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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 2.1x - 2.3x | 2.2x |
| Selected Fwd EBITDA Multiple | 2.2x - 2.4x | 2.3x |
| Fair Value | EGP 8.79 - EGP 9.13 | EGP 8.96 |
| Upside | -9.1% - -5.5% | -7.3% |
| Benchmarks | Ticker | Full Ticker |
| Talaat Moustafa Group Holding | TMGH | CASE:TMGH |
| Sixth of October for Development and Investment Company "SODIC" (S.A.E.) | OCDI | CASE:OCDI |
| Heliopolis Co. for Housing & Development | HELI | CASE:HELI |
| Cairo for Housing and Development Company (S.A.E) | ELKA | CASE:ELKA |
| Arab Company For Land Reclamation | EALR | CASE:EALR |
| Emaar Misr for Development Company (S.A.E.) | EMFD | CASE:EMFD |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TMGH | OCDI | HELI | ELKA | EALR | EMFD | ||
| CASE:TMGH | CASE:OCDI | CASE:HELI | CASE:ELKA | CASE:EALR | CASE:EMFD | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 27.8% | 35.4% | 5.9% | 15.2% | NM- | 64.1% | |
| 3Y CAGR | 46.4% | 39.2% | 90.2% | -4.7% | NM- | 21.3% | |
| Latest Twelve Months | 66.0% | 109.4% | -90.7% | 21.8% | -82.5% | 98.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 26.5% | 18.4% | 59.5% | 24.7% | -1.4% | 35.7% | |
| Prior Fiscal Year | 26.1% | 18.2% | 68.1% | 52.8% | 1.8% | 37.0% | |
| Latest Fiscal Year | 30.1% | 34.7% | 93.4% | 50.0% | 3.1% | 40.4% | |
| Latest Twelve Months | 30.5% | 40.8% | 93.4% | 50.0% | 2.2% | 47.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.20x | 2.26x | 11.01x | 2.19x | 3.42x | 0.98x | |
| EV / LTM EBITDA | 10.5x | 5.5x | 11.8x | 4.4x | 153.4x | 2.1x | |
| EV / LTM EBIT | 11.5x | 5.8x | 11.9x | 4.4x | 254.2x | 2.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.4x | 10.5x | 153.4x | ||||
| Historical EV / LTM EBITDA | -0.2x | 0.8x | 2.0x | ||||
| Selected EV / LTM EBITDA | 2.1x | 2.2x | 2.3x | ||||
| (x) LTM EBITDA | 10,997 | 10,997 | 10,997 | ||||
| (=) Implied Enterprise Value | 22,596 | 23,785 | 24,975 | ||||
| (-) Non-shareholder Claims * | 29,966 | 29,966 | 29,966 | ||||
| (=) Equity Value | 52,562 | 53,751 | 54,940 | ||||
| (/) Shares Outstanding | 5,446.9 | 5,446.9 | 5,446.9 | ||||
| Implied Value Range | 9.65 | 9.87 | 10.09 | ||||
| FX Rate: EGP/EGP | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 9.65 | 9.87 | 10.09 | 9.67 | |||
| Upside / (Downside) | -0.2% | 2.0% | 4.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TMGH | OCDI | HELI | ELKA | EALR | EMFD | |
| Enterprise Value | 144,987 | 24,104 | 11,613 | 1,012 | 447 | 22,706 | |
| (+) Cash & Short Term Investments | 48,933 | 4,383 | 4,858 | 21 | 10 | 35,252 | |
| (+) Investments & Other | 11,938 | 0 | 0 | 1,974 | 4 | 0 | |
| (-) Debt | (31,596) | (5,083) | (611) | (964) | (5) | (5,287) | |
| (-) Other Liabilities | (60,898) | (65) | 0 | (0) | 0 | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 113,364 | 23,338 | 15,861 | 2,044 | 456 | 52,672 | |
| (/) Shares Outstanding | 2,061.2 | 356.2 | 1,335.1 | 896.4 | 5.2 | 5,446.9 | |
| Implied Stock Price | 55.00 | 65.52 | 11.88 | 2.28 | 87.77 | 9.67 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 55.00 | 65.52 | 11.88 | 2.28 | 87.77 | 9.67 | |
| 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 | |