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National Central Cooling Company PJSC (TABREED.AE)

AED2.57 -0.05 (-1.91%)
AE DFM Utilities Regulated Water
Address Masdar City
Abu Dhabi, AE
CEO Yousif Al Hammadi
Website tabreed.ae
IPO 2010-02-22
ISIN AEN000501017

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Description

National Central Cooling Company PJSC, known as Tabreed, along with its subsidiaries, delivers extensive cooling solutions throughout the United Arab Emirates and on an international scale. Its business is organized into two core segments: Chilled Water and Value Chain Business. The Chilled Water division is responsible for the construction, ownership, assembly, installation, ongoing operation, and maintenance of various cooling and air conditioning systems. This segment also manages the distribution and sale of chilled water for district cooling purposes, as well as the operation and upkeep of its plants. Within the Value Chain Business, the company undertakes the construction of secondary networks, manufactures pre-insulated pipes, markets chilled water-related products, and provides services focused on improving building energy efficiency. Additionally, Tabreed offers a suite of services including commissioning, engineering, water treatment, and design and supervision consultancy, alongside handling the billing and collection of chilled water charges. Incorporated in 1998, the company is headquartered in Abu Dhabi, UAE.

Market Cap & Enterprise Value
Merger & Acquisition History

No mergers or acquisitions recorded for this company.

Technical Outlook
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Signal Summary Loading…
Indicator 1D1W2W3W1M
Each column is computed on that timeframe's candles (1D = daily, 1W ≈ weekly, 1M ≈ monthly), not on the same last day. ▲ bullish · ▼ bearish · — neutral. The Net row counts signals per column; hover any cell (or the indicator name) to see the exact rule behind it.
Day Score & sub-scores
Statistical fingerprint & regime detail
Conditional historical analysis
Customize analysis (advanced)
Indicative levels generated algorithmically. Not financial advice.
Risk Profile
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Price Chart
Averages
Trend
Price
Levels
Draw
AED2.57 -0.05 (-1.91%)
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Volume Profile
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Liquidity & share structure
Average Volume
933.4K
Beta
0.14
Float Shares
619.94M
Free Float %
21.8%
Price Performance
1D5D1M3M6M YTD1Y3Y5Y10YMax
+0.00% -3.08% -10.32% -16.83% -20.25% -20.00% -4.18% -13.10% -10.64% +103.23% +300.06%
Rolling Volatility
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Drawdown
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Relative Strength
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Monthly Returns Heatmap
From To
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Annual Monthly Returns
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Daily Returns Distribution
vs.
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Revenue flow

Revenue by geography

Revenue by segment

From To

Revenue composition

From To

By product

By geography

Financial Statements

Income Statement

Balance Sheet

Cash Flow Statement

Key Metrics

Financial Ratios

Employees

Financial Growth (CAGR)

Market Data

Price Targets & DCF
Current price
2.57
DCF (Unlevered) 9.08 +253.3%
DCF (Levered) 12.75 +396.1%

DCF figures are point estimates: small changes in growth or discount-rate assumptions move them materially. Read them as a reference, not a precise target.

Ratings Trend (MoM) 89% Bullish
Rating 2026-05 Change
Strong Buy 2 -1
Buy 6 -1
Hold 1 0
Sell 0 0
Strong Sell 0 0
Quality scores
Altman Z-Score
1.15
Distress
Piotroski F-Score
6 / 9
Average
MOAT Score
6 / 10
Developing
Composite Rating
A-
Overall Score
4 / 5
High
DCF Score
5 / 5
High
ROE Score
2 / 5
Medium
ROA Score
4 / 5
High
D/E Score
3 / 5
Medium
P/E Score
3 / 5
Medium
P/Book Score
3 / 5
Medium
Operational MOAT
✗ Below peers
  • ✗
    Revenue growth Regulated Water: +6.5%
    +0.9% Q1'26: +4.2% (vs Q1'25)
  • ✗
    EPS growth Regulated Water: +7.9%
    -20.0% Q1'26: -31.0% (vs Q1'25)
  • ✓
    FCF margin FCF growth · Regulated Water: +32.9%
    +18.2% Q1'26: +58.0% (vs Q1'25)
  • ✓
    EBIT margin Regulated Water: +27.3%
    +25.3% Q1'26: +22.5% (vs Q1'25)
  • ✗
    ROIC Regulated Water: +4.5%
    +4.5% ★ Q1'26: +3.2% (vs Q1'25)
  • ✓
    Share dilution Regulated Water: +0.0%
    +0.0% Q1'26: -0.1% (vs Q1'25)
  • ✗
    Debt / EBITDA Net debt/EBITDA · Regulated Water: 3.43×
    6.70× Q1'26: 8.11× (vs Q1'25)
Valuation Multiples From To
Price Forecast (3Y) From To
Model
Adjust
P/E
Theoretical Return — If Invested Today

* These projections are based on analyst consensus estimates and user-defined valuation multiples. This table is for informational purposes only and does not constitute a recommendation to buy or sell any security. Past performance is not indicative of future results.

DCF Interactive Model (UFCF)
Projection years:
Market assumptions
▶ WACC components (optional)
Ke (Cost of Equity) = Rf + β (0.15) × ERP
WACC = 52% × Ke + 48% × Kd (4.2%) × (1−t)

Modifying these values recalculates WACC automatically.

Business assumptions
—
Intrinsic value (base): 9.51 Current price: 2.57
Enterprise Value: — Equity Value: — Terminal Value: — TV as % of EV: —

Base values reflect the latest available data for this company and market conditions.

Consensus Estimates
Metric Dec 2015
actual 		Dec 2016
actual 		Dec 2017
actual 		Dec 2018
actual 		Dec 2019
actual 		Dec 2020
actual 		Dec 2021
actual 		Dec 2022
actual 		Dec 2023
actual 		Dec 2024
actual 		Dec 2025
actual 		Dec 2026
5 Rev. Ana.
5 EPS Ana. 		Dec 2027
5 Rev. Ana.
4 EPS Ana. 		Dec 2028
3 Rev. Ana.
2 EPS Ana. 		Dec 2029
2 Rev. Ana.
1 EPS Ana. 		Dec 2030
1 Rev. Ana.
1 EPS Ana.
Revenue
849.63M
est: 1.17B (-27.5%)
1.09B
est: 1.27B (-14.1%)
1.21B
est: 1.39B (-13.2%)
1.14B
est: 1.45B (-21.2%)
1.19B
est: 1.51B (-21.3%)
1.74B
est: 1.74B (+0.0%)
1.96B
est: 1.99B (-1.9%)
2.22B
est: 2.16B (+2.8%)
2.42B
est: 2.43B (-0.5%)
2.43B
est: 2.50B (-2.8%)
2.46B
est: 2.49B (-1.5%)
2.59B
2.55B – 2.61B
+3.8% YoY
2.69B
2.66B – 2.75B
+4.1% YoY
2.82B
2.81B – 2.82B
+4.6% YoY
3.03B
2.99B – 3.08B
+7.7% YoY
3.17B
3.12B – 3.22B
+4.5% YoY
EBITDA
502.60M
est: 605.82M (-17.0%)
534.75M
est: 658.54M (-18.8%)
572.30M
est: 720.93M (-20.6%)
608.79M
est: 747.97M (-18.6%)
702.32M
est: 780.09M (-10.0%)
934.30M
est: 899.57M (+3.9%)
1.03B
est: 1.03B (-0.1%)
1.21B
est: 1.11B (+8.9%)
1.25B
est: 1.19B (+5.1%)
1.11B
est: 1.22B (-8.8%)
970.63M
est: 1.22B (-20.3%)
1.26B
1.24B – 1.28B
+3.8% YoY
1.32B
1.30B – 1.35B
+4.1% YoY
1.38B
1.37B – 1.38B
+4.6% YoY
1.48B
1.46B – 1.51B
+7.7% YoY
1.55B
1.53B – 1.57B
+4.5% YoY
EBIT
450.85M
est: 442.82M (+1.8%)
496.14M
est: 481.36M (+3.1%)
516.81M
est: 526.97M (-1.9%)
521.95M
est: 546.73M (-4.5%)
532.31M
est: 570.21M (-6.6%)
711.91M
est: 657.55M (+8.3%)
756.10M
est: 753.28M (+0.4%)
893.24M
est: 814.42M (+9.7%)
904.40M
est: 841.24M (+7.5%)
769.04M
est: 867.56M (-11.4%)
620.23M
est: 863.84M (-28.2%)
896.38M
882.53M – 905.80M
+3.8% YoY
933.11M
920.16M – 954.09M
+4.1% YoY
975.86M
974.81M – 976.91M
+4.6% YoY
1.05B
1.04B – 1.07B
+7.7% YoY
1.10B
1.08B – 1.12B
+4.5% YoY
