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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 66.8x - 73.8x | 70.3x |
| Selected Fwd EBIT Multiple | 28.6x - 31.6x | 30.1x |
| Fair Value | EGP 2.31 - EGP 2.54 | EGP 2.42 |
| Upside | -48.4% - -43.2% | -45.8% |
| Benchmarks | Ticker | Full Ticker |
| Arab Company For Land Reclamation | EALR | CASE:EALR |
| Arab Real Estate Investment Co. | RREI | CASE:RREI |
| Zahraa El Maadi Investment and Development Company SAE | ZMID | CASE:ZMID |
| Egyptian Resorts Company (S.A.E) | EGTS | CASE:EGTS |
| United Co. for Housing & Development - S.A.E. | UNIT | CASE:UNIT |
| Gulf Canadian Company for Arab Real Estate Investment | CCRS | CASE:CCRS |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| EALR | RREI | ZMID | EGTS | UNIT | CCRS | ||
| CASE:EALR | CASE:RREI | CASE:ZMID | CASE:EGTS | CASE:UNIT | CASE:CCRS | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | 22.7% | NM- | 18.2% | NM- | |
| 3Y CAGR | NM- | NM- | 22.9% | NM- | 48.3% | NM- | |
| Latest Twelve Months | 604.1% | -275.7% | 58.0% | -1080.6% | -1.4% | 250.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -5.2% | 5.2% | 57.0% | -144.3% | 52.1% | -7.3% | |
| Prior Fiscal Year | 0.9% | 13.2% | 51.0% | -41.4% | 57.6% | -38.6% | |
| Latest Fiscal Year | 2.0% | -13.7% | 76.8% | -41.5% | 60.2% | 32.4% | |
| Latest Twelve Months | 7.2% | -27.0% | 76.8% | -137.3% | 60.2% | 29.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.39x | 5.22x | 3.24x | 10.00x | 5.29x | 39.93x | |
| EV / LTM EBITDA | 29.5x | -19.7x | 4.2x | -7.3x | 8.7x | 130.9x | |
| EV / LTM EBIT | 33.2x | -19.4x | 4.2x | -7.3x | 8.8x | 133.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -19.4x | 4.2x | 33.2x | ||||
| Historical EV / LTM EBIT | -229.4x | -69.5x | -42.0x | ||||
| Selected EV / LTM EBIT | 66.8x | 70.3x | 73.8x | ||||
| (x) LTM EBIT | 2 | 2 | 2 | ||||
| (=) Implied Enterprise Value | 131 | 138 | 145 | ||||
| (-) Non-shareholder Claims * | 6 | 6 | 6 | ||||
| (=) Equity Value | 137 | 144 | 151 | ||||
| (/) Shares Outstanding | 60.0 | 60.0 | 60.0 | ||||
| Implied Value Range | 2.29 | 2.40 | 2.52 | ||||
| FX Rate: EGP/EGP | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.29 | 2.40 | 2.52 | 4.47 | |||
| Upside / (Downside) | -48.8% | -46.2% | -43.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EALR | RREI | ZMID | EGTS | UNIT | CCRS | |
| Enterprise Value | 345 | 383 | 3,277 | 6,095 | 2,007 | 262 | |
| (+) Cash & Short Term Investments | 14 | 55 | 623 | 247 | 566 | 6 | |
| (+) Investments & Other | 4 | 90 | 0 | 0 | 77 | 0 | |
| (-) Debt | (5) | (3) | 0 | 0 | (436) | 0 | |
| (-) Other Liabilities | 0 | 0 | 0 | (73) | (0) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 357 | 525 | 3,900 | 6,269 | 2,214 | 268 | |
| (/) Shares Outstanding | 5.2 | 246.4 | 1,000.0 | 1,050.0 | 259.0 | 60.0 | |
| Implied Stock Price | 68.70 | 2.13 | 3.90 | 5.97 | 8.55 | 4.47 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 68.70 | 2.13 | 3.90 | 5.97 | 8.55 | 4.47 | |
| Trading Currency | EGP | EGP | EGP | EGP | EGP | EGP | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |