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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Pb Multiple | 1.2x - 1.3x | 1.3x |
| Historical Pb Multiple | 0.9x - 1.1x | 1.0x |
| Fair Value | د.إ 7.60 - د.إ 8.40 | د.إ 8 |
| Upside | -24.0% - -16.0% | -20.0% |
| Benchmarks | - | Full Ticker |
| Emirates NBD Bank PJSC | - | DFM:EMIRATESNBD |
| Abu Dhabi Islamic Bank PJSC | - | ADX:ADIB |
| First Abu Dhabi Bank P.J.S.C. | - | ADX:FAB |
| Mashreqbank PSC | - | DFM:MASQ |
| Commercial Bank of Dubai PSC | - | DFM:CBD |
| Dubai Islamic Bank P.J.S.C. | - | DFM:DIB |
| Select Price / Book Ratio | ||||||||
| Benchmark Companies | ||||||||
| EMIRATESNBD | ADIB | FAB | MASQ | CBD | DIB | |||
| DFM:EMIRATESNBD | ADX:ADIB | ADX:FAB | DFM:MASQ | DFM:CBD | DFM:DIB | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 18.9% | 18.8% | 6.4% | 34.0% | 15.7% | 10.6% | ||
| 3Y CAGR | 37.2% | 37.8% | 10.2% | 107.2% | 30.1% | 25.4% | ||
| Latest Twelve Months | -6.3% | 11.4% | 16.6% | -8.6% | 14.4% | 18.0% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 50.4% | 55.4% | 64.0% | 26.7% | 63.5% | 63.8% | ||
| Prior Fiscal Year | 52.9% | 54.7% | 63.8% | 70.6% | 64.9% | 63.2% | ||
| Latest Fiscal Year | 50.9% | 54.2% | 58.9% | 65.7% | 61.3% | 60.5% | ||
| Latest Twelve Months | 47.3% | 54.9% | 60.4% | 64.3% | 61.6% | 60.5% | ||
| Return on Equity | ||||||||
| 5 Year Average Margin | 15.0% | 15.8% | 12.1% | 15.5% | 14.0% | 12.2% | ||
| Prior Fiscal Year | 20.7% | 19.6% | 13.1% | 31.9% | 17.0% | 14.8% | ||
| Latest Twelve Months | 17.0% | 22.5% | 14.5% | 24.2% | 18.8% | 17.4% | ||
| Next Fiscal Year | 17.0% | 22.1% | 13.6% | 18.9% | 19.1% | 13.1% | ||
| Two Fiscal Years Forward | 14.8% | 20.7% | 12.8% | 17.9% | 15.1% | 13.3% | ||
| Current Trading Multiples | ||||||||
| Price / LTM Sales | 3.7x | 8.0x | 6.4x | 3.7x | 5.8x | 5.7x | ||
| Price / LTM EPS | 7.8x | 14.7x | 10.5x | 6.0x | 9.5x | 9.4x | ||
| Price / Book | 1.2x | 3.1x | 1.5x | 1.4x | 1.7x | 1.6x | ||
| Price / Fwd Book | 1.2x | 2.8x | 1.4x | 1.3x | 1.5x | 1.5x | ||
| Low | Mid | High | ||||||
| Benchmark P/B Ratio | 1.2x | 1.5x | 3.1x | |||||
| Historical P/B Ratio | 0.9x | 1.0x | 1.1x | |||||
| Selected P/B Multiple | 1.2x | 1.3x | 1.3x | |||||
| (x) Book Value | 45,430 | 45,430 | 45,430 | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | EMIRATESNBD | ADIB | FAB | MASQ | CBD | DIB | |
| Value of Common Equity | 165,178 | 86,369 | 194,217 | 49,952 | 29,583 | 72,271 | |
| (/) Shares Outstanding | 6,316.6 | 3,632.0 | 11,047.6 | 200.6 | 2,985.2 | 7,227.1 | |
| Implied Stock Price | 26.15 | 23.78 | 17.58 | 249.00 | 9.91 | 10.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 26.15 | 23.78 | 17.58 | 249.00 | 9.91 | 10.00 | |
| 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 | |