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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 13.4x - 14.8x | 14.1x |
| Selected Fwd EBITDA Multiple | 10.6x - 11.8x | 11.2x |
| Fair Value | ﷼0.96 - ﷼1.06 | ﷼1.01 |
| Upside | 17.9% - 29.4% | 23.7% |
| Benchmarks | Ticker | Full Ticker |
| Qatar Industrial Manufacturing Company Q.P.S.C. | QIMD | DSM:QIMD |
| Mekdam Holding Group - Q.P.S.C. | MKDM | DSM:MKDM |
| Industries Qatar Q.P.S.C. | IQCD | DSM:IQCD |
| Mannai Corporation Q.P.S.C. | MCCS | DSM:MCCS |
| National Consumer Holding Company - K.S.C. (Public) | NCCI | KWSE:NCCI |
| Aamal Company Q.P.S.C. | AHCS | DSM:AHCS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| QIMD | MKDM | IQCD | MCCS | NCCI | AHCS | ||
| DSM:QIMD | DSM:MKDM | DSM:IQCD | DSM:MCCS | KWSE:NCCI | DSM:AHCS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 19.6% | 10.2% | 165.6% | -7.7% | NM- | 4.2% | |
| 3Y CAGR | 5.3% | 14.8% | -19.0% | 3.0% | NM- | 8.1% | |
| Latest Twelve Months | -11.4% | 4.3% | 5.3% | 6.9% | -184.5% | 8.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 21.9% | 10.7% | 32.3% | 7.2% | -19.6% | 18.5% | |
| Prior Fiscal Year | 28.1% | 9.4% | 27.0% | 8.8% | -0.1% | 17.9% | |
| Latest Fiscal Year | 25.9% | 8.9% | 27.9% | 8.9% | -2.1% | 19.4% | |
| Latest Twelve Months | 24.7% | 9.2% | 26.7% | 9.0% | -6.9% | 19.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.23x | 0.90x | 4.63x | 1.20x | 6.28x | 2.20x | |
| EV / LTM EBITDA | 17.2x | 9.8x | 17.3x | 13.4x | -91.2x | 11.5x | |
| EV / LTM EBIT | 24.1x | 11.0x | 31.5x | 16.3x | -27.3x | 12.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -91.2x | 13.4x | 17.3x | ||||
| Historical EV / LTM EBITDA | 12.4x | 17.6x | 23.3x | ||||
| Selected EV / LTM EBITDA | 13.4x | 14.1x | 14.8x | ||||
| (x) LTM EBITDA | 410 | 410 | 410 | ||||
| (=) Implied Enterprise Value | 5,498 | 5,787 | 6,077 | ||||
| (-) Non-shareholder Claims * | 444 | 444 | 444 | ||||
| (=) Equity Value | 5,942 | 6,231 | 6,521 | ||||
| (/) Shares Outstanding | 6,300.0 | 6,300.0 | 6,300.0 | ||||
| Implied Value Range | 0.94 | 0.99 | 1.04 | ||||
| FX Rate: QAR/QAR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.94 | 0.99 | 1.04 | 0.82 | |||
| Upside / (Downside) | 15.6% | 21.2% | 26.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | QIMD | MKDM | IQCD | MCCS | NCCI | AHCS | |
| Enterprise Value | 2,043 | 502 | 60,800 | 6,681 | 14 | 4,697 | |
| (+) Cash & Short Term Investments | 216 | 27 | 9,200 | 384 | 20 | 427 | |
| (+) Investments & Other | 680 | 0 | 8,201 | 117 | 0 | 511 | |
| (-) Debt | (1,678) | (76) | (447) | (4,460) | (2) | (495) | |
| (-) Other Liabilities | (57) | (0) | (918) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,203 | 453 | 76,835 | 2,723 | 32 | 5,141 | |
| (/) Shares Outstanding | 475.2 | 160.0 | 6,050.0 | 456.2 | 300.0 | 6,300.0 | |
| Implied Stock Price | 2.53 | 2.83 | 12.70 | 5.97 | 0.11 | 0.82 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2.53 | 2.83 | 12.70 | 5.97 | 0.11 | 0.82 | |
| Trading Currency | QAR | QAR | QAR | QAR | KWD | QAR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |