Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 8.0% - 7.0% | 7.5% |
Terminal Revenue Multiple | 1.3x - 1.4x | 1.3x |
Fair Value | د.إ 19.39 - د.إ 20.91 | د.إ 20.13 |
Upside | 37.1% - 47.8% | 42.3% |
Select Revenue and EBITDA Forecast | |||||||||||
(AED in millions) | Input Projections | ||||||||||
Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
Revenue | 19,147 | 23,717 | 27,789 | 32,153 | 36,172 | 38,885 | 40,246 | 41,051 | 41,872 | 42,709 | 43,563 |
% Growth | 60.6% | 23.9% | 17.2% | 15.7% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
EBITDA | 9,055 | 11,833 | 13,164 | 16,731 | 2,649 | 3,237 | 3,350 | 3,417 | 3,485 | 3,555 | 3,626 |
% of Revenue | 47.3% | 49.9% | 47.4% | 52.0% | 7.3% | 8.3% | 8.3% | 8.3% | 8.3% | 8.3% | 8.3% |
Calculation of Free Cash Flow | |||||||||||
Projected Unlevered Cash Flow | |||||||||||
Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | ||
EBITDA | 11,833 | 13,164 | 16,731 | 2,649 | 3,237 | 3,350 | 3,417 | 3,485 | 3,555 | 3,626 | |
Other Income / (Exp) | 0 | 2,079 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
D&A | (359) | (421) | (2,261) | (2,544) | (2,734) | (2,830) | (2,887) | (2,944) | (3,003) | (3,063) | |
EBIT | 11,474 | 14,822 | 14,470 | 105 | 502 | 520 | 530 | 541 | 552 | 563 | |
Pro forma Taxes | (574) | (741) | (724) | (5) | (25) | (26) | (27) | (27) | (28) | (28) | |
NOPAT | 8,595 | 10,900 | 14,081 | 13,747 | 100 | 477 | 494 | 504 | 514 | 524 | 535 |
Capital Expenditures | (4) | (11) | (12) | (19) | (19) | (20) | (19) | (19) | (20) | (19) | (19) |
NWC Investment | (10,549) | (6,673) | (5,945) | (6,371) | (5,868) | (3,961) | (1,987) | (1,175) | (1,199) | (1,223) | (1,247) |
(+) D&A | 7 | 359 | 421 | 2,261 | 2,544 | 2,734 | 2,830 | 2,887 | 2,944 | 3,003 | 3,063 |
Free Cash Flow | (1,950) | 4,575 | 8,545 | 9,617 | (3,243) | (769) | 1,317 | 2,196 | 2,240 | 2,285 | 2,331 |
% Growth | 87% | 13% | NM | NM | NM | 67% | 2% | 2% | 2% |