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    EMIRATESNBD   AEE000801010

EMIRATES NBD BANK PJSC

(EMIRATESNBD)
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U.S. bank Moelis, Emirates NBD hired to advise on IPO of Dubai's DEWA - sources

11/04/2021 | 01:30am EST
FILE PHOTO: Saeed Al Tayer, chief executive of DEWA, speaks during the groundbreaking ceremony of the 4th phase of Mohammed bin Rashid Al Maktoum Solar Park, south of Dubai

DUBAI (Reuters) - U.S. investment bank Moelis and Dubai lender Emirates NBD have been hired to advise on the initial public offering (IPO) of Dubai Electricity & Water Authority (DEWA), sources familiar with the matter said.

The Dubai government said on Tuesday it was planning a stock market flotation of the utility, among 10 state-backed companies to be listed as part of plans to boost activity on the local bourse.

DEWA and the Dubai Media Office did not immediately respond to a Reuters request for comment.

Moelis and Emirates NBD declined to comment.

The listing plans are aimed at making Dubai a more competitive market against bigger bourses in the region, such as those in Saudi Arabia and neighbouring Abu Dhabi, that are seeing larger listings and strong liquidity.

A spate of de-listings and an absence of big initial public offerings have put Dubai's stock market under pressure, raising questions over the future of one of the Gulf's major exchanges, launched two decades ago.

Dewa had 884,404 water customers and 990,258 electricity customers as of the end of 2020, according to company data.

DEWA has assets of nearly 200 billion dirhams ($54.45 billion) and projects with a combined value of around 86 billion dirhams, Chief Executive Saeed Mohammed Al Tayer said in a statement on Tuesday.

($1 = 3.6728 UAE dirham)

(Reporting by Hadeel Al Sayegh and Saeed Azhar; Editing by Jan Harvey, Alexandra Hudson and Kim Coghill)

By Hadeel Al Sayegh and Saeed Azhar


ę Reuters 2021
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Financials
Sales 2021 22 951 M 6 249 M 6 249 M
Net income 2021 9 188 M 2 502 M 2 502 M
Net Debt 2021 - - -
P/E ratio 2021 9,34x
Yield 2021 3,43%
Capitalization 83 063 M 22 614 M 22 617 M
Capi. / Sales 2021 3,62x
Capi. / Sales 2022 3,49x
Nbr of Employees 0
Free-Float 38,9%
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Technical analysis trends EMIRATES NBD BANK PJSC
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Mean consensus BUY
Number of Analysts 12
Last Close Price 13,15 AED
Average target price 16,60 AED
Spread / Average Target 26,2%
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Managers and Directors
Shayne Kieth Nelson Group Chief Executive Officer
Patrick Sullivan Chief Financial Officer
Ahmed bin Saeed Al-Maktoum Chairman
Abdulla Abdulrahman Qassem Group Chief Operating Officer
Hussain Hassan Mirza Al-Sayegh Director
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