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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7,1x - 7,9x | 7,5x |
| Selected Fwd EBITDA Multiple | 4,9x - 5,4x | 5,2x |
| Fair Value | EGP 2,95 - EGP 3,14 | EGP 3,05 |
| Upside | 39,3% - 48,2% | 43,8% |
| Benchmarks | Ticker | Full Ticker |
| Arab Real Estate Investment Co. | RREI | CASE:RREI |
| Sixth of October for Development and Investment Company "SODIC" (S.A.E.) | OCDI | CASE:OCDI |
| Heliopolis Co. for Housing & Development | HELI | CASE:HELI |
| Emaar Misr for Development Company (S.A.E.) | EMFD | CASE:EMFD |
| Palm Hills Developments S.A.E. | PHDC | CASE:PHDC |
| Cairo for Housing and Development Company (S.A.E) | ELKA | CASE:ELKA |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| RREI | OCDI | HELI | EMFD | PHDC | ELKA | ||
| CASE:RREI | CASE:OCDI | CASE:HELI | CASE:EMFD | CASE:PHDC | CASE:ELKA | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -38.6% | 35.4% | 5.9% | 64.1% | 31.7% | 15.2% | |
| 3Y CAGR | 5.3% | 39.2% | 90.2% | 21.3% | 58.8% | -4.7% | |
| Latest Twelve Months | 130.5% | 103.0% | -88.6% | 98.9% | 52.3% | 16.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 5.0% | 19.8% | 61.2% | 35.7% | 20.4% | 26.3% | |
| Prior Fiscal Year | -8.4% | 18.2% | 68.1% | 37.0% | 20.0% | 52.8% | |
| Latest Fiscal Year | 0.9% | 34.7% | 93.4% | 40.4% | 21.6% | 50.0% | |
| Latest Twelve Months | 3.7% | 42.2% | 90.8% | 47.3% | 23.3% | 47.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.85x | 2.25x | 6.98x | 0.70x | 1.00x | 1.70x | |
| EV / LTM EBITDA | 156.3x | 5.3x | 7.7x | 1.5x | 4.3x | 3.6x | |
| EV / LTM EBIT | 174.7x | 5.6x | 7.7x | 1.6x | 4.5x | 3.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 1.5x | 5.3x | 156.3x | ||||
| Historical EV / LTM EBITDA | 6.0x | 10.3x | 39.3x | ||||
| Selected EV / LTM EBITDA | 7.1x | 7.5x | 7.9x | ||||
| (x) LTM EBITDA | 243 | 243 | 243 | ||||
| (=) Implied Enterprise Value | 1,736 | 1,827 | 1,918 | ||||
| (-) Non-shareholder Claims * | 1,037 | 1,037 | 1,037 | ||||
| (=) Equity Value | 2,773 | 2,864 | 2,956 | ||||
| (/) Shares Outstanding | 896.4 | 896.4 | 896.4 | ||||
| Implied Value Range | 3.09 | 3.20 | 3.30 | ||||
| FX Rate: EGP/EGP | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.09 | 3.20 | 3.30 | 2.12 | |||
| Upside / (Downside) | 45.9% | 50.7% | 55.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RREI | OCDI | HELI | EMFD | PHDC | ELKA | |
| Enterprise Value | 434 | 23,804 | 9,379 | 16,333 | 29,389 | 863 | |
| (+) Cash & Short Term Investments | 69 | 2,353 | 4,297 | 35,252 | 13,806 | 33 | |
| (+) Investments & Other | 90 | 0 | 0 | 0 | 3,334 | 1,987 | |
| (-) Debt | (4) | (5,504) | (471) | (5,287) | (22,040) | (982) | |
| (-) Other Liabilities | 0 | (68) | 0 | (0) | (810) | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 589 | 20,585 | 13,204 | 46,299 | 23,680 | 1,900 | |
| (/) Shares Outstanding | 246.4 | 356.2 | 1,335.1 | 5,446.9 | 2,859.9 | 896.4 | |
| Implied Stock Price | 2.39 | 57.79 | 9.89 | 8.50 | 8.28 | 2.12 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2.39 | 57.79 | 9.89 | 8.50 | 8.28 | 2.12 | |
| Trading Currency | EGP | EGP | EGP | EGP | EGP | EGP | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |