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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 4.823 B - 6.452 B | 5.945 B |
| Discount Rate | 9.3% - 7.3% | 8.3% |
| Fair Value | د.إ 5.71 - د.إ 10.40 | د.إ 8.25 |
| Upside | -32.7% - 22.6% | -2.8% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-24 | ||
| (AED in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 8,392 | 8,576 | 11,200 | 14,161 | 22,998 | 22,998 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 1,932 | 2,333 | 3,183 | 4,528 | 6,859 | 6,859 | |
| (+) Net Interest Expense | 249 | 226 | 186 | 135 | 219 | 219 | |
| (+) Other Non Operating Exp. | (42) | (32) | (82) | (274) | (151) | (151) | |
| (+) D&A | 264 | 240 | 337 | 411 | 528 | 528 | |
| (+) Non-recurring Items | (163) | (241) | (802) | (639) | (1,010) | (1,010) | |
| Adjusted EBITDA | 2,241 | 2,526 | 2,822 | 4,161 | 6,446 | 6,446 | |
| (-) D&A | (264) | (240) | (337) | (411) | (528) | (528) | |
| Adjusted EBIT | 1,977 | 2,286 | 2,485 | 3,751 | 5,918 | 5,918 | |
| % of Revenue | 23.6% | 26.7% | 22.2% | 26.5% | 25.7% | 25.7% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 22.2% | 25.7% | 26.7% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (AED in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 52,143 | 72,056 | 88,992 | 73,925 | |||
| (+) Cash & Short Term Investments | 15,140 | 15,140 | 15,140 | 15,140 | |||
| (+) Investments & Other | 1,124 | 1,124 | 1,124 | 1,124 | |||
| (-) Debt | (17,396) | (17,396) | (17,396) | (17,396) | |||
| (-) Other Liabilities | (6,087) | (6,087) | (6,087) | (6,087) | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 44,924 | 64,836 | 81,772 | 66,706 | |||
| (/) Shares Outstanding | 7,862.6 | 7,862.6 | 7,862.6 | 7,862.6 | |||
| Implied Stock Price (AED) | 5.71 | 8.25 | 10.40 | 8.48 | |||
| FX Rate: AED/AED | 1.00 | 1.00 | 1.00 | 1.00 | |||
| Implied Stock Price (AED) | 5.71 | 8.25 | 10.40 | 8.48 | |||
| Upside / (Downside) | -32.65% | -2.80% | 22.59% | ||||
| Stock Price | 8.48 | ||||||
| Stock Price Close | 8.67 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | AED | ||||||
| Trading Currency | AED | ||||||
| FX Rate: AED/AED | 1.00 | ||||||
| Market Cap | 68,169.0 | ||||||
| Shares Outstanding | 7,862.6 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||