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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5.6x - 6.2x | 5.9x |
| Selected Fwd EBITDA Multiple | 6.0x - 6.7x | 6.3x |
| Fair Value | EGP 4.34 - EGP 4.72 | EGP 4.53 |
| Upside | 20.3% - 30.8% | 25.6% |
| Benchmarks | Ticker | Full Ticker |
| Real Estate Egyptian Consortium S.A.E | AREH | CASE:AREH |
| Arab Developers Holding | ARAB | CASE:ARAB |
| Gharbia Islamic Housing Development Company | GIHD | CASE:GIHD |
| Amer Group Holding Company S.A.E. | AMER | CASE:AMER |
| United Co. for Housing & Development - S.A.E. | UNIT | CASE:UNIT |
| Zahraa El Maadi Investment and Development Company SAE | ZMID | CASE:ZMID |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| AREH | ARAB | GIHD | AMER | UNIT | ZMID | ||
| CASE:AREH | CASE:ARAB | CASE:GIHD | CASE:AMER | CASE:UNIT | CASE:ZMID | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 43.8% | 11.6% | NM- | 8.9% | 18.3% | 22.6% | |
| 3Y CAGR | 23.9% | 17.1% | NM- | -8.4% | 48.2% | 22.8% | |
| Latest Twelve Months | -86.6% | 120.2% | -385.4% | 24.9% | -4.0% | 66.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 22.2% | 5.4% | 34.2% | 14.6% | 52.5% | 58.9% | |
| Prior Fiscal Year | 39.1% | 7.6% | 10.3% | 19.8% | 57.9% | 51.1% | |
| Latest Fiscal Year | 48.9% | 12.9% | -77.4% | 21.6% | 60.8% | 76.9% | |
| Latest Twelve Months | 10.8% | 12.9% | -77.4% | 21.6% | 79.8% | 75.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 18.04x | 2.25x | 118.20x | 1.82x | 4.11x | 3.23x | |
| EV / LTM EBITDA | 166.7x | 17.5x | -152.8x | 8.4x | 6.8x | 4.3x | |
| EV / LTM EBIT | 197.9x | 19.2x | -151.9x | 9.7x | 6.8x | 4.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -152.8x | 8.4x | 166.7x | ||||
| Historical EV / LTM EBITDA | 5.5x | 8.3x | 12.3x | ||||
| Selected EV / LTM EBITDA | 5.6x | 5.9x | 6.2x | ||||
| (x) LTM EBITDA | 663 | 663 | 663 | ||||
| (=) Implied Enterprise Value | 3,743 | 3,940 | 4,136 | ||||
| (-) Non-shareholder Claims * | 750 | 750 | 750 | ||||
| (=) Equity Value | 4,493 | 4,690 | 4,887 | ||||
| (/) Shares Outstanding | 1,000.0 | 1,000.0 | 1,000.0 | ||||
| Implied Value Range | 4.49 | 4.69 | 4.89 | ||||
| FX Rate: EGP/EGP | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 4.49 | 4.69 | 4.89 | 3.61 | |||
| Upside / (Downside) | 24.5% | 29.9% | 35.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AREH | ARAB | GIHD | AMER | UNIT | ZMID | |
| Enterprise Value | 393 | 3,696 | 140 | 1,291 | 1,476 | 2,860 | |
| (+) Cash & Short Term Investments | 2 | 219 | 12 | 0 | 642 | 750 | |
| (+) Investments & Other | 49 | 222 | 0 | 0 | 82 | 0 | |
| (-) Debt | (0) | (2,356) | 0 | 0 | (427) | 0 | |
| (-) Other Liabilities | 0 | (20) | 0 | 0 | (0) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 444 | 1,761 | 151 | 1,291 | 1,774 | 3,610 | |
| (/) Shares Outstanding | 400.0 | 7,723.9 | 5.6 | 902.8 | 232.8 | 1,000.0 | |
| Implied Stock Price | 1.11 | 0.23 | 26.92 | 1.43 | 7.62 | 3.61 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.11 | 0.23 | 26.92 | 1.43 | 7.62 | 3.61 | |
| 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 | |