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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 20.9x - 23.1x | 22.0x |
| Selected Fwd EBIT Multiple | 11.7x - 13.0x | 12.3x |
| Fair Value | ﷼12.35 - ﷼13.74 | ﷼13.05 |
| Upside | -2.8% - 8.2% | 2.7% |
| Benchmarks | Ticker | Full Ticker |
| Arriyadh Development Co. | 4150 | SASE:4150 |
| Makkah Construction and Development Company | 4100 | SASE:4100 |
| Enma Al Rawabi Company | 9521 | SASE:9521 |
| View United Real Estate Development Co. | 9591 | SASE:9591 |
| Adeer Real Estate Company | 9634 | SASE:9634 |
| Retal Urban Development Company | 4322 | SASE:4322 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 4150 | 4100 | 9521 | 9591 | 9634 | 4322 | ||
| SASE:4150 | SASE:4100 | SASE:9521 | SASE:9591 | SASE:9634 | SASE:4322 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -5.8% | 11.4% | 21.7% | NM- | NM- | 47.9% | |
| 3Y CAGR | -5.8% | NM- | 47.1% | 28.3% | 39.0% | 23.2% | |
| Latest Twelve Months | -39.0% | -1.4% | 64.6% | 9.6% | 20.5% | -6.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 46.7% | 9.2% | 61.5% | 20.8% | 49.4% | 17.7% | |
| Prior Fiscal Year | 43.4% | 47.3% | 72.7% | 22.9% | 47.1% | 17.9% | |
| Latest Fiscal Year | 35.7% | 47.6% | 53.0% | 22.7% | 50.8% | 16.4% | |
| Latest Twelve Months | 33.6% | 43.8% | 53.0% | 22.7% | 50.8% | 14.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 18.61x | 13.71x | 7.28x | 2.57x | 3.88x | 3.15x | |
| EV / LTM EBITDA | 41.2x | 28.7x | 11.8x | 11.2x | 7.5x | 20.6x | |
| EV / LTM EBIT | 55.4x | 31.3x | 13.7x | 11.3x | 7.6x | 22.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.6x | 13.7x | 55.4x | ||||
| Historical EV / LTM EBIT | 17.8x | 22.2x | 24.0x | ||||
| Selected EV / LTM EBIT | 20.9x | 22.0x | 23.1x | ||||
| (x) LTM EBIT | 307 | 307 | 307 | ||||
| (=) Implied Enterprise Value | 6,434 | 6,772 | 7,111 | ||||
| (-) Non-shareholder Claims * | (448) | (448) | (448) | ||||
| (=) Equity Value | 5,986 | 6,325 | 6,663 | ||||
| (/) Shares Outstanding | 499.0 | 499.0 | 499.0 | ||||
| Implied Value Range | 12.00 | 12.67 | 13.35 | ||||
| FX Rate: SAR/SAR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 12.00 | 12.67 | 13.35 | 12.70 | |||
| Upside / (Downside) | -5.6% | -0.2% | 5.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 4150 | 4100 | 9521 | 9591 | 9634 | 4322 | |
| Enterprise Value | 5,740 | 12,668 | 1,013 | 237 | 469 | 6,785 | |
| (+) Cash & Short Term Investments | 962 | 950 | 26 | 21 | 33 | 937 | |
| (+) Investments & Other | 1,003 | 1,835 | 0 | 1 | 0 | 313 | |
| (-) Debt | (56) | (93) | (136) | (53) | 0 | (1,687) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (11) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,650 | 15,360 | 903 | 206 | 503 | 6,338 | |
| (/) Shares Outstanding | 233.9 | 200.0 | 40.0 | 33.0 | 5.0 | 499.0 | |
| Implied Stock Price | 32.70 | 76.80 | 22.58 | 6.24 | 100.50 | 12.70 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 32.70 | 76.80 | 22.58 | 6.24 | 100.50 | 12.70 | |
| Trading Currency | SAR | SAR | SAR | SAR | SAR | SAR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |