Aldar Properties PJSC


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%

지원하는 계산법

Equity Waterfall


Equity Waterfall

	Model
(AED in millions)	Low	Mid	High	Market
Enterprise Value	52,143	72,056	88,992	73,423
(+) 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	66,203
(/) Shares Outstanding	7,862.6	7,862.6	7,862.6	7,862.6
Implied Stock Price (AED)	5.71	8.25	10.40	8.42
FX Rate: AED/AED	1.00	1.00	1.00	1.00
Implied Stock Price (AED)	5.71	8.25	10.40	8.42

Upside / (Downside)	-32.14%	-2.06%	23.52%


Stock Price	8.42
Stock Price Close	8.42
Restatment Type	Original
Reporting Currency	AED
Trading Currency	AED
FX Rate: AED/AED	1.00
Market Cap	66,203.3
Shares Outstanding	7,862.6
Share Exchange Ratio	1.0
Liquid Long-term Investments	0

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