Net Income
345.35M
est: 352.12M (-1.9%)
367.36M
est: 379.86M (-3.3%)
400.11M
est: 406.20M (-1.5%)
427.63M
est: 434.39M (-1.6%)
472.48M
est: 443.63M (+6.5%)
550.34M
est: 526.81M (+4.5%)
585.16M
est: 582.60M (+0.4%)
600.19M
est: 573.46M (+4.7%)
431.14M
est: 313.77M (+37.4%)
570.22M
est: 609.67M (-6.5%)
465.34M
est: 563.11M (-17.4%)
594.59M
526.73M – 653.22M
+5.6% YoY
648.33M
586.15M – 715.58M
+9.0% YoY
728.72M
650.30M – 807.14M
+12.4% YoY
881.01M
864.21M – 900.02M
+20.9% YoY
937.85M
919.97M – 958.11M
+6.5% YoY
SGA
48.79M
est: 57.43M (-15.0%)
56.25M
est: 62.43M (-9.9%)
47.64M
est: 68.35M (-30.3%)
44.22M
est: 70.91M (-37.6%)
48.47M
est: 73.95M (-34.5%)
52.30M
est: 85.28M (-38.7%)
75.37M
est: 97.70M (-22.9%)
72.15M
est: 105.63M (-31.7%)
276.34M
est: 120.54M (+129.2%)
71.70M
est: 124.31M (-42.3%)
81.81M
est: 123.78M (-33.9%)
128.44M
126.46M – 129.79M
+3.8% YoY
133.71M
131.85M – 136.71M
+4.1% YoY
139.83M
139.68M – 139.98M
+4.6% YoY
150.61M
148.40M – 153.11M
+7.7% YoY
157.36M
155.05M – 159.97M
+4.5% YoY
EPS
0.10
est: 0.12 (-19.3%)
0.13
est: 0.13 (-2.7%)
0.14
est: 0.14 (-2.0%)
0.15
est: 0.15 (-1.9%)
0.17
est: 0.16 (+8.9%)
0.19
est: 0.19 (+2.5%)
0.21
est: 0.21 (+2.4%)
0.21
est: 0.20 (+5.0%)
0.15
est: 0.11 (+35.9%)
0.20
est: 0.21 (-6.7%)
0.16
est: 0.20 (-19.1%)
0.21
0.19 – 0.23
+3.7% YoY
0.23
0.21 – 0.25
+11.7% YoY
0.26
0.23 – 0.28
+11.9% YoY
0.31
0.30 – 0.32
+20.9% YoY
0.33
0.32 – 0.34
+6.5% YoY
Historical Ratings (3M)
Date Rating Overall DCF ROE ROA D/E P/E P/B
2026-05-20 A- 4/5 5/5 2/5 4/5 3/5 3/5 3/5
2026-05-19 A- 4/5 5/5 3/5 4/5 3/5 2/5 3/5
2026-05-18 A- 4/5 5/5 3/5 4/5 3/5 2/5 3/5
2026-05-15 A- 4/5 5/5 3/5 4/5 3/5 3/5 3/5
2026-05-14 A- 4/5 5/5 3/5 4/5 3/5 3/5 3/5
2026-05-13 A- 4/5 5/5 3/5 4/5 3/5 3/5 3/5
2026-05-12 A- 4/5 5/5 3/5 4/5 3/5 3/5 3/5
2026-05-11 A- 4/5 5/5 3/5 4/5 3/5 3/5 3/5
2026-05-08 A- 4/5 5/5 3/5 4/5 3/5 3/5 3/5
2026-05-07 A- 4/5 5/5 3/5 4/5 3/5 3/5 3/5
2026-05-06 A- 4/5 5/5 3/5 4/5 3/5 3/5 3/5
2026-05-05 A- 4/5 5/5 3/5 4/5 3/5 3/5 3/5
2026-05-04 A- 4/5 5/5 3/5 4/5 3/5 3/5 3/5
2026-05-01 A- 4/5 5/5 3/5 4/5 2/5 3/5 3/5
2026-04-30 A- 4/5 5/5 3/5 4/5 2/5 3/5 3/5
2026-04-29 B+ 3/5 5/5 2/5 4/5 2/5 2/5 3/5
2026-04-28 B+ 3/5 5/5 2/5 4/5 2/5 2/5 3/5
2026-04-27 B+ 3/5 5/5 2/5 4/5 2/5 2/5 3/5
2026-04-24 B+ 3/5 5/5 3/5 4/5 2/5 2/5 3/5
2026-04-23 B+ 3/5 5/5 2/5 5/5 2/5 2/5 3/5
2026-04-22 B+ 3/5 5/5 2/5 5/5 2/5 2/5 3/5
2026-04-21 B+ 3/5 5/5 2/5 5/5 2/5 2/5 3/5
2026-04-20 B+ 3/5 5/5 2/5 5/5 2/5 2/5 3/5
2026-04-17 B+ 3/5 5/5 2/5 5/5 2/5 2/5 3/5
2026-04-16 B+ 3/5 5/5 2/5 5/5 2/5 2/5 3/5

