IBS211 > 22542 Financial Plan Budget & Model > LBA: Financial Analysis

Imagine that you are now working for the UAE company for which you conducted the DCF analysis. The company has asked you to recommend an investment strategy. You will write up a report for the company that addresses the following points below, and then recommend an investment strategy for the company based on the results and your analysis.

Provide an introduction to the industry, and the company, which should include its products, competitors, characteristics of the company, and its strategies and plans for the future.

Do a trend analysis, a common size analysis, and a DuPont analysis for the company. Choose the period 2018-2022.

Integrate your DCF analysis from the previous write-up in your assessment of whether the company is undervalued, overvalued or at-its-value.

[Optional] Use comparable common analysis as another valuation technique to triangulate an interval for the company’s value.

Conclude if the company was overvalued or undervalued by the market. Assuming you did everything correctly the value you calculated (or the interval triangulated) should be close to (or include) the realized value which implies that the company is at-its-value. If the realized value is significantly above/below the calculated value (or interval) then it means that it is overvalued/ undervalued.

[If possible] Cross-check your recommendation with the recommendations made by relevant investment analysts. You should be able to find an online accessible financial analysis written by a financial analyst by the end of 2021. Make sure you cite your sources.

IMPORTANT NOTES:

Choose a public company traded in the stock market of the country you are residing in right now.

In your DCF analysis, to arrive at an appropriate valuation: Estimate FCF for 2022 (assume 2022 as Year 0 and include it in your valuation), project it over the next five years (2023-2028), and estimate a terminal value if you think the store will continue indefinitely (estimate a reasonable terminal growth rate).

Calculate your own WACC. Use CAPM to calculate the cost of capital. Assume a beta based on the systematic risk by looking up betas of public companies that are in the same industry and geography (

Yahoo Finance

shows equity betas which you will need to adjust by using Hamada’s Equation to account for the public companies’ debt; this is because you need an asset beta for your store given the assumption of no debt) or estimate your own beta using market data.

Be sure you justify the key assumptions (revenue growth rate, working capital changes, terminal growth rate etc.).

For your write-up, focus on introducing the company in detail, justifying your comparables, stating and justifying your assumptions, discussing each valuation result, comparing the results across the techniques, and comparing them with recommendation(s) made by the financial analyst(s) (if available).

Your valuation techniques and estimation approach could be explained further in an Appendix.

Your models and calculations should be submitted as a google sheet. The assumptions and given values should be colored blue and your calculations should be in black. Leave the formulas and links as is. The grader should be able to follow your calculations.

Any data you have used from the Bloomberg terminals should be included.

If you have any questions about this assignment, contact the Professors immediately.

Sources you may find useful (you do not have to use them):

Prof Damadoran’s Website

Market-risk-premia

Yahoo Finance

Global Corporate Tax Rates

Statistica.com

Ministry of Economy of UAE

Ministry of Finance of UAE

Central Bank of UAE

Annual financial reports of the company of your choice. The company must be a public company. Every public company must announce its financial statements with transparency. So you should be able to find these statements on their website under their investors’ relations page.

In addition, you have the Bloomberg Finance Labs as a resource to use for this assignment.

GUIDELINES:

-** Do not put your name anywhere** on the assignment or on shared exhibits (Forum will track your submission). Your assignment will be graded blindly.

Be sure you submit a single PDF on Forum (do NOT submit Zip files).

Assume your audience is knowledgeable about the accounting/finance concepts we’ve covered in class and is familiar with the case facts. Don’t waste words explaining what asset turnover is. Jump right into the analysis.

Go deep. When formulating a response, ask why. Then ask why again and justify your explanation. Back up your explanations with evidence. Integrate numbers into your arguments.

Use no more than two significant digits for all numbers in the text and exhibits (12%, 3.5%, or 0.46%, not .12480294). Less is more. Displaying too many digits makes numbers hard to read and actually obscures their value and intuition.

All exhibits you create yourself and referenced in your write-up must be included in the write-up itself and be properly formatted. You must also include a link to all your exhibits so that your calculations can be seen and checked (only those exhibits that appear in the write-up and are explicitly discussed will be assessed). Place your link at the very beginning of the write-up and be sure to grant your professor viewing privileges. Follow these

guidelines

(e.g. avoid including numbers in a calculation cell but instead, reference inputs/assumptions cells that do contain numbers; use black text for calculations and blue text for inputs).

Check your spelling and grammar. Poor writing conveys carelessness and unprofessionalism.

The course-related LO’s are #financials, #valuation, and #bizstrategy will be graded based on your answers to the 3 questions above, with each corresponding to a specific LO.

In addition to this, use and tag the following GLO’s wherever appropriate: #audience, #evidencebased and #sourcequality.

Add a word count at the end of the assignment (exclude exhibits, footnotes, and the bibliography).

For assignment deadline extensions please refer to the policies section written at the end of the course syllabus.

Aldar Properties PJSC (ALDAR UH) – BBG Adjusted
In Millions of AED except Per Share
FY 2017
12 Months Ending
12/31/2017
Revenue
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+ Rental Income
#NAME?
+ Real Estate Sales
#NAME?
+ Com & Fee Earn/Inc from REO
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+ Mortgage Income
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+ Other Operating Income
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– Operating Expenses
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+ Property Operating Expenses
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+ Other Property Expense
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+ General & Administrative
#NAME?
+ Depreciation & Amortization
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+ Provision for Loan Losses
#NAME?
+ Cost of Real Estate Sold
#NAME?
+ Other Operating Expenses
#NAME?
Operating Income (Loss)
#NAME?
– Non-Operating (Income) Loss
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+ Interest Expense
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+ (Income) Loss from Affiliates
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+ Other Non-Op (Income) Loss
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Pretax Income (Loss), Adjusted
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– Abnormal Losses (Gains)
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+ Disposal of Assets
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+ Asset Write-Down
#NAME?
+ Gain/Loss on Sale/Acquisition of Business
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+ Sale of Investments
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+ Unrealized Investments
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Pretax Income (Loss), GAAP
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– Income Tax Expense (Benefit)
#NAME?
+ Current Income Tax
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+ Deferred Income Tax
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+ Tax Allowance/Credit
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Income (Loss) from Cont Ops
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– Net Extraordinary Losses (Gains)
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+ Discontinued Operations
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+ XO & Accounting Changes
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Income (Loss) Incl. MI
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– Minority Interest
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Net Income, GAAP
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– Preferred Dividends
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– Other Adjustments
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Net Income Avail to Common, GAAP
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FY 2018
12/31/2018
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FY 2019
12/31/2019
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FY 2020
12/31/2020
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Net Income Avail to Common, Adj
Net Abnormal Losses (Gains)
Net Extraordinary Losses (Gains)
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Basic Weighted Avg Shares
Basic EPS, GAAP
Basic EPS from Cont Ops, GAAP
Basic EPS from Cont Ops, Adjusted
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Diluted Weighted Avg Shares
Diluted EPS, GAAP
Diluted EPS from Cont Ops
Diluted EPS from Cont Ops, Adjusted
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FFO Reconciliation
Dividends/Distributions per Share/Unit
Reference Items
Accounting Standard
EBITDA
EBITDA Margin (T12M)
Operating Margin
Dividends per Share
Total Cash Common Dividends
Real Estate Write-Downs
Gross Leaseable Area (Sq Ft)
Source: Bloomberg
IAS/IFRS
IAS/IFRS
IAS/IFRS
IAS/IFRS
#NAME?
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Right click to show data transparency (not supported for all values)
FY 2021
12/31/2021
#NAME?
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FY 2022
12/31/2022
#NAME?
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FY 2023
12/31/2023
#NAME?
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Last 12M
12/31/2023
14,160.9
2,138.7
0.0
FY 2024 Est
12/31/2024
18,719.0
FY 2025 Est
12/31/2025
22,309.6
4,832.7
6,135.3
4,832.7
6,135.3
4,343.3
5,370.0
4,343.3
5,370.0
4,343.3
5,370.0
10,293.8
6,390.7
6,390.7
2,544.0
479.2
0.0
787.7
3,867.2
-179.0
583.6
7.4
-770.1
4,046.2
-482.2
-16.9
133.2
1.7
-600.2
4,528.4
112.0
67.1
-12.5
57.4
4,416.4
0.0
0.0
4,416.4
494.1
3,922.3
0.0
3,767.3
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3,285.2
-482.2
4,343.3
5,370.0
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7,862.6
0.48
0.48
0.42
0.55
0.55
0.55
0.65
0.65
0.65
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7,862.6
0.48
0.48
0.42
0.55
0.55
0.55
0.65
0.65
0.65
#NAME?
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#NAME?
0.17
IAS/IFRS
#NAME?
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orted for all values)
IAS/IFRS
#NAME?
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#NAME?
#NAME?
IAS/IFRS
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
5,806.6
31.02
28.06
0.19
6,680.0
29.94
27.94
0.20
4,346.4
30.69
27.31
-600.2
7.7
Aldar Properties PJSC (ALDAR UH) – BBG Adjusted
In Millions of AED except Per Share
FY 2017
12 Months Ending
12/31/2017
Revenue
6,180.7
+ Rental Income
1,723.0
+ Real Estate Sales
0.0
+ Com & Fee Earn/Inc from REO
2,277.9
+ Mortgage Income
0.0
+ Other Operating Income
2,179.8
– Operating Expenses
4,108.9
+ Property Operating Expenses
3,600.1
+ Other Property Expense
3,600.1
+ General & Administrative
227.8
+ Depreciation & Amortization
186.0
+ Provision for Loan Losses
-9.5
+ Cost of Real Estate Sold
0.0
+ Other Operating Expenses
104.5
Operating Income (Loss)
2,071.8
– Non-Operating (Income) Loss
-548.0
+ Interest Expense
—
+ (Income) Loss from Affiliates
-41.5
+ Other Non-Op (Income) Loss
-506.4
Pretax Income (Loss), Adjusted
2,619.8
– Abnormal Losses (Gains)
613.8
+ Disposal of Assets
—
+ Asset Write-Down
0.7
+ Gain/Loss on Sale/Acquisition of Business
—
+ Sale of Investments
—
+ Unrealized Investments
613.1
Pretax Income (Loss), GAAP
2,005.9
– Income Tax Expense (Benefit)
0.0
+ Current Income Tax
0.0
+ Deferred Income Tax
0.0
+ Tax Allowance/Credit
—
Income (Loss) from Cont Ops
2,005.9
– Net Extraordinary Losses (Gains)
0.0
+ Discontinued Operations
0.0
+ XO & Accounting Changes
0.0
Income (Loss) Incl. MI
2,005.9
– Minority Interest
10.4
Net Income, GAAP
1,995.5
– Preferred Dividends
0.0
– Other Adjustments
0.0
Net Income Avail to Common, GAAP
1,995.5
FY 2018
12/31/2018
6,286.5
1,751.6
0.0
2,440.1
0.0
2,094.9
4,397.8
3,119.9
3,119.9
839.4
242.8
69.2
0.0
126.6
1,888.7
216.1
—
-49.9
266.0
1,672.6
-182.3
—
-19.2
-163.1
—
—
1,854.9
0.0
0.0
0.0
—
1,854.9
0.0
0.0
0.0
1,854.9
-0.9
1,855.8
0.0
0.0
1,855.8
FY 2019
12/31/2019
7,147.9
1,728.8
0.0
3,097.0
0.0
2,322.1
5,285.5
3,835.0
3,835.0
890.2
278.0
165.4
0.0
116.9
1,862.4
736.0
335.9
3.1
397.0
1,126.4
-798.8
-23.0
-12.7
—
—
-763.1
1,925.2
0.0
0.0
0.0
—
1,925.2
0.0
0.0
0.0
1,925.2
-58.9
1,984.1
0.0
0.0
1,984.1
FY 2020
12/31/2020
8,392.5
1,642.5
0.0
4,962.2
0.0
1,787.8
6,389.0
4,919.0
4,919.0
869.8
274.8
192.4
0.0
133.0
2,003.5
859.1
284.0
9.9
565.2
1,144.4
-787.9
-0.1
103.4
-488.0
-3.3
-399.9
1,932.2
0.0
0.0
0.0
—
1,932.2
0.0
0.0
0.0
1,932.2
0.0
1,932.2
0.0
0.0
1,932.2
Net Income Avail to Common, Adj
Net Abnormal Losses (Gains)
Net Extraordinary Losses (Gains)
2,609.3
613.8
0.0
2,344.6
488.8
0.0
1,185.3
-798.8
0.0
1,144.4
-787.9
0.0
Basic Weighted Avg Shares
Basic EPS, GAAP
Basic EPS from Cont Ops, GAAP
Basic EPS from Cont Ops, Adjusted
7,862.6
0.25
0.25
0.33
7,862.6
0.24
0.24
0.30
7,862.6
0.25
0.25
0.15
7,862.6
0.25
0.25
0.15
Diluted Weighted Avg Shares
Diluted EPS, GAAP
Diluted EPS from Cont Ops
Diluted EPS from Cont Ops, Adjusted
7,862.6
0.25
0.25
0.33
7,862.6
0.24
0.24
0.30
7,862.6
0.25
0.25
0.15
7,862.6
0.25
0.25
0.15
0.12
0.14
0.15
0.15
FFO Reconciliation
Dividends/Distributions per Share/Unit
Reference Items
Accounting Standard
EBITDA
EBITDA Margin (T12M)
Operating Margin
Dividends per Share
Total Cash Common Dividends
Real Estate Write-Downs
Gross Leaseable Area (Sq Ft)
Source: Bloomberg
IAS/IFRS
IAS/IFRS
IAS/IFRS
IAS/IFRS
2,286.3
2,131.5
2,140.4
2,278.3
36.99
33.91
29.94
27.15
33.52
30.04
26.06
23.87
0.12
0.14
0.15
0.15
943.5
1,100.8
1,140.1
1,140.1
613.1
0.0
-763.1
-399.9
—
0.7
2.1
1.9
Right click to show data transparency (not supported for all values)
FY 2021
12/31/2021
8,576.0
1,690.0
0.0
5,033.0
0.0
810.6
6,219.3
4,023.0
4,023.0
1,307.8
254.3
127.1
0.0
507.0
2,356.7
148.4
243.1
8.2
-102.9
2,208.3
-125.2
2.0
119.9
-99.5
-1.3
-146.4
2,333.4
0.0
0.0
0.0
—
2,333.4
0.0
0.0
0.0
2,333.4
17.8
2,315.6
0.0
0.0
2,315.6
FY 2022
12/31/2022
11,200.0
1,908.5
0.0
5,550.0
0.0
3,741.5
8,657.2
5,199.1
5,199.1
2,116.5
363.6
240.5
0.0
737.5
2,542.8
66.3
368.9
7.8
-310.4
2,476.5
-706.4
0.2
-250.0
-9.1
-4.7
-442.8
3,183.0
39.2
65.6
-27.2
0.8
3,143.7
0.0
0.0
0.0
3,143.7
199.3
2,944.5
0.0
51.6
2,892.8
FY 2023
12/31/2023
14,160.9
2,138.7
0.0
6,998.1
0.0
5,024.1
10,293.7
6,390.7
6,390.7
2,544.0
479.2
92.2
0.0
787.6
3,867.2
-179.9
583.6
7.4
-770.9
4,047.1
-481.3
-16.8
133.2
—
2.5
-600.2
4,528.4
112.0
67.1
-12.5
57.4
4,416.4
0.0
0.0
0.0
4,416.4
494.1
3,922.3
0.0
103.3
3,819.0
Last 12M
12/31/2023
14,160.9
2,138.7
0.0
FY 2024 Est
12/31/2024
18,719.0
FY 2025 Est
12/31/2025
22,309.6
4,832.7
6,135.3
4,832.7
6,135.3
4,343.3
5,370.0
4,343.3
5,370.0
4,343.3
5,370.0
10,293.8
6,390.7
6,390.7
2,544.0
479.2
0.0
787.7
3,867.2
-179.0
583.6
7.4
-770.1
4,046.2
-482.2
-16.9
133.2
1.7
-600.2
4,528.4
112.0
67.1
-12.5
57.4
4,416.4
0.0
0.0
4,416.4
494.1
3,922.3
0.0
3,767.3
2,190.4
-125.2
0.0
2,186.4
-706.4
0.0
3,337.7
-481.3
0.0
3,285.2
-482.2
4,343.3
5,370.0
7,862.6
0.30
0.30
0.28
7,862.6
0.37
0.37
0.28
7,862.6
0.49
0.49
0.42
7,862.6
0.48
0.48
0.42
0.55
0.55
0.55
0.65
0.65
0.65
7,862.6
0.30
0.30
0.28
7,862.6
0.37
0.37
0.28
7,862.6
0.49
0.49
0.42
7,862.6
0.48
0.48
0.42
0.55
0.55
0.55
0.65
0.65
0.65
0.15
0.16
0.17
0.17
IAS/IFRS
2,610.9
30.44
27.48
0.15
1,179.4
-146.4
1.7
orted for all values)
IAS/IFRS
2,906.4
25.95
22.70
0.16
1,258.0
-442.8
1.9
IAS/IFRS
4,346.4
30.69
27.31
0.17
1,336.6
-600.2
1.9
5,806.6
31.02
28.06
0.19
6,680.0
29.94
27.94
0.20
4,346.4
30.69
27.31
-600.2
7.7
Aldar Properties PJSC (ALDAR UH) – Standardized
In Millions of AED except Per Share
12 Months Ending
Assets
+ Real Estate Held for Sale
+ Real Estate Equity Interests
+ Net Real Estate Property
+ Gross Real Estate Property
– Accumulated Depreciation
+ Net Mortgages & Notes
+ Mortgage Loan (REIT)
+ Notes Receivable
– Allowance for Loan Losses
+ Mortgage Backed Invt
Total Real Estate Investments
+ Cash & Near Cash Items
+ Accounts Receivable
+ Other Investments
+ Other Assets
+ Restricted Assets
Total Assets
FY 2014
12/31/2014
FY 2015
12/31/2015
FY 2016
12/31/2016
FY 2017
12/31/2017
#NAME?
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Liabilities & Shareholders’ Equity
+ Accounts Payable
+ ST Liabilities & Deposits
+ Security Deposits
+ Other ST Liabilities
+ Secured & Unsecured Debt
+ Unsecured Debt
+ Secured Debt
+ Other Long-Term Liabilities
Total Liabilities
+ Total Preferred Equity
+ Minority Interest
+ Share Capital & APIC
+ Retained Earnings & Other Equity
Total Equity
Total Liabilities & Equity
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Reference Items
Accounting Standard
Shares Outstanding
Number of Treasury Shares
Amount of Treasury Shares
IAS/IFRS
#NAME?
#NAME?
#NAME?
IAS/IFRS
#NAME?
#NAME?
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IAS/IFRS
#NAME?
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IAS/IFRS
#NAME?
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Pension Obligations
Operating Leases
Capital Leases – Short Term
Capital Leases – Long Term
Capital Leases – Total
Book Value per Share
Net Debt
Tangible Common Equity Ratio
Debt to Real-Estate Investment
Total Debt to Total Capital
Total Liabilities to Total Common Equity
Source: Bloomberg
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Right click to show data transparency (not supported for all values)
FY 2018
12/31/2018
FY 2019
12/31/2019
FY 2020
12/31/2020
FY 2021
12/31/2021
FY 2022
12/31/2022
FY 2023
12/31/2023
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#NAME?
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#NAME?
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IAS/IFRS
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IAS/IFRS
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Aldar Properties PJSC (ALDAR UH) – Standardized
In Millions of AED except Per Share
12 Months Ending
Assets
+ Real Estate Held for Sale
+ Real Estate Equity Interests
+ Net Real Estate Property
+ Gross Real Estate Property
– Accumulated Depreciation
+ Net Mortgages & Notes
+ Mortgage Loan (REIT)
+ Notes Receivable
– Allowance for Loan Losses
+ Mortgage Backed Invt
Total Real Estate Investments
+ Cash & Near Cash Items
+ Accounts Receivable
+ Other Investments
+ Other Assets
+ Restricted Assets
Total Assets
FY 2014
12/31/2014
FY 2015
12/31/2015
FY 2016
12/31/2016
FY 2017
12/31/2017
1,815.1
922.4
14,401.2
—
—
0.0
0.0
0.0
0.0
0.0
17,138.7
4,664.4
1,970.1
108.0
14,668.0
0.0
38,549.1
1,700.5
937.4
15,570.3
—
—
0.0
0.0
0.0
0.0
0.0
18,208.3
6,259.8
1,463.9
123.0
10,085.8
0.0
36,140.7
2,228.2
964.4
2,986.1
8,741.8
5,755.7
0.0
0.0
0.0
0.0
0.0
21,952.0
6,696.3
1,087.0
126.4
5,699.3
0.0
35,561.1
2,305.7
957.6
16,076.5
—
—
0.0
0.0
0.0
0.0
0.0
19,339.9
6,885.5
1,421.1
119.4
8,631.0
0.0
36,396.9
Liabilities & Shareholders’ Equity
+ Accounts Payable
+ ST Liabilities & Deposits
+ Security Deposits
+ Other ST Liabilities
+ Secured & Unsecured Debt
+ Unsecured Debt
+ Secured Debt
+ Other Long-Term Liabilities
Total Liabilities
+ Total Preferred Equity
+ Minority Interest
+ Share Capital & APIC
+ Retained Earnings & Other Equity
Total Equity
Total Liabilities & Equity
426.2
10,302.5
—
10,302.5
9,169.6
1,572.4
7,597.2
277.5
20,175.7
0.0
297.5
7,862.6
10,213.2
18,373.4
38,549.1
367.8
8,937.8
—
8,937.8
5,946.8
411.3
5,535.5
600.6
15,852.9
0.0
287.9
7,862.6
12,137.2
20,287.7
36,140.7
6,780.2
822.2
—
822.2
5,564.2
646.3
4,918.0
308.5
13,475.0
0.0
203.2
7,862.6
14,020.3
22,086.1
35,561.1
5,956.3
780.0
—
780.0
5,956.0
3,579.7
2,376.3
469.4
13,161.8
0.0
213.6
7,862.6
15,158.9
23,235.2
36,396.9
Reference Items
Accounting Standard
Shares Outstanding
Number of Treasury Shares
Amount of Treasury Shares
IAS/IFRS
7,862.6
0.0
0.0
IAS/IFRS
7,862.6
0.0
0.0
IAS/IFRS
7,862.6
0.0
0.0
IAS/IFRS
7,862.6
0.0
0.0
Pension Obligations
Operating Leases
Capital Leases – Short Term
Capital Leases – Long Term
Capital Leases – Total
Book Value per Share
Net Debt
Tangible Common Equity Ratio
Debt to Real-Estate Investment
Total Debt to Total Capital
Total Liabilities to Total Common Equity
Source: Bloomberg
101.9
115.9
128.1
141.8
536.3
531.5
0.0
559.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2.30
2.54
2.78
2.93
4,505.2
-312.9
-1,132.1
-929.5
46.88
55.33
61.53
63.25
53.50
32.66
25.35
30.80
33.29
22.67
20.12
20.40
111.62
79.27
61.58
57.17
Right click to show data transparency (not supported for all values)
FY 2018
12/31/2018
FY 2019
12/31/2019
FY 2020
12/31/2020
FY 2021
12/31/2021
FY 2022
12/31/2022
FY 2023
12/31/2023
3,806.1
993.5
16,408.3
—
—
0.0
0.0
0.0
0.0
0.0
21,207.9
5,014.6
1,514.4
96.1
10,710.7
0.0
38,543.7
4,797.0
199.0
16,782.5
—
—
0.0
0.0
0.0
0.0
0.0
21,778.4
5,686.2
2,026.9
55.2
11,719.9
0.0
41,266.7
4,788.7
123.9
16,462.9
—
—
0.0
0.0
0.0
0.0
0.0
21,375.5
5,497.8
2,870.0
53.9
10,435.5
0.0
40,232.6
5,137.9
108.4
18,025.9
—
—
0.0
0.0
0.0
0.0
0.0
23,272.2
8,857.1
4,208.1
119.1
13,086.2
0.0
49,542.7
4,822.1
84.7
23,933.0
—
—
0.0
0.0
0.0
0.0
0.0
28,839.8
12,548.1
2,816.5
278.4
16,793.2
0.0
61,276.0
7,787.3
151.2
26,217.5
—
—
0.0
0.0
0.0
0.0
0.0
34,156.0
11,718.2
4,777.8
812.1
21,394.0
0.0
72,858.1
2,205.8
4,055.0
—
4,055.0
7,585.8
2,184.8
5,401.0
461.2
14,307.9
0.0
172.7
7,862.6
16,200.5
24,235.8
38,543.7
2,806.8
4,570.7
—
4,570.7
8,499.5
1,700.9
6,798.6
438.4
16,315.5
0.0
113.7
7,862.6
16,974.9
24,951.3
41,266.7
3,184.9
2,534.7
—
2,534.7
8,344.9
1,050.9
7,293.9
466.6
14,531.0
0.0
70.9
7,862.6
17,768.2
25,701.7
40,232.6
5,010.3
5,949.3
—
5,949.3
8,710.2
326.9
8,383.2
2,236.2
21,906.0
0.0
715.2
7,862.6
19,058.9
27,636.8
49,542.7
7,337.0
6,742.0
—
6,742.0
10,781.1
645.4
10,135.7
1,870.7
26,730.8
0.0
4,380.2
7,862.6
22,302.4
34,545.2
61,276.0
5,561.9
11,305.8
—
11,305.8
13,006.0
1,133.8
11,872.3
4,801.3
34,675.0
0.0
5,302.3
7,862.6
25,018.1
38,183.0
72,858.1
IAS/IFRS
7,862.6
0.0
0.0
IAS/IFRS
7,862.6
0.0
0.0
IAS/IFRS
7,862.6
0.0
0.0
IAS/IFRS
7,862.6
0.0
0.0
IAS/IFRS
7,862.6
0.0
0.0
IAS/IFRS
7,862.6
0.0
0.0
orted for all values)
150.7
529.9
0.0
0.0
0.0
3.06
2,571.2
62.24
35.77
23.84
59.46
167.5
—
—
—
—
3.16
2,758.1
60.00
39.03
25.41
65.69
182.7
—
—
—
—
3.26
2,793.1
63.68
39.04
24.51
56.69
223.3
—
—
—
—
3.42
-188.6
54.07
37.43
23.96
81.37
296.9
—
—
—
—
3.84
-1,865.7
48.92
37.38
23.79
88.62
339.5
—
—
—
—
4.18
568.9
43.67
38.08
25.41
105.46
Name
Ticker
2Y Corr
Mkt Cap (AED)
BF P/E
BF EV/EBITDA
BF EV/EBITBF EV/Rev
Aldar Properties
ALDAR
PJSC
UH
43558968001
9.3739
8.1476
9.1223
2.4887
Current Premium to Comps Mean
11.7401 27.6673 27.7105
9.5178
Mean (Including ALDAR UH)
21193077445
8.3891
6.3819
7.1429
2.2724
Emaar Properties
EMAARPJSC
UH
0.5258
Q Holding PJSC
QHOLDING UH 0.2489
Deyaar Development
DEYAAR UH
PJSC 0.2203
RAK Properties
RAKPROP
PJSC UH 0.2091
Eshraq Investments
ESHRAQ PJSC
UH 0.2076
Union Properties
UPP UH
PJSC
0.1806
75129713717
7.4042
4.6162
5.1636
2.0561
20703908636 —-3631945245
10
7.8071
7.7149
1.8614
2600000000 —-801002999.5 —-1926003520
9.9778 30.8603
34.5
4.333
LF P/BV
1.3248
49.9413
0.8835
0.9666
1.5037
0.7355
0.604
0.361
0.6891

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