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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4.8x - 5.3x | 5.1x |
| Selected Fwd EBITDA Multiple | 3.3x - 3.7x | 3.5x |
| Fair Value | د.إ 17.96 - د.إ 19.14 | د.إ 18.55 |
| Upside | 17.4% - 25.1% | 21.3% |
| Benchmarks | Ticker | Full Ticker |
| Deyaar Development PJSC | DEYAAR | DFM:DEYAAR |
| Union Properties Public Joint Stock Company | UPP | DFM:UPP |
| Aldar Properties PJSC | ALDAR | ADX:ALDAR |
| Emaar Properties PJSC | EMAAR | DFM:EMAAR |
| Manazel PJSC | MANAZEL | ADX:MANAZEL |
| Emaar Development PJSC | EMAARDEV | DFM:EMAARDEV |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| DEYAAR | UPP | ALDAR | EMAAR | MANAZEL | EMAARDEV | ||
| DFM:DEYAAR | DFM:UPP | ADX:ALDAR | DFM:EMAAR | ADX:MANAZEL | DFM:EMAARDEV | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 40.0% | NM- | 24.9% | 15.3% | NM- | 20.2% | |
| 3Y CAGR | 90.3% | NM- | 36.7% | 31.1% | NM- | 30.3% | |
| Latest Twelve Months | 50.0% | 100.3% | 46.3% | 28.2% | 90.6% | 27.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 18.0% | -82.1% | 27.8% | 37.7% | -24.1% | 37.3% | |
| Prior Fiscal Year | 21.4% | -71.6% | 29.4% | 53.8% | -36.6% | 60.7% | |
| Latest Fiscal Year | 24.5% | -0.6% | 28.0% | 49.5% | -8.9% | 47.3% | |
| Latest Twelve Months | 25.3% | 0.2% | 28.5% | 49.4% | -8.9% | 47.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.17x | 7.43x | 3.43x | 3.28x | 17.00x | 1.64x | |
| EV / LTM EBITDA | 4.6x | 3451.7x | 12.0x | 6.6x | -191.7x | 3.4x | |
| EV / LTM EBIT | 4.9x | -361.1x | 13.0x | 7.2x | -134.1x | 3.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -191.7x | 6.6x | 3451.7x | ||||
| Historical EV / LTM EBITDA | 3.0x | 4.0x | 6.6x | ||||
| Selected EV / LTM EBITDA | 4.8x | 5.1x | 5.3x | ||||
| (x) LTM EBITDA | 9,876 | 9,876 | 9,876 | ||||
| (=) Implied Enterprise Value | 47,400 | 49,895 | 52,389 | ||||
| (-) Non-shareholder Claims * | 27,212 | 27,212 | 27,212 | ||||
| (=) Equity Value | 74,612 | 77,107 | 79,602 | ||||
| (/) Shares Outstanding | 4,000.0 | 4,000.0 | 4,000.0 | ||||
| Implied Value Range | 18.65 | 19.28 | 19.90 | ||||
| FX Rate: AED/AED | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 18.65 | 19.28 | 19.90 | 15.30 | |||
| Upside / (Downside) | 21.9% | 26.0% | 30.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DEYAAR | UPP | ALDAR | EMAAR | MANAZEL | EMAARDEV | |
| Enterprise Value | 1,891 | 4,108 | 86,230 | 127,416 | 2,299 | 33,988 | |
| (+) Cash & Short Term Investments | 1,911 | 157 | 15,432 | 26,052 | 11 | 29,845 | |
| (+) Investments & Other | 1,413 | 6 | 1,384 | 6,663 | 0 | 1,034 | |
| (-) Debt | (488) | (437) | (20,520) | (10,325) | (1,398) | (4) | |
| (-) Other Liabilities | (44) | 0 | (5,473) | (11,037) | 0 | (3,663) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,682 | 3,835 | 77,054 | 138,769 | 913 | 61,200 | |
| (/) Shares Outstanding | 4,375.8 | 4,289.5 | 7,862.6 | 8,838.8 | 2,600.0 | 4,000.0 | |
| Implied Stock Price | 1.07 | 0.89 | 9.80 | 15.70 | 0.35 | 15.30 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.07 | 0.89 | 9.80 | 15.70 | 0.35 | 15.30 | |
| 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 | |