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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | د.إ 12.14 - د.إ 14.62 | د.إ 12.93 |
| Upside | 47.1% - 77.2% | 56.8% |
| Select Revenue and EBITDA Forecast | |||||||
| (AED in millions) | Input Projections | ||||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| Revenue | 22,998 | 29,634 | 31,431 | 33,150 | 32,806 | 32,806 | |
| % Growth | 62.4% | 28.9% | 6.1% | 5.5% | -1.0% | 0.0% | |
| EBITDA | 6,446 | 9,317 | 10,698 | 12,565 | 11,211 | 11,211 | |
| % of Revenue | 28.0% | 31.4% | 34.0% | 37.9% | 34.2% | 34.2% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (AED in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 9,317 | 10,698 | 12,565 | 11,211 | 11,211 | 11,211 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (550) | (847) | (777) | (649) | (649) | (1,499) | |
| EBIT | 8,767 | 9,851 | 11,788 | 10,562 | 10,562 | 9,712 | |
| Pro forma Taxes | (438) | (493) | (589) | (528) | (528) | (486) | |
| NOPAT | 5,622 | 8,329 | 9,358 | 11,199 | 10,034 | 10,034 | 9,226 |
| Capital Expenditures | (635) | (1,526) | (1,656) | (1,536) | (1,542) | (1,578) | (1,578) |
| NWC Investment | (4,224) | (3,171) | (859) | (822) | 164 | 0 | 0 |
| (+) D&A | 528 | 550 | 847 | 777 | 649 | 649 | 1,499 |
| Free Cash Flow | 1,291 | 4,182 | 7,691 | 9,618 | 9,305 | 9,105 | 9,147 |
| % Growth | 224% | 84% | 25% | -3% | -2% | 0% | |