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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 19,4x - 21,4x | 20,4x |
| Selected Fwd EBITDA Multiple | 110,3x - 121,9x | 116,1x |
| Fair Value | د.ك 0,076 - د.ك 0,12 | د.ك 0,098 |
| Upside | -23,3% - 20,6% | -1,3% |
| 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 EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MASHAER | MUNSHAAT | SANAM | SOKOUK | ERESCO | ARGAN | ||
| KWSE:MASHAER | KWSE:MUNSHAAT | KWSE:SANAM | KWSE:SOKOUK | KWSE:ERESCO | KWSE:ARGAN | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -14.0% | 14.4% | 24.8% | 21.3% | -18.6% | 13.1% | |
| 3Y CAGR | NM- | NM- | 16.0% | NM- | NM- | 200.3% | |
| Latest Twelve Months | -8.6% | 2.7% | 465.6% | -22.6% | 143.9% | -66.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 616.0% | 300.9% | -110.3% | 109.3% | 5.3% | -59.9% | |
| Prior Fiscal Year | 62.8% | 44.4% | -25.9% | 66.6% | 15.4% | 86.9% | |
| Latest Fiscal Year | 56.3% | 43.1% | 25.6% | 58.9% | 14.5% | 75.9% | |
| Latest Twelve Months | 56.3% | 43.1% | 25.6% | 58.9% | 15.2% | 75.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.92x | 2.75x | 12.83x | 3.70x | 2.22x | 15.24x | |
| EV / LTM EBITDA | 5.2x | 6.4x | 50.1x | 6.3x | 14.7x | 20.1x | |
| EV / LTM EBIT | 5.2x | 6.4x | 55.4x | 7.0x | 15.1x | 23.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.2x | 6.4x | 50.1x | ||||
| Historical EV / LTM EBITDA | -171.3x | 20.1x | 14444.0x | ||||
| Selected EV / LTM EBITDA | 19.4x | 20.4x | 21.4x | ||||
| (x) LTM EBITDA | 6 | 6 | 6 | ||||
| (=) Implied Enterprise Value | 113 | 119 | 125 | ||||
| (-) Non-shareholder Claims * | (90) | (90) | (90) | ||||
| (=) Equity Value | 23 | 29 | 35 | ||||
| (/) Shares Outstanding | 265.0 | 265.0 | 265.0 | ||||
| Implied Value Range | 0.09 | 0.11 | 0.13 | ||||
| FX Rate: KWD/KWD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.09 | 0.11 | 0.13 | 0.10 | |||
| Upside / (Downside) | -13.1% | 9.4% | 31.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MASHAER | MUNSHAAT | SANAM | SOKOUK | ERESCO | ARGAN | |
| Enterprise Value | 9 | 65 | 15 | 31 | 15 | 116 | |
| (+) 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 | 50 | 22 | 30 | 25 | 26 | |
| (/) Shares Outstanding | 160.4 | 322.0 | 104.4 | 571.6 | 350.5 | 265.0 | |
| Implied Stock Price | 0.08 | 0.16 | 0.22 | 0.05 | 0.07 | 0.10 | |
| 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 | 0.16 | 0.22 | 0.05 | 0.07 | 0.10 | |
| 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 | |