United Securities Tweaks Ades Holding Price Target Post-Q2 Results

06:48 AM EDT, 08/26/2026 (MT Newswires) -- United Securities LLC updated its price target for Ades Holding (SASE:2382) as it took note of the company's second-quarter performance. "ADES reported weaker-than-expected results, impacted by volatility arising from the ongoing regional conflict. The impact was further accentuated by relatively lower margins following the Shelf Drilling acquisition and higher finance costs," analysts said Wednesday. "We view positively management's reiteration of its 2026 EBITDA guidance of SAR 4.5-4.87 bn, while the strong order book of SAR 34.7 bn continues to provide good revenue visibility. Nevertheless, we have moderated our near-term estimates and reduced our target price to SAR 20 per share and maintain our Hold rating." During the three-month period, Ades Holding's net income decreased 31.9% year over year to 129 million Saudi riyals, which United Securities analysts said was "substantially below" their estimate of 211 million riyals. On the flip side, revenue rose 36.4% annually to 2.2 billion riyals, missing the research firm's forecast by 5.5%.