Owner Earnings

Owner's Earnings (history) From To
Owner alignment
Owner's Earnings TTM
869.67M
OE per share TTM
0.31
Owner's Yield
12.16%
Maintenance CapEx ratio
22.05%
Maint CapEx / Avg PPE
239.0%

Ownership Overview

Ownership breakdown

Ownership breakdown not available.

At a glance
Institutional holders
—
Total invested
—
Insider transactions (90d)
0
Beneficial owners (>5%)
0
Beneficial owners (>5%)

No beneficial ownership filings recorded.

Institutional Activity (13F)

Institutional ownership trend

Institutional history not available.

Top institutional holders

Top holders not available.

ETF Ownership

Top ETFs holding this stock Held by 20 ETFs in our universe
# ETF Weight Est. AUM exposure TER
1 iShares MSCI UAE ETF UAE 0.43% 1.36M 0.59%
2 FlexShares Morningstar Emerging Markets Factor Tilt Index Fund TLTE 0.05% 158.7K 0.58%
3 Avantis Emerging Markets Small Cap Equity ETF AVEE 0.04% 50.0K 0.42%
4 State Street SPDR Portfolio Emerging Markets ETF SPEM 0.02% 3.77M 0.07%
5 iShares MSCI EM Small Cap UCITS ETF IEMS.L 0.02% 69.9K 0.74%
6 State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF EMSD.L 0.02% 120.4K 0.55%
7 iShares MSCI Emerging Markets Small-Cap ETF EEMS 0.02% 72.4K 0.72%
8 Avantis Emerging Markets ex-China Equity ETF AVXC 0.01% 47.7K 0.33%
9 Dimensional - Emerging Markets ex China Core Equity ETF DEXC 0.01% 30.3K 0.56%
10 Dimensional - Emerging Markets Value ETF DFEV 0.01% 181.8K 0.46%

Insider Activity

Insider Activity — Latest Quarter

No insider activity available.

Insider buys vs sells (history)

Insider history not available.

Recent insider transactions

No recent insider transactions.

Executive team

Top executives
EBIT / Employee
103.37M
Shares Outstanding
2.85B

Executive compensation

Executive compensation (annual)

Executive compensation not available.

CEO compensation breakdown

No CEO compensation history available.

Proxy statements

Proxy statements (DEF 14A)

No proxy statements available for this company yet.

Recent SEC filings

Recent SEC filings

No SEC filings available for this company yet.

Executive team

NameTitleCompensationGender
Adel Salem Al Wahedi Chief Financial Officer 4M male
Yousif Al Hammadi Interim CEO & Chief Asset Management Officer 4M —
Antonio Di Cecca Chief Operating Officer & MD of Tabreed Energy Services 2M male
Nadia Bardawil Chief Legal Counsel 2M female
Philippe Coquelle Chief Development Officer 2M male
Salik Malik Vice President of Finance — —
Yugesh Suneja Head of Investor Relations — —
ESG Score History

No data available for this company.

Senate Trading Activity

No Senate trading activity found for this company.

House Trading Activity

No House trading activity found for this company.

Market share among peers
Peer comparison — filtered group (TTM)
Your opinion

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Dividend yield history

Dividend history

Earnings history

Earnings reports

Stock splits

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