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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12.1x - 13.4x | 12.8x |
| Selected Fwd EBIT Multiple | 1.6x - 1.7x | 1.7x |
| Fair Value | د.إ 12.18 - د.إ 13 | د.إ 12.59 |
| Upside | 41.8% - 51.3% | 46.6% |
| Benchmarks | Ticker | Full Ticker |
| Modon Holding PSC | MODON | ADX:MODON |
| International Holding Company PJSC | IHC | ADX:IHC |
| Alpha Dhabi Holding PJSC | ALPHADHABI | ADX:ALPHADHABI |
| Multiply Group PJSC | MULTIPLY | ADX:MULTIPLY |
| Hily Holding PJSC | HH | ADX:HH |
| ESG Emirates Stallions Group PJSC | ESG | ADX:ESG |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| MODON | IHC | ALPHADHABI | MULTIPLY | HH | ESG | ||
| ADX:MODON | ADX:IHC | ADX:ALPHADHABI | ADX:MULTIPLY | ADX:HH | ADX:ESG | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 93.3% | 137.0% | 115.5% | 247.5% | NM- | 3.1% | |
| 3Y CAGR | 75.4% | 19.1% | 31.5% | 60.1% | -32.3% | 79.5% | |
| Latest Twelve Months | 376.3% | 104.6% | 89.6% | 45.4% | 275.4% | 117.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 23.9% | 18.5% | 14.3% | 28.4% | 11.8% | 10.9% | |
| Prior Fiscal Year | 21.2% | 10.8% | 11.2% | 28.0% | -11.5% | 13.5% | |
| Latest Fiscal Year | 13.7% | 14.3% | 15.2% | 26.1% | 12.9% | 14.0% | |
| Latest Twelve Months | 13.7% | 14.3% | 15.2% | 26.1% | 12.9% | 14.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 6.31x | 9.38x | 1.81x | 3.98x | 0.13x | 0.81x | |
| EV / LTM EBITDA | 36.5x | 50.7x | 9.7x | 11.3x | 0.8x | 4.8x | |
| EV / LTM EBIT | 46.1x | 65.5x | 11.9x | 15.3x | 1.0x | 5.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 1.0x | 15.3x | 65.5x | ||||
| Historical EV / LTM EBIT | 5.8x | 19.5x | 97.1x | ||||
| Selected EV / LTM EBIT | 12.1x | 12.8x | 13.4x | ||||
| (x) LTM EBIT | 179 | 179 | 179 | ||||
| (=) Implied Enterprise Value | 2,163 | 2,277 | 2,391 | ||||
| (-) Non-shareholder Claims * | 1,114 | 1,114 | 1,114 | ||||
| (=) Equity Value | 3,277 | 3,390 | 3,504 | ||||
| (/) Shares Outstanding | 250.0 | 250.0 | 250.0 | ||||
| Implied Value Range | 13.11 | 13.56 | 14.02 | ||||
| FX Rate: AED/AED | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 13.11 | 13.56 | 14.02 | 8.59 | |||
| Upside / (Downside) | 52.6% | 57.9% | 63.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MODON | IHC | ALPHADHABI | MULTIPLY | HH | ESG | |
| Enterprise Value | 41,094 | 868,755 | 114,589 | (6,268) | 15 | 1,034 | |
| (+) Cash & Short Term Investments | 9,542 | 130,804 | 41,954 | 22,564 | 296 | 473 | |
| (+) Investments & Other | 2,688 | 54,566 | 19,363 | 14,322 | 513 | 1,206 | |
| (-) Debt | (5,876) | (79,260) | (30,079) | (10,505) | (485) | (246) | |
| (-) Other Liabilities | (1,186) | (96,425) | (38,227) | (1,520) | (5) | (319) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 46,262 | 878,439 | 107,600 | 18,592 | 335 | 2,148 | |
| (/) Shares Outstanding | 16,347.1 | 2,190.6 | 10,000.0 | 11,200.0 | 120.0 | 250.0 | |
| Implied Stock Price | 2.83 | 401.00 | 10.76 | 1.66 | 2.79 | 8.59 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2.83 | 401.00 | 10.76 | 1.66 | 2.79 | 8.59 | |
| 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 | |