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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 14.4x - 15.9x | 15.2x |
| Selected Fwd EBITDA Multiple | 16.7x - 18.5x | 17.6x |
| Fair Value | د.إ 5.34 - د.إ 5.67 | د.إ 5.51 |
| Upside | 42.9% - 51.5% | 47.2% |
| Benchmarks | Ticker | Full Ticker |
| Abu Dhabi Ship Building PJSC | ADSB | ADX:ADSB |
| Modon Holding PSC | MODON | ADX:MODON |
| Environmental Tectonics Corporation | ETCC | OTCPK:ETCC |
| Bet Shemesh Engines Holdings (1997) Ltd | BSEN | TASE:BSEN |
| DEFSEC Technologies Inc. | DFSC | TSXV:DFSC |
| Al Seer Marine Supplies and Equipment Company PJSC | ASM | ADX:ASM |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ADSB | MODON | ETCC | BSEN | DFSC | ASM | ||
| ADX:ADSB | ADX:MODON | OTCPK:ETCC | TASE:BSEN | TSXV:DFSC | ADX:ASM | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 40.1% | 89.8% | NM- | 19.0% | NM- | 24.6% | |
| 3Y CAGR | NM- | 81.7% | NM- | 80.7% | NM- | 40.8% | |
| Latest Twelve Months | 66.8% | 9063.5% | 42.5% | 59.7% | 26.3% | 38.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 2.0% | 24.9% | -6.0% | 14.3% | -780.2% | 11.9% | |
| Prior Fiscal Year | 3.6% | 23.9% | 10.2% | 16.6% | -814.9% | 14.1% | |
| Latest Fiscal Year | 7.3% | 17.3% | 14.4% | 22.9% | -575.3% | 14.2% | |
| Latest Twelve Months | 6.6% | 32.0% | 14.3% | 23.9% | -256.6% | 15.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.90x | 5.23x | 0.58x | 6.50x | -0.33x | 1.04x | |
| EV / LTM EBITDA | 13.7x | 16.3x | 4.1x | 27.1x | 0.1x | 6.8x | |
| EV / LTM EBIT | 17.6x | 18.1x | 4.4x | 33.0x | 0.1x | 10.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 0.1x | 13.7x | 27.1x | ||||
| Historical EV / LTM EBITDA | 7.1x | 76.2x | 165.6x | ||||
| Selected EV / LTM EBITDA | 14.4x | 15.2x | 15.9x | ||||
| (x) LTM EBITDA | 214 | 214 | 214 | ||||
| (=) Implied Enterprise Value | 3,092 | 3,255 | 3,418 | ||||
| (-) Non-shareholder Claims * | 2,282 | 2,282 | 2,282 | ||||
| (=) Equity Value | 5,374 | 5,537 | 5,700 | ||||
| (/) Shares Outstanding | 1,000.0 | 1,000.0 | 1,000.0 | ||||
| Implied Value Range | 5.37 | 5.54 | 5.70 | ||||
| FX Rate: AED/AED | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.37 | 5.54 | 5.70 | 3.74 | |||
| Upside / (Downside) | 43.7% | 48.1% | 52.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ADSB | MODON | ETCC | BSEN | DFSC | ASM | |
| Enterprise Value | 1,324 | 56,832 | 39 | 1,738 | (1) | 1,458 | |
| (+) Cash & Short Term Investments | 455 | 10,476 | 0 | 0 | 4 | 5,321 | |
| (+) Investments & Other | 0 | 3,864 | 0 | 0 | 0 | 248 | |
| (-) Debt | (105) | (7,521) | (21) | (84) | (0) | (3,286) | |
| (-) Other Liabilities | 0 | (1,205) | 0 | (0) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,675 | 62,446 | 18 | 1,655 | 3 | 3,740 | |
| (/) Shares Outstanding | 212.0 | 16,347.1 | 15.7 | 8.7 | 0.6 | 1,000.0 | |
| Implied Stock Price | 7.90 | 3.82 | 1.15 | 189.20 | 5.68 | 3.74 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.29 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7.90 | 3.82 | 1.15 | 645.80 | 5.68 | 3.74 | |
| Trading Currency | AED | AED | USD | ILS | CAD | AED | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.29 | 1.00 | 1.00 | |