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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8.3x - 9.2x | 8.7x |
| Selected Fwd EBIT Multiple | 5.5x - 6.0x | 5.7x |
| Fair Value | د.أ 0.63 - د.أ 0.64 | د.أ 0.64 |
| Upside | 12.0% - 15.1% | 13.6% |
| Benchmarks | Ticker | Full Ticker |
| Real Estate & Investment Portfolio Co. | AQAR | ASE:AQAR |
| Jordan Masaken for Land and Industrial Development Group | MSKN | ASE:MSKN |
| Comprehensive Land Development and Investment Company (P.L.C) | ATTA | ASE:ATTA |
| Ad-Dulayl Industrial Park & Real Estate Company P.L.C | IDMC | ASE:IDMC |
| Amad investment and real estate development company | AMAD | ASE:AMAD |
| Jordanian Real Estate Company for Development | JRCD | ASE:JRCD |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| AQAR | MSKN | ATTA | IDMC | AMAD | JRCD | ||
| ASE:AQAR | ASE:MSKN | ASE:ATTA | ASE:IDMC | ASE:AMAD | ASE:JRCD | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | 27.2% | 2.3% | NM- | NM- | |
| 3Y CAGR | NM- | 3.0% | 71.7% | 15.8% | NM- | 14.0% | |
| Latest Twelve Months | 15.6% | -40.8% | 819.7% | 41.1% | 29.9% | -26.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -24.6% | 22.0% | -2.3% | 67.3% | -28.1% | 44.8% | |
| Prior Fiscal Year | -50.2% | 44.0% | -51.0% | 67.9% | -12.6% | 55.4% | |
| Latest Fiscal Year | -56.6% | 34.2% | 8.0% | 68.3% | -20.8% | 48.7% | |
| Latest Twelve Months | -50.3% | 25.2% | 7.0% | 70.7% | -23.0% | 44.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 17.48x | 16.31x | 1.02x | 10.35x | 0.57x | 2.53x | |
| EV / LTM EBITDA | -57.2x | 51.2x | 12.8x | 12.4x | -2.9x | 4.5x | |
| EV / LTM EBIT | -34.7x | 64.7x | 14.6x | 14.6x | -2.5x | 5.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -34.7x | 14.6x | 64.7x | ||||
| Historical EV / LTM EBIT | 4.0x | 11.3x | 22.9x | ||||
| Selected EV / LTM EBIT | 8.3x | 8.7x | 9.2x | ||||
| (x) LTM EBIT | 1 | 1 | 1 | ||||
| (=) Implied Enterprise Value | 5 | 6 | 6 | ||||
| (-) Non-shareholder Claims * | 16 | 16 | 16 | ||||
| (=) Equity Value | 21 | 22 | 22 | ||||
| (/) Shares Outstanding | 34.5 | 34.5 | 34.5 | ||||
| Implied Value Range | 0.62 | 0.63 | 0.64 | ||||
| FX Rate: JOD/JOD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.62 | 0.63 | 0.64 | 0.56 | |||
| Upside / (Downside) | 10.7% | 12.2% | 13.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AQAR | MSKN | ATTA | IDMC | AMAD | JRCD | |
| Enterprise Value | 1 | 7 | 5 | 30 | 1 | 3 | |
| (+) Cash & Short Term Investments | 2 | 0 | 1 | 0 | 8 | 4 | |
| (+) Investments & Other | 2 | 0 | 3 | 2 | 0 | 12 | |
| (-) Debt | 0 | 0 | (0) | (4) | 0 | 0 | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5 | 7 | 8 | 28 | 9 | 19 | |
| (/) Shares Outstanding | 6.0 | 7.9 | 10.0 | 22.3 | 6.0 | 34.5 | |
| Implied Stock Price | 0.81 | 0.94 | 0.78 | 1.27 | 1.42 | 0.56 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.81 | 0.94 | 0.78 | 1.27 | 1.42 | 0.56 | |
| Trading Currency | JOD | JOD | JOD | JOD | JOD | JOD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |