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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10,0x - 11,1x | 10,6x |
| Selected Fwd EBITDA Multiple | 6,5x - 7,2x | 6,8x |
| Fair Value | د.إ 8,01 - د.إ 8,97 | د.إ 8,49 |
| Upside | -3,7% - 8,0% | 2,1% |
| Benchmarks | Ticker | Full Ticker |
| Emaar Development PJSC | EMAARDEV | DFM:EMAARDEV |
| Emaar Properties PJSC | EMAAR | DFM:EMAAR |
| Manazel PJSC | MANAZEL | ADX:MANAZEL |
| Deyaar Development PJSC | DEYAAR | DFM:DEYAAR |
| RAK Properties PJSC | RAKPROP | ADX:RAKPROP |
| Aldar Properties PJSC | ALDAR | ADX:ALDAR |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| EMAARDEV | EMAAR | MANAZEL | DEYAAR | RAKPROP | ALDAR | ||
| DFM:EMAARDEV | DFM:EMAAR | ADX:MANAZEL | DFM:DEYAAR | ADX:RAKPROP | ADX:ALDAR | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 20.2% | 15.3% | NM- | 40.0% | 45.7% | 24.9% | |
| 3Y CAGR | 30.3% | 31.1% | NM- | 90.3% | 18.8% | 36.7% | |
| Latest Twelve Months | 27.7% | 28.2% | 90.6% | 50.0% | 39.8% | 46.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 37.3% | 37.7% | -24.1% | 18.0% | 32.2% | 27.8% | |
| Prior Fiscal Year | 60.7% | 53.8% | -36.6% | 21.4% | 26.6% | 29.4% | |
| Latest Fiscal Year | 47.3% | 49.5% | -8.9% | 24.5% | 26.3% | 28.0% | |
| Latest Twelve Months | 47.8% | 49.4% | -8.9% | 25.3% | 26.6% | 28.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.27x | 2.73x | 16.64x | 0.68x | 3.04x | 2.99x | |
| EV / LTM EBITDA | 2.7x | 5.5x | -187.6x | 2.7x | 11.4x | 10.5x | |
| EV / LTM EBIT | 2.7x | 6.0x | -131.2x | 2.8x | 14.0x | 11.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -187.6x | 2.7x | 11.4x | ||||
| Historical EV / LTM EBITDA | 11.5x | 13.5x | 13.6x | ||||
| Selected EV / LTM EBITDA | 10.0x | 10.6x | 11.1x | ||||
| (x) LTM EBITDA | 7,184 | 7,184 | 7,184 | ||||
| (=) Implied Enterprise Value | 72,173 | 75,972 | 79,770 | ||||
| (-) Non-shareholder Claims * | (9,176) | (9,176) | (9,176) | ||||
| (=) Equity Value | 62,997 | 66,795 | 70,594 | ||||
| (/) Shares Outstanding | 7,862.6 | 7,862.6 | 7,862.6 | ||||
| Implied Value Range | 8.01 | 8.50 | 8.98 | ||||
| FX Rate: AED/AED | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 8.01 | 8.50 | 8.98 | 8.31 | |||
| Upside / (Downside) | -3.6% | 2.2% | 8.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EMAARDEV | EMAAR | MANAZEL | DEYAAR | RAKPROP | ALDAR | |
| Enterprise Value | 26,388 | 104,877 | 2,250 | 1,234 | 4,544 | 74,515 | |
| (+) Cash & Short Term Investments | 29,845 | 26,052 | 11 | 1,911 | 458 | 15,432 | |
| (+) Investments & Other | 1,034 | 6,663 | 0 | 1,413 | 97 | 1,384 | |
| (-) Debt | (4) | (10,325) | (1,398) | (488) | (1,192) | (20,520) | |
| (-) Other Liabilities | (3,663) | (11,037) | 0 | (44) | 0 | (5,473) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 53,600 | 116,230 | 863 | 4,026 | 3,907 | 65,338 | |
| (/) Shares Outstanding | 4,000.0 | 8,838.8 | 2,600.0 | 4,375.8 | 2,982.1 | 7,862.6 | |
| Implied Stock Price | 13.40 | 13.15 | 0.33 | 0.92 | 1.31 | 8.31 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 13.40 | 13.15 | 0.33 | 0.92 | 1.31 | 8.31 | |
| 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 | |