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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 4.7x - 5.1x | 4.9x |
| Selected Fwd EBIT Multiple | 4.5x - 5.0x | 4.7x |
| Fair Value | د.إ 1.06 - د.إ 1.10 | د.إ 1.08 |
| Upside | 17.5% - 22.6% | 20.0% |
| Benchmarks | Ticker | Full Ticker |
| Union Properties Public Joint Stock Company | UPP | DFM:UPP |
| Emaar Development PJSC | EMAARDEV | DFM:EMAARDEV |
| Emaar Properties PJSC | EMAAR | DFM:EMAAR |
| RAPCO Investment PJSC | RAPCO | ADX:RAPCO |
| RAK Properties PJSC | RAKPROP | ADX:RAKPROP |
| Deyaar Development PJSC | DEYAAR | DFM:DEYAAR |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| UPP | EMAARDEV | EMAAR | RAPCO | RAKPROP | DEYAAR | ||
| DFM:UPP | DFM:EMAARDEV | DFM:EMAAR | ADX:RAPCO | ADX:RAKPROP | DFM:DEYAAR | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 20.3% | 16.6% | NM- | 46.2% | 45.0% | |
| 3Y CAGR | NM- | 30.4% | 35.0% | NM- | 12.3% | 105.9% | |
| Latest Twelve Months | 96.0% | 25.2% | 24.1% | 474.3% | 29.3% | 39.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -77.7% | 36.2% | 31.7% | 135.9% | 28.1% | 14.7% | |
| Prior Fiscal Year | -73.0% | 60.6% | 48.6% | 80.4% | 23.0% | 20.1% | |
| Latest Fiscal Year | -2.8% | 47.3% | 45.4% | 93.8% | 21.2% | 23.3% | |
| Latest Twelve Months | -2.8% | 47.3% | 45.4% | 93.8% | 21.2% | 23.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.10x | 1.39x | 2.87x | 0.70x | 3.30x | 0.83x | |
| EV / LTM EBITDA | -811.8x | 2.9x | 5.8x | 0.7x | 12.5x | 3.4x | |
| EV / LTM EBIT | -183.1x | 3.0x | 6.3x | 0.7x | 15.5x | 3.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -183.1x | 3.0x | 15.5x | ||||
| Historical EV / LTM EBIT | 3.6x | 11.1x | 30.3x | ||||
| Selected EV / LTM EBIT | 4.7x | 4.9x | 5.1x | ||||
| (x) LTM EBIT | 352 | 352 | 352 | ||||
| (=) Implied Enterprise Value | 1,640 | 1,726 | 1,812 | ||||
| (-) Non-shareholder Claims * | 2,739 | 2,739 | 2,739 | ||||
| (=) Equity Value | 4,379 | 4,465 | 4,552 | ||||
| (/) Shares Outstanding | 4,375.8 | 4,375.8 | 4,375.8 | ||||
| Implied Value Range | 1.00 | 1.02 | 1.04 | ||||
| FX Rate: AED/AED | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.00 | 1.02 | 1.04 | 0.90 | |||
| Upside / (Downside) | 11.1% | 13.3% | 15.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | UPP | EMAARDEV | EMAAR | RAPCO | RAKPROP | DEYAAR | |
| Enterprise Value | 2,651 | 22,497 | 99,347 | (175) | 4,492 | 1,203 | |
| (+) Cash & Short Term Investments | 182 | 23,570 | 19,837 | 132 | 463 | 1,859 | |
| (+) Investments & Other | 9 | 964 | 6,645 | 223 | 95 | 1,389 | |
| (-) Debt | (616) | (4) | (10,448) | (30) | (1,262) | (481) | |
| (-) Other Liabilities | 0 | (3,227) | (10,642) | 0 | 0 | (27) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,226 | 43,800 | 104,740 | 151 | 3,787 | 3,943 | |
| (/) Shares Outstanding | 4,289.5 | 4,000.0 | 8,838.8 | 95.0 | 2,958.9 | 4,375.8 | |
| Implied Stock Price | 0.52 | 10.95 | 11.85 | 1.59 | 1.28 | 0.90 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.52 | 10.95 | 11.85 | 1.59 | 1.28 | 0.90 | |
| Trading Currency | AED | AED | AED | AED | AED | AED | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |