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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Pb Multiple | 1.4x - 1.5x | 1.5x |
| Historical Pb Multiple | 1.0x - 1.9x | 1.2x |
| Fair Value | د.إ 6.46 - د.إ 7.14 | د.إ 6.80 |
| Upside | -23.3% - -15.2% | -19.2% |
| Benchmarks | - | Full Ticker |
| Emaar Properties PJSC | - | DFM:EMAAR |
| Emaar Development PJSC | - | DFM:EMAARDEV |
| Union Properties Public Joint Stock Company | - | DFM:UPP |
| RAPCO Investment PJSC | - | ADX:RAPCO |
| RAK Properties PJSC | - | ADX:RAKPROP |
| Aldar Properties PJSC | - | ADX:ALDAR |
| Select Price / Book Ratio | ||||||||
| Benchmark Companies | ||||||||
| EMAAR | EMAARDEV | UPP | RAPCO | RAKPROP | ALDAR | |||
| DFM:EMAAR | DFM:EMAARDEV | DFM:UPP | ADX:RAPCO | ADX:RAKPROP | ADX:ALDAR | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 16.9% | 23.1% | NM- | NM- | 24.7% | 22.6% | ||
| 3Y CAGR | 52.6% | 33.0% | NM- | 81.7% | 11.7% | 33.4% | ||
| Latest Twelve Months | 16.2% | 15.1% | -67.1% | 88.1% | 39.2% | 43.8% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 33.4% | 39.2% | 25.5% | 42.2% | 29.4% | 27.3% | ||
| Prior Fiscal Year | 43.5% | 55.6% | 164.9% | 144.8% | 20.1% | 27.0% | ||
| Latest Fiscal Year | 38.1% | 39.9% | 52.1% | 55.3% | 20.0% | 23.9% | ||
| Latest Twelve Months | 38.1% | 39.9% | 52.1% | 55.3% | 20.0% | 23.9% | ||
| Return on Equity | ||||||||
| 5 Year Average Margin | 10.3% | 24.9% | 0.7% | 1.2% | 3.5% | 10.4% | ||
| Prior Fiscal Year | 15.9% | 32.2% | 35.3% | 4.8% | 4.8% | 12.1% | ||
| Latest Twelve Months | 16.6% | 29.8% | 9.2% | 8.5% | 5.7% | 15.8% | ||
| Next Fiscal Year | 15.9% | 28.9% | 10.4% | 11.4% | 5.7% | 17.6% | ||
| Two Fiscal Years Forward | 15.6% | 25.8% | 12.6% | 15.5% | 6.1% | 18.0% | ||
| Current Trading Multiples | ||||||||
| Price / LTM Sales | 3.4x | 2.6x | 4.5x | 2.4x | 2.9x | 3.0x | ||
| Price / LTM EPS | 8.9x | 6.4x | 8.7x | 4.4x | 14.5x | 12.4x | ||
| Price / Book | 1.4x | 1.7x | 0.8x | 0.4x | 0.7x | 1.9x | ||
| Price / Fwd Book | 1.3x | 1.4x | 0.7x | 0.3x | 0.7x | 1.6x | ||
| Low | Mid | High | ||||||
| Benchmark P/B Ratio | 0.4x | 0.8x | 1.7x | |||||
| Historical P/B Ratio | 1.0x | 1.2x | 1.9x | |||||
| Selected P/B Multiple | 1.4x | 1.5x | 1.5x | |||||
| (x) Book Value | 36,709 | 36,709 | 36,709 | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | EMAAR | EMAARDEV | UPP | RAPCO | RAKPROP | ALDAR | |
| Value of Common Equity | 117,998 | 49,000 | 2,402 | 143 | 3,965 | 66,203 | |
| (/) Shares Outstanding | 8,838.8 | 4,000.0 | 4,289.5 | 95.0 | 2,958.9 | 7,862.6 | |
| Implied Stock Price | 13.35 | 12.25 | 0.56 | 1.50 | 1.34 | 8.42 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 13.35 | 12.25 | 0.56 | 1.50 | 1.34 | 8.42 | |
| 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 | |