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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 20.1x - 22.2x | 21.2x |
| Selected Fwd EBITDA Multiple | 13.0x - 14.3x | 13.7x |
| Fair Value | ﷼13.75 - ﷼15.31 | ﷼14.53 |
| Upside | -22.8% - -14.0% | -18.4% |
| Benchmarks | Ticker | Full Ticker |
| Dar Al Arkan Real Estate Development Company | 4300 | SASE:4300 |
| Jabal Omar Development Company | 4250 | SASE:4250 |
| Emaar The Economic City | 4220 | SASE:4220 |
| Knowledge Economic City Company | 4310 | SASE:4310 |
| Red Sea International Company | 4230 | SASE:4230 |
| Retal Urban Development Company | 4322 | SASE:4322 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 4300 | 4250 | 4220 | 4310 | 4230 | 4322 | ||
| SASE:4300 | SASE:4250 | SASE:4220 | SASE:4310 | SASE:4230 | SASE:4322 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 14.4% | 42.2% | NM- | NM- | 12.9% | 48.2% | |
| 3Y CAGR | 23.6% | NM- | NM- | NM- | NM- | 23.9% | |
| Latest Twelve Months | 51.6% | 32.8% | -334.2% | 70.1% | 762.3% | 40.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 30.4% | -114.2% | -79.0% | -61.7% | -7.8% | 18.7% | |
| Prior Fiscal Year | 33.6% | 44.3% | 33.9% | -60.5% | -32.1% | 18.6% | |
| Latest Fiscal Year | 36.7% | 41.1% | -192.2% | -7.6% | 8.7% | 17.3% | |
| Latest Twelve Months | 36.7% | 41.1% | -192.2% | -7.6% | 8.9% | 17.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 6.65x | 22.08x | 35.89x | 38.67x | 0.66x | 4.49x | |
| EV / LTM EBITDA | 18.1x | 53.8x | -18.7x | -507.7x | 7.4x | 26.0x | |
| EV / LTM EBIT | 18.8x | 107.3x | -14.4x | -420.3x | 14.3x | 27.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -507.7x | 7.4x | 53.8x | ||||
| Historical EV / LTM EBITDA | 17.3x | 21.3x | 26.0x | ||||
| Selected EV / LTM EBITDA | 20.1x | 21.2x | 22.2x | ||||
| (x) LTM EBITDA | 356 | 356 | 356 | ||||
| (=) Implied Enterprise Value | 7,167 | 7,544 | 7,921 | ||||
| (-) Non-shareholder Claims * | (533) | (533) | (533) | ||||
| (=) Equity Value | 6,634 | 7,011 | 7,388 | ||||
| (/) Shares Outstanding | 499.2 | 499.2 | 499.2 | ||||
| Implied Value Range | 13.29 | 14.04 | 14.80 | ||||
| FX Rate: SAR/SAR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 13.29 | 14.04 | 14.80 | 17.80 | |||
| Upside / (Downside) | -25.4% | -21.1% | -16.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 4300 | 4250 | 4220 | 4310 | 4230 | 4322 | |
| Enterprise Value | 25,340 | 41,491 | 7,493 | 6,073 | 2,023 | 9,420 | |
| (+) Cash & Short Term Investments | 6,725 | 864 | 0 | 104 | 214 | 918 | |
| (+) Investments & Other | 2,819 | 141 | 0 | 143 | 6 | 329 | |
| (-) Debt | (11,442) | (12,109) | 0 | (1,444) | (515) | (1,772) | |
| (-) Other Liabilities | (6) | (2) | 0 | (93) | (474) | (9) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 23,436 | 30,386 | 7,493 | 4,784 | 1,255 | 8,887 | |
| (/) Shares Outstanding | 1,080.0 | 1,180.0 | 523.3 | 339.3 | 30.2 | 499.2 | |
| Implied Stock Price | 21.70 | 25.75 | 14.32 | 14.10 | 41.50 | 17.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 21.70 | 25.75 | 14.32 | 14.10 | 41.50 | 17.80 | |
| 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 | |