross Profit
3,666.0
+ Other Operating Income
0.0
– Operating Expenses
713.0
+ Selling, General & Admin
713.0
+ General & Administrative
713.0
+ Research & Development
0.0
+ Other Operating Expense
0.0
Operating Income (Loss)
2,953.0
– Non-Operating (Income) Loss
4,552.0
+ Interest Expense, Net
1,286.0
+ Interest Expense
1,313.0
– Interest Income
27.0
+ Other Investment (Inc) Loss
—
+ Foreign Exch (Gain) Loss
-64.0
+ (Income) Loss from Affiliates
-127.0
+ Other Non-Op (Income) Loss
3,457.0
Pretax Income (Loss), Adjusted
-1,599.0
– Abnormal Losses (Gains)
814.0
+ Disposal of Assets
-21.0
+ Asset Write-Down
835.0
+ Impairment of Goodwill
—
+ Gain/Loss on Sale/Acquisition of Business
—
+ Sale of Investments
—
Pretax Income (Loss), GAAP
-2,413.0
– Income Tax Expense (Benefit)
-1,299.0
+ Current Income Tax
357.0
+ Deferred Income Tax
-1,656.0
Income (Loss) from Cont Ops
-1,114.0
– Net Extraordinary Losses (Gains)
0.0
+ Discontinued Operations
0.0
+ XO & Accounting Changes
0.0
Income (Loss) Incl. MI
-1,114.0
– Minority Interest
686.0
Net Income, GAAP
-1,800.0
– Preferred Dividends
0.0
FY 2016
12/31/2016
16,118.0
13,780.0
2,338.0
13,458.0
7,119.0
6,339.0
2,660.0
0.0
580.0
580.0
580.0
0.0
0.0
2,080.0
4,460.0
1,063.0
1,091.0
28.0
—
-159.0
-77.0
3,633.0
-2,380.0
21,962.0
-58.0
21,926.0
94.0
—
—
-24,342.0
-6,109.0
471.0
-6,580.0
-18,233.0
0.0
0.0
0.0
-18,233.0
801.0
-19,034.0
0.0
FY 2017
12/31/2017
16,680.0
14,387.0
2,293.0
10,193.0
7,238.0
2,955.0
6,487.0
0.0
508.0
508.0
508.0
0.0
0.0
5,979.0
4,128.0
748.0
794.0
46.0
—
-42.0
-125.0
3,547.0
1,851.0
-164.0
-78.0
—
—
-86.0
—
2,015.0
972.0
336.0
636.0
1,043.0
0.0
0.0
0.0
1,043.0
883.0
160.0
0.0
FY 2018
12/31/2018
17,740.0
17,120.0
620.0
11,662.0
7,946.0
3,716.0
6,078.0
0.0
597.0
597.0
597.0
0.0
0.0
5,481.0
3,914.0
477.0
553.0
76.0
—
98.0
-286.0
3,625.0
1,567.0
-73.0
-73.0
—
—
—
—
1,640.0
288.0
314.0
-26.0
1,352.0
0.0
0.0
0.0
1,352.0
954.0
398.0
0.0
– Other Adjustments
Net Income Avail to Common, GAAP
0.0
-1,800.0
0.0
-19,034.0
0.0
160.0
0.0
398.0
Net Income Avail to Common, Adj
Net Abnormal Losses (Gains)
Net Extraordinary Losses (Gains)
-986.0
814.0
0.0
2,928.0
21,962.0
0.0
-4.0
-164.0
0.0
325.0
-73.0
0.0
Basic Weighted Avg Shares
Basic EPS, GAAP
Basic EPS from Cont Ops, GAAP
Basic EPS from Cont Ops, Adjusted
6,066.0
-0.30
-0.30
-0.16
6,066.0
-3.14
-3.14
0.48
6,066.0
0.03
0.03
0.00
6,066.0
0.07
0.07
0.06
Diluted Weighted Avg Shares
Diluted EPS, GAAP
Diluted EPS from Cont Ops, GAAP
Diluted EPS from Cont Ops, Adjusted
6,066.0
-0.30
-0.30
-0.16
6,066.0
-3.14
-3.14
0.48
6,066.0
0.03
0.03
0.00
6,066.0
0.07
0.07
0.06
Reference Items
Accounting Standard
EBITDA
EBITDA Margin (T12M)
EBITA
EBIT
Gross Margin
Operating Margin
Profit Margin
Sales per Employee
Dividends per Share
Total Cash Common Dividends
Personnel Expenses
Depreciation Expense
Source: Bloomberg
IAS/IFRS
IAS/IFRS
IAS/IFRS
IAS/IFRS
9,494.0
8,419.0
8,934.0
9,197.0
49.08
52.23
53.56
51.84
3,094.0
2,213.0
6,097.0
5,586.0
2,953.0
2,080.0
5,979.0
5,481.0
18.95
16.50
38.89
34.26
15.27
12.90
35.85
30.90
-5.10
18.17
-0.02
1.83
—
—
—
—
—
—
0.00
0.00
—
—
0.0
0.0
1,041.0
779.0
801.0
875.0
6,400.0
6,206.0
2,837.0
3,611.0
Right click to show data transparency (not supported for all values)
G Adjusted
FY 2019
12/31/2019
6,057.0
6,057.0
—
2,504.0
693.0
1,811.0
3,553.0
0.0
455.0
455.0
455.0
0.0
0.0
3,098.0
-84.0
0.0
0.0
0.0
—
0.0
0.0
-84.0
3,182.0
0.0
—
—
—
—
—
3,182.0
0.0
0.0
0.0
3,182.0
0.0
0.0
0.0
3,182.0
0.0
3,182.0
0.0
FY 2020
12/31/2020
23,985.0
23,985.0
—
18,283.0
12,666.0
5,617.0
5,702.0
0.0
1,283.0
1,294.0
1,294.0
0.0
-11.0
4,419.0
1,219.0
774.0
805.0
31.0
—
-73.0
-55.0
573.0
3,200.0
-559.0
11.0
—
—
-570.0
—
3,759.0
-258.0
60.0
-318.0
4,017.0
0.0
0.0
0.0
4,017.0
209.0
3,808.0
0.0
FY 2021
12/31/2021
45,294.0
45,294.0
—
35,012.0
23,901.0
11,111.0
10,282.0
0.0
2,510.0
2,254.0
2,254.0
0.0
256.0
7,772.0
1,597.0
1,377.0
1,500.0
123.0
—
79.0
-313.0
454.0
6,175.0
-256.0
-256.0
—
—
—
—
6,431.0
682.0
592.0
90.0
5,749.0
-246.0
-246.0
0.0
5,995.0
35.0
5,960.0
0.0
FY 2022
12/31/2022
50,051.0
50,051.0
—
36,967.0
27,494.0
9,473.0
13,084.0
0.0
2,134.0
2,134.0
2,134.0
0.0
0.0
10,950.0
2,558.0
1,261.0
1,433.0
172.0
0.0
169.0
-321.0
1,449.0
8,392.0
0.0
—
—
—
—
—
8,392.0
1,013.0
2,059.0
-1,046.0
7,379.0
-744.0
-744.0
0.0
8,123.0
93.0
8,030.0
0.0
FY 2023
12/31/2023
51,717.0
51,717.0
—
39,185.0
29,973.0
9,212.0
12,532.0
0.0
2,345.0
2,334.0
2,334.0
0.0
11.0
10,187.0
1,551.0
666.0
1,164.0
498.0
-298.0
55.0
-191.0
1,319.0
8,636.0
-10,795.0
-11.0
—
—
—
-10,784.0
19,431.0
2,629.0
1,016.0
1,613.0
16,802.0
-18.0
-18.0
0.0
16,820.0
173.0
16,647.0
0.0
Last 12M
12/31/2023
51,717.0
51,717.0
39,185.0
29,973.0
9,212.0
12,532.0
0.0
2,345.0
2,334.0
2,334.0
11.0
10,187.0
1,551.0
498.0
55.0
-191.0
2,185.0
8,636.0
-10,795.0
-11.0
19,431.0
2,629.0
1,016.0
1,613.0
16,802.0
-18.0
-18.0
0.0
16,820.0
173.0
16,647.0
0.0
0.0
3,182.0
0.0
3,808.0
0.0
5,960.0
0.0
8,030.0
0.0
16,647.0
0.0
16,647.0
3,182.0
0.0
0.0
3,249.0
-559.0
0.0
5,458.0
-256.0
-246.0
7,286.0
0.0
-744.0
5,834.0
-10,795.0
-18.0
5,834.0
-10,795.0
-18.0
83,475.0
0.04
0.04
0.04
97,955.0
0.04
0.04
0.03
112,434.0
0.05
0.05
0.05
112,434.0
0.07
0.06
0.06
112,434.0
0.15
0.15
0.05
112,434.0
0.14
0.14
0.05
83,475.0
0.04
0.04
0.04
97,955.0
