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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.5x - 1.6x | 1.6x |
| Selected Fwd Revenue Multiple | 1.2x - 1.3x | 1.3x |
| Fair Value | د.أ 2.81 - د.أ 3.15 | د.أ 2.98 |
| Upside | -4.6% - 6.8% | 1.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Arab Potash Company | APOT | ASE:APOT |
| Jordan Phosphate Mines Co. Plc | JOPH | ASE:JOPH |
| Jordan Industrial Resources Company | JOIR | ASE:JOIR |
| Arab Company for Paints Products | APC | PLSE:APC |
| Maghreb Oxygène S.A. | MOX | CBSE:MOX |
| The Arab Pesticides & Veterinary Drugs Mfg. Co. | MBED | ASE:MBED |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| APOT | JOPH | JOIR | APC | MOX | MBED | |||
| ASE:APOT | ASE:JOPH | ASE:JOIR | PLSE:APC | CBSE:MOX | ASE:MBED | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 5.2% | 13.6% | -18.3% | 1.0% | 5.3% | 12.8% | ||
| 3Y CAGR | 0.2% | 4.0% | -24.5% | -0.3% | 4.3% | 16.4% | ||
| Latest Twelve Months | -10.3% | 5.8% | -43.4% | 34.2% | 7.2% | 19.7% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 37.8% | 35.0% | -47.6% | 13.6% | 5.0% | 21.1% | ||
| Prior Fiscal Year | 38.9% | 44.5% | -56.7% | 5.1% | 0.4% | 20.6% | ||
| Latest Fiscal Year | 30.6% | 41.3% | -76.2% | 13.1% | 2.6% | 21.3% | ||
| Latest Twelve Months | 30.1% | 42.0% | -86.1% | 12.0% | 2.6% | 21.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 2.86x | 2.40x | 9.59x | 1.56x | 1.20x | 1.51x | ||
| EV / LTM EBIT | 9.5x | 5.7x | -11.1x | 13.1x | 46.1x | 7.1x | ||
| Price / LTM Sales | 4.05x | 3.48x | 4.36x | 1.78x | 1.11x | 1.33x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.20x | 2.40x | 9.59x | |||||
| Historical EV / LTM Revenue | 1.39x | 1.50x | 1.80x | |||||
| Selected EV / LTM Revenue | 1.49x | 1.57x | 1.64x | |||||
| (x) LTM Revenue | 37 | 37 | 37 | |||||
| (=) Implied Enterprise Value | 54 | 57 | 60 | |||||
| (-) Non-shareholder Claims * | (7) | (7) | (7) | |||||
| (=) Equity Value | 48 | 51 | 54 | |||||
| (/) Shares Outstanding | 16.5 | 16.5 | 16.5 | |||||
| Implied Value Range | 2.90 | 3.08 | 3.25 | |||||
| FX Rate: JOD/JOD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 2.90 | 3.08 | 3.25 | 2.95 | ||||
| Upside / (Downside) | -1.5% | 4.3% | 10.2% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | APOT | JOPH | JOIR | APC | MOX | MBED | |
| Enterprise Value | 1,859 | 2,982 | 2 | 9 | 372 | 55 | |
| (+) Cash & Short Term Investments | 493 | 1,004 | 0 | 1 | 17 | 8 | |
| (+) Investments & Other | 282 | 382 | 0 | 0 | 80 | 1 | |
| (-) Debt | (2) | (37) | (1) | 0 | (122) | (7) | |
| (-) Other Liabilities | 0 | (10) | 0 | 0 | 0 | (9) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,633 | 4,320 | 1 | 11 | 347 | 49 | |
| (/) Shares Outstanding | 83.3 | 300.0 | 1.8 | 1.5 | 0.8 | 16.5 | |
| Implied Stock Price | 31.60 | 14.40 | 0.50 | 7.00 | 426.95 | 2.95 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 31.60 | 14.40 | 0.50 | 7.00 | 426.95 | 2.95 | |
| Trading Currency | JOD | JOD | JOD | JOD | MAD | JOD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |