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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4.7x - 5.2x | 5.0x |
| Selected Fwd EBITDA Multiple | 4.3x - 4.8x | 4.5x |
| Fair Value | د.إ 1.07 - د.إ 1.11 | د.إ 1.09 |
| Upside | 14.2% - 19.2% | 16.7% |
| 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 EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| UPP | EMAARDEV | EMAAR | RAPCO | RAKPROP | DEYAAR | ||
| DFM:UPP | DFM:EMAARDEV | DFM:EMAAR | ADX:RAPCO | ADX:RAKPROP | DFM:DEYAAR | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 20.2% | 15.3% | NM- | 45.7% | 40.0% | |
| 3Y CAGR | NM- | 30.3% | 31.1% | NM- | 18.8% | 90.3% | |
| Latest Twelve Months | 99.1% | 25.2% | 21.9% | 468.3% | 38.7% | 38.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -74.1% | 36.3% | 36.9% | 138.8% | 32.6% | 17.5% | |
| Prior Fiscal Year | -71.6% | 60.7% | 53.8% | 81.3% | 26.6% | 21.4% | |
| Latest Fiscal Year | -0.6% | 47.3% | 49.5% | 93.8% | 26.3% | 24.5% | |
| Latest Twelve Months | -0.6% | 47.3% | 49.5% | 93.8% | 26.3% | 24.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.48x | 1.29x | 2.90x | 1.21x | 3.09x | 0.87x | |
| EV / LTM EBITDA | -871.2x | 2.7x | 5.9x | 1.3x | 11.7x | 3.6x | |
| EV / LTM EBIT | -196.5x | 2.7x | 6.4x | 1.3x | 14.6x | 3.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -871.2x | 2.7x | 11.7x | ||||
| Historical EV / LTM EBITDA | 3.6x | 7.9x | 23.3x | ||||
| Selected EV / LTM EBITDA | 4.7x | 5.0x | 5.2x | ||||
| (x) LTM EBITDA | 371 | 371 | 371 | ||||
| (=) Implied Enterprise Value | 1,760 | 1,853 | 1,945 | ||||
| (-) Non-shareholder Claims * | 2,739 | 2,739 | 2,739 | ||||
| (=) Equity Value | 4,499 | 4,592 | 4,685 | ||||
| (/) Shares Outstanding | 4,375.8 | 4,375.8 | 4,375.8 | ||||
| Implied Value Range | 1.03 | 1.05 | 1.07 | ||||
| FX Rate: AED/AED | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.03 | 1.05 | 1.07 | 0.93 | |||
| Upside / (Downside) | 10.2% | 12.5% | 14.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | UPP | EMAARDEV | EMAAR | RAPCO | RAKPROP | DEYAAR | |
| Enterprise Value | 2,857 | 28,697 | 107,744 | (154) | 4,373 | 1,344 | |
| (+) 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 | 2,432 | 50,000 | 113,137 | 172 | 3,669 | 4,083 | |
| (/) Shares Outstanding | 4,289.5 | 4,000.0 | 8,838.8 | 95.0 | 2,958.9 | 4,375.8 | |
| Implied Stock Price | 0.57 | 12.50 | 12.80 | 1.81 | 1.24 | 0.93 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.57 | 12.50 | 12.80 | 1.81 | 1.24 | 0.93 | |
| 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 | |