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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 10.4x - 11.5x | 10.9x |
| Selected Fwd EBIT Multiple | 6.9x - 7.6x | 7.3x |
| Fair Value | د.إ 7.82 - د.إ 8.76 | د.إ 8.29 |
| Upside | -4.6% - 7.0% | 1.2% |
| Benchmarks | Ticker | Full Ticker |
| Emaar Properties PJSC | EMAAR | DFM:EMAAR |
| Emaar Development PJSC | EMAARDEV | DFM:EMAARDEV |
| Union Properties Public Joint Stock Company | UPP | DFM:UPP |
| RAPCO Investment PJSC | RAPCO | ADX:RAPCO |
| RAK Properties PJSC | RAKPROP | ADX:RAKPROP |
| Aldar Properties PJSC | ALDAR | ADX:ALDAR |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| EMAAR | EMAARDEV | UPP | RAPCO | RAKPROP | ALDAR | ||
| DFM:EMAAR | DFM:EMAARDEV | DFM:UPP | ADX:RAPCO | ADX:RAKPROP | ADX:ALDAR | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 16.6% | 20.3% | NM- | NM- | 46.2% | 26.2% | |
| 3Y CAGR | 35.0% | 30.4% | NM- | NM- | 12.3% | 37.3% | |
| Latest Twelve Months | 24.1% | 25.2% | 96.0% | 474.3% | 29.3% | 47.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 31.7% | 36.2% | -77.7% | 135.9% | 28.1% | 24.9% | |
| Prior Fiscal Year | 48.6% | 60.6% | -73.0% | 80.4% | 23.0% | 26.5% | |
| Latest Fiscal Year | 45.4% | 47.3% | -2.8% | 93.8% | 21.2% | 25.7% | |
| Latest Twelve Months | 45.4% | 47.3% | -2.8% | 93.8% | 21.2% | 26.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.18x | 1.70x | 5.37x | 1.03x | 3.17x | 2.94x | |
| EV / LTM EBITDA | 6.4x | 3.6x | -854.4x | 1.1x | 12.1x | 10.3x | |
| EV / LTM EBIT | 7.0x | 3.6x | -192.7x | 1.1x | 14.9x | 11.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -192.7x | 3.6x | 14.9x | ||||
| Historical EV / LTM EBIT | 12.6x | 15.1x | 15.5x | ||||
| Selected EV / LTM EBIT | 10.4x | 10.9x | 11.5x | ||||
| (x) LTM EBIT | 6,624 | 6,624 | 6,624 | ||||
| (=) Implied Enterprise Value | 68,812 | 72,434 | 76,055 | ||||
| (-) Non-shareholder Claims * | (9,176) | (9,176) | (9,176) | ||||
| (=) Equity Value | 59,636 | 63,257 | 66,879 | ||||
| (/) Shares Outstanding | 7,862.6 | 7,862.6 | 7,862.6 | ||||
| Implied Value Range | 7.58 | 8.05 | 8.51 | ||||
| FX Rate: AED/AED | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.58 | 8.05 | 8.51 | 8.19 | |||
| Upside / (Downside) | -7.4% | -1.8% | 3.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EMAAR | EMAARDEV | UPP | RAPCO | RAKPROP | ALDAR | |
| Enterprise Value | 116,583 | 33,297 | 2,891 | (164) | 4,432 | 73,571 | |
| (+) Cash & Short Term Investments | 19,837 | 23,570 | 182 | 132 | 463 | 15,432 | |
| (+) Investments & Other | 6,645 | 964 | 9 | 223 | 95 | 1,384 | |
| (-) Debt | (10,448) | (4) | (616) | (30) | (1,262) | (20,520) | |
| (-) Other Liabilities | (10,642) | (3,227) | 0 | 0 | 0 | (5,473) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 121,975 | 54,600 | 2,466 | 162 | 3,728 | 64,395 | |
| (/) Shares Outstanding | 8,838.8 | 4,000.0 | 4,289.5 | 95.0 | 2,958.9 | 7,862.6 | |
| Implied Stock Price | 13.80 | 13.65 | 0.58 | 1.70 | 1.26 | 8.19 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 13.80 | 13.65 | 0.58 | 1.70 | 1.26 | 8.19 | |
| Trading Currency | AED | AED | AED | AED | AED | AED | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |