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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 37.5x - 41.5x | 39.5x |
| Selected Fwd EBITDA Multiple | 7.8x - 8.7x | 8.3x |
| Fair Value | د.إ 3.12 - د.إ 3.42 | د.إ 3.27 |
| Upside | 4.1% - 14.0% | 9.0% |
| Benchmarks | Ticker | Full Ticker |
| Alpha Dhabi Holding PJSC | ALPHADHABI | ADX:ALPHADHABI |
| Multiply Group PJSC | MULTIPLY | ADX:MULTIPLY |
| ESG Emirates Stallions Group PJSC | ESG | ADX:ESG |
| International Holding Company PJSC | IHC | ADX:IHC |
| Hily Holding PJSC | HH | ADX:HH |
| Modon Holding PSC | MODON | ADX:MODON |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ALPHADHABI | MULTIPLY | ESG | IHC | HH | MODON | ||
| ADX:ALPHADHABI | ADX:MULTIPLY | ADX:ESG | ADX:IHC | ADX:HH | ADX:MODON | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 106.2% | 245.8% | 6.9% | 141.1% | NM- | 89.8% | |
| 3Y CAGR | 34.9% | 63.3% | 87.9% | 25.5% | -29.5% | 81.7% | |
| Latest Twelve Months | 43.1% | 51.2% | 116.0% | 81.9% | 133.2% | 433.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 18.2% | 36.7% | 12.6% | 22.5% | 20.1% | 28.1% | |
| Prior Fiscal Year | 15.7% | 36.6% | 15.4% | 15.5% | -6.3% | 23.9% | |
| Latest Fiscal Year | 18.7% | 35.2% | 17.0% | 18.5% | 16.1% | 17.3% | |
| Latest Twelve Months | 19.1% | 35.4% | 17.8% | 20.0% | 10.6% | 17.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.90x | 0.03x | 2.15x | 8.74x | 0.75x | 6.69x | |
| EV / LTM EBITDA | 9.9x | 0.1x | 12.1x | 43.6x | 7.1x | 38.6x | |
| EV / LTM EBIT | 12.2x | 0.1x | 14.6x | 55.5x | 10.4x | 48.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 0.1x | 9.9x | 43.6x | ||||
| Historical EV / LTM EBITDA | 38.6x | 38.6x | 38.6x | ||||
| Selected EV / LTM EBITDA | 37.5x | 39.5x | 41.5x | ||||
| (x) LTM EBITDA | 1,127 | 1,127 | 1,127 | ||||
| (=) Implied Enterprise Value | 42,294 | 44,520 | 46,747 | ||||
| (-) Non-shareholder Claims * | 5,168 | 5,168 | 5,168 | ||||
| (=) Equity Value | 47,463 | 49,689 | 51,915 | ||||
| (/) Shares Outstanding | 16,347.1 | 16,347.1 | 16,347.1 | ||||
| Implied Value Range | 2.90 | 3.04 | 3.18 | ||||
| FX Rate: AED/AED | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.90 | 3.04 | 3.18 | 3.00 | |||
| Upside / (Downside) | -3.2% | 1.3% | 5.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ALPHADHABI | MULTIPLY | ESG | IHC | HH | MODON | |
| Enterprise Value | 125,951 | (271) | 3,085 | 877,274 | 78 | 43,873 | |
| (+) Cash & Short Term Investments | 41,788 | 22,097 | 460 | 125,839 | 281 | 9,542 | |
| (+) Investments & Other | 19,094 | 14,293 | 1,215 | 56,124 | 456 | 2,688 | |
| (-) Debt | (34,296) | (10,252) | (227) | (84,496) | (519) | (5,876) | |
| (-) Other Liabilities | (38,537) | (1,451) | (314) | (97,920) | (5) | (1,186) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 114,000 | 24,416 | 4,220 | 876,820 | 292 | 49,041 | |
| (/) Shares Outstanding | 10,000.0 | 11,200.0 | 250.0 | 2,186.6 | 120.0 | 16,347.1 | |
| Implied Stock Price | 11.40 | 2.18 | 16.88 | 401.00 | 2.43 | 3.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 11.40 | 2.18 | 16.88 | 401.00 | 2.43 | 3.00 | |
| 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 | |