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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 13,9x - 15,4x | 14,6x |
Selected Fwd EBIT Multiple | 10,1x - 11,2x | 10,6x |
Fair Value | د.إ 1,33 - د.إ 1,49 | د.إ 1,41 |
Upside | -12,7% - -2,0% | -7,4% |
Benchmarks | Ticker | Full Ticker |
Union Properties Public Joint Stock Company | UPP | DFM:UPP |
Manazel PJSC | MANAZEL | ADX:MANAZEL |
Deyaar Development PJSC | DEYAAR | DFM:DEYAAR |
RAPCO Investment PJSC | RAPCO | ADX:RAPCO |
Aldar Properties PJSC | ALDAR | ADX:ALDAR |
RAK Properties PJSC | RAKPROP | ADX:RAKPROP |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
UPP | MANAZEL | DEYAAR | RAPCO | ALDAR | RAKPROP | ||
DFM:UPP | ADX:MANAZEL | DFM:DEYAAR | ADX:RAPCO | ADX:ALDAR | ADX:RAKPROP | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | NM- | 45.0% | NM- | 26.2% | 46.2% | |
3Y CAGR | NM- | NM- | 105.9% | NM- | 37.3% | 12.3% | |
Latest Twelve Months | 97.0% | 87.3% | 51.8% | 953.2% | 47.7% | 34.6% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -85.6% | -27.6% | 15.4% | 151.9% | 24.9% | 27.7% | |
Prior Fiscal Year | -73.0% | -38.7% | 20.1% | 80.4% | 26.5% | 23.0% | |
Latest Fiscal Year | -2.8% | -12.7% | 23.3% | 93.8% | 25.7% | 21.2% | |
Latest Twelve Months | -2.1% | -12.7% | 24.0% | 93.8% | 26.3% | 21.6% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 7.43x | 17.00x | 1.17x | 1.59x | 3.43x | 3.50x | |
EV / LTM EBITDA | 3451.7x | -191.7x | 4.6x | 1.7x | 12.0x | 13.2x | |
EV / LTM EBIT | -361.1x | -134.1x | 4.9x | 1.7x | 13.0x | 16.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -361.1x | 1.7x | 13.0x | ||||
Historical EV / LTM EBIT | 9.3x | 19.8x | 40.2x | ||||
Selected EV / LTM EBIT | 13.9x | 14.6x | 15.4x | ||||
(x) LTM EBIT | 322 | 322 | 322 | ||||
(=) Implied Enterprise Value | 4,478 | 4,714 | 4,950 | ||||
(-) Non-shareholder Claims * | (638) | (638) | (638) | ||||
(=) Equity Value | 3,841 | 4,076 | 4,312 | ||||
(/) Shares Outstanding | 2,982.1 | 2,982.1 | 2,982.1 | ||||
Implied Value Range | 1.29 | 1.37 | 1.45 | ||||
FX Rate: AED/AED | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 1.29 | 1.37 | 1.45 | 1.52 | |||
Upside / (Downside) | -15.3% | -10.1% | -4.9% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | UPP | MANAZEL | DEYAAR | RAPCO | ALDAR | RAKPROP | |
Enterprise Value | 4,074 | 2,297 | 1,935 | (143) | 87,016 | 5,170 | |
(+) Cash & Short Term Investments | 157 | 11 | 1,911 | 133 | 15,432 | 458 | |
(+) Investments & Other | 6 | 0 | 1,413 | 246 | 1,384 | 97 | |
(-) Debt | (437) | (1,398) | (488) | (30) | (20,520) | (1,192) | |
(-) Other Liabilities | 0 | 0 | (44) | 0 | (5,473) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 3,801 | 910 | 4,726 | 206 | 77,840 | 4,533 | |
(/) Shares Outstanding | 4,289.5 | 2,600.0 | 4,375.8 | 95.0 | 7,862.6 | 2,982.1 | |
Implied Stock Price | 0.89 | 0.35 | 1.08 | 2.17 | 9.90 | 1.52 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 0.89 | 0.35 | 1.08 | 2.17 | 9.90 | 1.52 | |
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 |