0.04
0.04
0.03
112,434.0
0.05
0.05
0.05
112,434.0
0.07
0.06
0.06
112,434.0
0.15
0.15
0.05
112,434.0
0.14
0.14
0.05
IAS/IFRS
IAS/IFRS
10,036.0
18,891.0
41.84
41.71
5,119.0
9,118.0
4,419.0
7,772.0
23.77
22.70
18.42
17.16
13.55
12.05
— 6,558,644.66
0.01
0.01
1,124.0
1,237.0
1,871.0
3,404.0
4,917.0
9,773.0
IAS/IFRS
20,529.0
41.02
12,085.0
10,950.0
26.14
21.88
14.56
—
0.03
3,373.0
3,535.0
8,444.0
IAS/IFRS
19,440.0
37.59
11,438.0
10,187.0
24.23
19.70
11.28
—
0.03
3,654.1
3,620.0
8,002.0
IAS/IFRS
4,909.0
81.05
3,098.0
3,098.0
58.66
51.15
52.53
—
0.00
0.0
512.0
1,811.0
orted for all values)
19,440.0
37.59
12,047.0
10,187.0
24.23
19.70
11.28
0.03
3,710.3
7,393.0
TAQA:
TAQA:
Aldar Properties PJSC (ALDAR UH) – Standardized
In Millions of AED except Per Share
12 Months Ending
Assets
+ Real Estate Held for Sale
+ Real Estate Equity Interests
+ Net Real Estate Property
+ Gross Real Estate Property
– Accumulated Depreciation
+ Net Mortgages & Notes
+ Mortgage Loan (REIT)
+ Notes Receivable
– Allowance for Loan Losses
+ Mortgage Backed Invt
Total Real Estate Investments
+ Cash & Near Cash Items
+ Accounts Receivable
+ Other Investments
+ Other Assets
+ Restricted Assets
Total Assets
FY 2014
12/31/2014
FY 2015
12/31/2015
FY 2016
12/31/2016
FY 2017
12/31/2017
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
Liabilities & Shareholders’ Equity
+ Accounts Payable
+ ST Liabilities & Deposits
+ Security Deposits
+ Other ST Liabilities
+ Secured & Unsecured Debt
+ Unsecured Debt
+ Secured Debt
+ Other Long-Term Liabilities
Total Liabilities
+ Total Preferred Equity
+ Minority Interest
+ Share Capital & APIC
+ Retained Earnings & Other Equity
Total Equity
Total Liabilities & Equity
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
Reference Items
Accounting Standard
Shares Outstanding
Number of Treasury Shares
Amount of Treasury Shares
IAS/IFRS
#NAME?
#NAME?
#NAME?
IAS/IFRS
#NAME?
#NAME?
#NAME?
IAS/IFRS
#NAME?
#NAME?
#NAME?
IAS/IFRS
#NAME?
#NAME?
#NAME?
Pension Obligations
Operating Leases
Capital Leases – Short Term
Capital Leases – Long Term
Capital Leases – Total
Book Value per Share
Net Debt
Tangible Common Equity Ratio
Debt to Real-Estate Investment
Total Debt to Total Capital
Total Liabilities to Total Common Equity
Source: Bloomberg
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
Right click to show data transparency (not supported for all values)
FY 2018
12/31/2018
FY 2019
12/31/2019
FY 2020
12/31/2020
FY 2021
12/31/2021
FY 2022
12/31/2022
FY 2023
12/31/2023
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#

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