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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -270,0x - -298,4x | -284,2x |
| Selected Fwd EBIT Multiple | 5,2x - 5,8x | 5,5x |
| Fair Value | د.إ 0,66 - د.إ 0,74 | د.إ 0,70 |
| Upside | -25,3% - -16,7% | -21,0% |
| Benchmarks | Ticker | Full Ticker |
| Deyaar Development PJSC | DEYAAR | DFM:DEYAAR |
| Emaar Development PJSC | EMAARDEV | DFM:EMAARDEV |
| Emaar Properties PJSC | EMAAR | DFM:EMAAR |
| RAK Properties PJSC | RAKPROP | ADX:RAKPROP |
| Manazel PJSC | MANAZEL | ADX:MANAZEL |
| Union Properties Public Joint Stock Company | UPP | DFM:UPP |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| DEYAAR | EMAARDEV | EMAAR | RAKPROP | MANAZEL | UPP | ||
| DFM:DEYAAR | DFM:EMAARDEV | DFM:EMAAR | ADX:RAKPROP | ADX:MANAZEL | DFM:UPP | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 45.0% | 20.3% | 16.6% | 46.2% | NM- | NM- | |
| 3Y CAGR | 105.9% | 30.4% | 35.0% | 12.3% | NM- | NM- | |
| Latest Twelve Months | 51.8% | 27.8% | 30.8% | 34.6% | 87.3% | 97.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 15.4% | 37.2% | 32.5% | 27.7% | -27.6% | -85.6% | |
| Prior Fiscal Year | 20.1% | 60.6% | 48.6% | 23.0% | -38.7% | -73.0% | |
| Latest Fiscal Year | 23.3% | 47.3% | 45.4% | 21.2% | -12.7% | -2.8% | |
| Latest Twelve Months | 24.0% | 47.8% | 45.7% | 21.6% | -12.7% | -2.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.17x | 1.64x | 3.28x | 3.50x | 17.00x | 7.43x | |
| EV / LTM EBITDA | 4.6x | 3.4x | 6.6x | 13.2x | -191.7x | 3451.7x | |
| EV / LTM EBIT | 4.9x | 3.4x | 7.2x | 16.2x | -134.1x | -361.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -134.1x | 4.9x | 16.2x | ||||
| Historical EV / LTM EBIT | -131.9x | -6.5x | 77.0x | ||||
| Selected EV / LTM EBIT | -270.0x | -284.2x | -298.4x | ||||
| (x) LTM EBIT | (11) | (11) | (11) | ||||
| (=) Implied Enterprise Value | 3,076 | 3,238 | 3,400 | ||||
| (-) Non-shareholder Claims * | (273) | (273) | (273) | ||||
| (=) Equity Value | 2,803 | 2,965 | 3,127 | ||||
| (/) Shares Outstanding | 4,289.5 | 4,289.5 | 4,289.5 | ||||
| Implied Value Range | 0.65 | 0.69 | 0.73 | ||||
| FX Rate: AED/AED | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.65 | 0.69 | 0.73 | 0.89 | |||
| Upside / (Downside) | -26.3% | -22.0% | -17.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DEYAAR | EMAARDEV | EMAAR | RAKPROP | MANAZEL | UPP | |
| Enterprise Value | 1,935 | 33,588 | 125,206 | 5,170 | 2,297 | 4,074 | |
| (+) Cash & Short Term Investments | 1,911 | 29,845 | 26,052 | 458 | 11 | 157 | |
| (+) Investments & Other | 1,413 | 1,034 | 6,663 | 97 | 0 | 6 | |
| (-) Debt | (488) | (4) | (10,325) | (1,192) | (1,398) | (437) | |
| (-) Other Liabilities | (44) | (3,663) | (11,037) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,726 | 60,800 | 136,559 | 4,533 | 910 | 3,801 | |
| (/) Shares Outstanding | 4,375.8 | 4,000.0 | 8,838.8 | 2,982.1 | 2,600.0 | 4,289.5 | |
| Implied Stock Price | 1.08 | 15.20 | 15.45 | 1.52 | 0.35 | 0.89 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.08 | 15.20 | 15.45 | 1.52 | 0.35 | 0.89 | |
| Trading Currency | AED | AED | AED | AED | AED | AED | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |