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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.7x - 7.4x | 7.0x |
| Selected Fwd EBITDA Multiple | 6.3x - 6.9x | 6.6x |
| Fair Value | EGP 32.20 - EGP 35.04 | EGP 33.62 |
| Upside | 16.4% - 26.7% | 21.6% |
| Benchmarks | Ticker | Full Ticker |
| Trans Oceans Tours | TRTO | CASE:TRTO |
| SHARM DREAMS Co. for Touristic Investment S.A.E | SDTI | CASE:SDTI |
| Remco Tourism Villages Construction | RTVC | CASE:RTVC |
| Pyramisa Hotels & Resorts | PHTV | CASE:PHTV |
| El Wadi for International and Investment Development SAE | ELWA | CASE:ELWA |
| Misr Hotels Company | MHOT | CASE:MHOT |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TRTO | SDTI | RTVC | PHTV | ELWA | MHOT | ||
| CASE:TRTO | CASE:SDTI | CASE:RTVC | CASE:PHTV | CASE:ELWA | CASE:MHOT | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 20.8% | NM- | 24.7% | 58.4% | 10.5% | 26.8% | |
| 3Y CAGR | 50.6% | NM- | 90.4% | 96.3% | NM- | 1371.2% | |
| Latest Twelve Months | 80.9% | 108.8% | 730.7% | 127.6% | -173.2% | 41.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 67.5% | 7.8% | 13.3% | 23.4% | 2.5% | 116.4% | |
| Prior Fiscal Year | 46.7% | 56.3% | -34.0% | 38.1% | 17.9% | 91.1% | |
| Latest Fiscal Year | 54.1% | 70.1% | 37.5% | 39.7% | 25.9% | 94.0% | |
| Latest Twelve Months | 48.3% | 70.0% | 37.5% | 42.0% | -80.1% | 94.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.23x | 9.56x | 0.06x | 0.89x | 24.66x | 4.81x | |
| EV / LTM EBITDA | 10.8x | 13.7x | 0.2x | 2.1x | -30.8x | 5.1x | |
| EV / LTM EBIT | 13.0x | 14.4x | 0.2x | 2.2x | -22.7x | 5.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -30.8x | 2.1x | 13.7x | ||||
| Historical EV / LTM EBITDA | -22.3x | 4.3x | 7.5x | ||||
| Selected EV / LTM EBITDA | 6.7x | 7.0x | 7.4x | ||||
| (x) LTM EBITDA | 1,754 | 1,754 | 1,754 | ||||
| (=) Implied Enterprise Value | 11,666 | 12,280 | 12,894 | ||||
| (-) Non-shareholder Claims * | 2,050 | 2,050 | 2,050 | ||||
| (=) Equity Value | 13,716 | 14,330 | 14,944 | ||||
| (/) Shares Outstanding | 396.0 | 396.0 | 396.0 | ||||
| Implied Value Range | 34.64 | 36.19 | 37.74 | ||||
| FX Rate: EGP/EGP | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 34.64 | 36.19 | 37.74 | 27.65 | |||
| Upside / (Downside) | 25.3% | 30.9% | 36.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TRTO | SDTI | RTVC | PHTV | ELWA | MHOT | |
| Enterprise Value | 145 | 2,614 | 384 | 2,098 | (13) | 8,900 | |
| (+) Cash & Short Term Investments | 31 | 12 | 68 | 1,167 | 58 | 2,112 | |
| (+) Investments & Other | 0 | 37 | 1,228 | 0 | 192 | 10 | |
| (-) Debt | 0 | (1,759) | (857) | (87) | (1) | (72) | |
| (-) Other Liabilities | (1) | 0 | 14 | (80) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 175 | 904 | 837 | 3,098 | 237 | 10,949 | |
| (/) Shares Outstanding | 100.0 | 53.0 | 246.8 | 27.4 | 182.0 | 396.0 | |
| Implied Stock Price | 1.75 | 17.06 | 3.39 | 112.90 | 1.30 | 27.65 | |
| FX Conversion Rate to Trading Currency | 48.69 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.04 | 17.06 | 3.39 | 112.90 | 1.30 | 27.65 | |
| Trading Currency | USD | EGP | EGP | EGP | EGP | EGP | |
| FX Rate to Reporting Currency | 48.69 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |