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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 20,1x - 22,3x | 21,2x |
Selected Fwd EBIT Multiple | -167,4x - -185,0x | -176,2x |
Fair Value | د.ك 0,036 - د.ك 0,076 | د.ك 0,056 |
Upside | -66,5% - -29,8% | -48,2% |
Benchmarks | Ticker | Full Ticker |
Mashaer Holding Company K.S.C.P. | MASHAER | KWSE:MASHAER |
Munshaat Real Estate Projects Company K.S.C.P. | MUNSHAAT | KWSE:MUNSHAAT |
Sanam Real Estate Company K.S.C.(Public) | SANAM | KWSE:SANAM |
Sokouk Holding Company K.S.C.P. | SOKOUK | KWSE:SOKOUK |
Al-Enma'a Real Estate Company K.S.C.P. | ERESCO | KWSE:ERESCO |
Al Argan International Real Estate Company - K.S.C.P. | ARGAN | KWSE:ARGAN |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
MASHAER | MUNSHAAT | SANAM | SOKOUK | ERESCO | ARGAN | ||
KWSE:MASHAER | KWSE:MUNSHAAT | KWSE:SANAM | KWSE:SOKOUK | KWSE:ERESCO | KWSE:ARGAN | ||
Historical EBIT Growth | |||||||
5Y CAGR | -14.0% | 14.7% | 22.5% | 33.4% | -17.9% | 12.9% | |
3Y CAGR | NM- | NM- | 73.4% | NM- | NM- | NM- | |
Latest Twelve Months | -8.3% | 2.9% | 270.7% | -24.7% | 58.7% | -70.0% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 621.6% | 302.6% | -142.2% | 112.2% | 4.6% | -89.7% | |
Prior Fiscal Year | 62.3% | 44.1% | -50.3% | 61.3% | 14.2% | 83.0% | |
Latest Fiscal Year | 56.0% | 42.9% | 23.2% | 52.8% | 14.0% | 64.4% | |
Latest Twelve Months | 56.0% | 42.9% | 23.2% | 52.8% | 14.7% | 64.4% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 3.17x | 3.05x | 12.92x | 4.28x | 2.47x | 15.31x | |
EV / LTM EBITDA | 5.6x | 7.1x | 50.5x | 7.3x | 16.3x | 20.2x | |
EV / LTM EBIT | 5.7x | 7.1x | 55.8x | 8.1x | 16.8x | 23.8x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 5.7x | 8.1x | 55.8x | ||||
Historical EV / LTM EBIT | -3734.1x | -89.2x | 23.8x | ||||
Selected EV / LTM EBIT | 20.1x | 21.2x | 22.3x | ||||
(x) LTM EBIT | 5 | 5 | 5 | ||||
(=) Implied Enterprise Value | 100 | 105 | 110 | ||||
(-) Non-shareholder Claims * | (90) | (90) | (90) | ||||
(=) Equity Value | 10 | 15 | 20 | ||||
(/) Shares Outstanding | 265.0 | 265.0 | 265.0 | ||||
Implied Value Range | 0.04 | 0.06 | 0.08 | ||||
FX Rate: KWD/KWD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 0.04 | 0.06 | 0.08 | 0.11 | |||
Upside / (Downside) | -66.5% | -48.2% | -29.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | MASHAER | MUNSHAAT | SANAM | SOKOUK | ERESCO | ARGAN | |
Enterprise Value | 10 | 72 | 15 | 36 | 18 | 119 | |
(+) Cash & Short Term Investments | 3 | 7 | 2 | 11 | 17 | 2 | |
(+) Investments & Other | 5 | 15 | 6 | 14 | 0 | 52 | |
(-) Debt | (3) | (47) | 0 | (26) | (7) | (143) | |
(-) Other Liabilities | (1) | 10 | 0 | (0) | 0 | (1) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 13 | 57 | 22 | 35 | 28 | 29 | |
(/) Shares Outstanding | 160.4 | 322.0 | 109.7 | 571.6 | 350.5 | 265.0 | |
Implied Stock Price | 0.08 | 0.18 | 0.20 | 0.06 | 0.08 | 0.11 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 0.08 | 0.18 | 0.20 | 0.06 | 0.08 | 0.11 | |
Trading Currency | KWD | KWD | KWD | KWD | KWD | KWD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |