Investcorp Capital Valuation

Is ICAP undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of ICAP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Insufficient data to calculate ICAP's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate ICAP's fair value for valuation analysis.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ICAP?

Key metric: As ICAP is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for ICAP. This is calculated by dividing ICAP's market cap by their current earnings.
What is ICAP's PE Ratio?
PE Ratio	11.3x
Earnings	US$104.00m
Market Cap	US$1.18b

ICAP key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	10.5x
Enterprise Value/EBITDA	n/a
PEG Ratio	1x

Price to Earnings Ratio vs Peers

How does ICAP's PE Ratio compare to its peers?

The above table shows the PE ratio for ICAP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	14.8x
EIBANK Emirates Investment Bank P.J.S.C	9x	n/a	د.إ1.0b
DFM Dubai Financial Market P.J.S.C	26.7x	6.0%	د.إ11.2b
WAHA Al Waha Capital PJSC	5.6x	n/a	د.إ2.8b
ALANSARI Al Ansari Financial Services PJSC	17.7x	20.3%	د.إ7.3b
ICAP Investcorp Capital	11.3x	11.3%	د.إ4.3b

Price-To-Earnings vs Peers: ICAP is good value based on its Price-To-Earnings Ratio (11.3x) compared to the peer average (14.8x).

Price to Earnings Ratio vs Industry

How does ICAP's PE Ratio compare vs other companies in the Asian Capital Markets Industry?

43 Companies	Price / Earnings	Estimated Growth	Market Cap

43 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: ICAP is good value based on its Price-To-Earnings Ratio (11.3x) compared to the Asian Capital Markets industry average (18x).

Price to Earnings Ratio vs Fair Ratio

What is ICAP's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ICAP PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	11.3x
Fair PE Ratio	16.1x

Price-To-Earnings vs Fair Ratio: ICAP is good value based on its Price-To-Earnings Ratio (11.3x) compared to the estimated Fair Price-To-Earnings Ratio (16.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst ICAP forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	د.إ1.98	د.إ2.37 +19.7%	8.1%	د.إ2.71	د.إ2.14	n/a	5
Nov ’25	د.إ2.00	د.إ2.38 +19.2%	7.8%	د.إ2.71	د.إ2.14	n/a	5
Oct ’25	د.إ2.01	د.إ2.38 +18.2%	8.7%	د.إ2.71	د.إ2.14	n/a	4
Sep ’25	د.إ2.05	د.إ2.33 +13.7%	10.1%	د.إ2.71	د.إ2.13	n/a	4
Aug ’25	د.إ2.01	د.إ2.33 +15.9%	10.1%	د.إ2.71	د.إ2.13	n/a	4
Jul ’25	د.إ2.04	د.إ2.33 +14.2%	10.1%	د.إ2.71	د.إ2.13	n/a	4
Jun ’25	د.إ2.12	د.إ2.33 +9.9%	10.1%	د.إ2.71	د.إ2.13	n/a	4
May ’25	د.إ2.08	د.إ2.37 +14.0%	6.9%	د.إ2.51	د.إ2.14	n/a	3
Apr ’25	د.إ2.12	د.إ2.37 +11.8%	6.9%	د.إ2.51	د.إ2.14	n/a	3
Mar ’25	د.إ2.03	د.إ2.37 +16.8%	6.9%	د.إ2.51	د.إ2.14	n/a	3
Feb ’25	د.إ2.08	د.إ2.47 +18.9%	1.4%	د.إ2.51	د.إ2.44	n/a	2

Analyst Forecast: Target price is less than 20% higher than the current share price.