Industries Qatar Q.P.S.C Valuation

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

IQCD (QAR13.08) is trading below our estimate of [[fair value]] (QAR14.6)

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

Valuation Score

2/6

Valuation Score 2/6

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 IQCD when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: IQCD (QAR13.08) is trading below our estimate of fair value (QAR14.6)

Significantly Below Fair Value: IQCD is trading below fair value, but not by a significant amount.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for IQCD. This is calculated by dividing IQCD's market cap by their current earnings.
What is IQCD's PE Ratio?
PE Ratio	16x
Earnings	ر.ق4.95b
Market Cap	ر.ق79.13b

IQCD 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	5.7x
Enterprise Value/EBITDA	19.2x
PEG Ratio	6.4x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for IQCD 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	10.5x
AHCS Aamal Company Q.P.S.C	13.6x	7.6%	ر.ق5.5b
QIMD Qatar Industrial Manufacturing Company Q.P.S.C	9x	n/a	ر.ق1.2b
MKDM Mekdam Holding Group - Q.P.S.C	12.5x	n/a	ر.ق488.2m
1 CK Hutchison Holdings	6.9x	10.9%	HK$154.4b
IQCD Industries Qatar Q.P.S.C	16x	2.5%	ر.ق79.1b

Price-To-Earnings vs Peers: IQCD is expensive based on its Price-To-Earnings Ratio (16x) compared to the peer average (10.5x).

Price to Earnings Ratio vs Industry

How does IQCD's PE Ratio compare vs other companies in the Asian Industrials Industry?

3 Companies	Price / Earnings	Estimated Growth	Market Cap

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: IQCD is expensive based on its Price-To-Earnings Ratio (16x) compared to the Asian Industrials industry average (13.3x).

Price to Earnings Ratio vs Fair Ratio

What is IQCD'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.

IQCD PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	16x
Fair PE Ratio	16.5x

Price-To-Earnings vs Fair Ratio: IQCD is good value based on its Price-To-Earnings Ratio (16x) compared to the estimated Fair Price-To-Earnings Ratio (16.5x).

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 IQCD 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	ر.ق13.08	ر.ق15.61 +19.3%	8.5%	ر.ق19.00	ر.ق14.00	n/a	12
Nov ’25	ر.ق13.35	ر.ق15.47 +15.9%	9.0%	ر.ق19.00	ر.ق14.00	n/a	12
Oct ’25	ر.ق13.02	ر.ق15.23 +17.0%	9.3%	ر.ق19.00	ر.ق14.00	n/a	12
Sep ’25	ر.ق12.95	ر.ق15.23 +17.6%	9.3%	ر.ق19.00	ر.ق14.00	n/a	12
Aug ’25	ر.ق12.84	ر.ق15.06 +17.3%	9.6%	ر.ق19.00	ر.ق13.90	n/a	12
Jul ’25	ر.ق12.95	ر.ق14.99 +15.8%	9.5%	ر.ق19.00	ر.ق13.70	n/a	13
Jun ’25	ر.ق11.55	ر.ق14.98 +29.7%	9.7%	ر.ق19.00	ر.ق13.50	n/a	13
May ’25	ر.ق12.30	ر.ق15.03 +22.2%	11.1%	ر.ق19.00	ر.ق13.40	n/a	12
Apr ’25	ر.ق12.10	ر.ق15.29 +26.4%	10.5%	ر.ق19.00	ر.ق13.50	n/a	12
Mar ’25	ر.ق12.90	ر.ق15.35 +19.0%	10.3%	ر.ق19.00	ر.ق13.50	n/a	12
Feb ’25	ر.ق12.07	ر.ق15.38 +27.5%	10.6%	ر.ق19.00	ر.ق13.10	n/a	12
Jan ’25	ر.ق13.08	ر.ق15.38 +17.6%	10.6%	ر.ق19.00	ر.ق13.10	n/a	12
Dec ’24	ر.ق12.50	ر.ق15.58 +24.6%	10.3%	ر.ق19.00	ر.ق13.10	n/a	12
Nov ’24	ر.ق12.35	ر.ق15.63 +26.5%	10.7%	ر.ق19.00	ر.ق13.10	ر.ق13.35	11
Oct ’24	ر.ق13.72	ر.ق15.59 +13.6%	10.2%	ر.ق19.00	ر.ق13.10	ر.ق13.02	12
Sep ’24	ر.ق12.36	ر.ق15.48 +25.2%	10.6%	ر.ق19.00	ر.ق13.10	ر.ق12.95	12
Aug ’24	ر.ق13.70	ر.ق15.72 +14.7%	10.3%	ر.ق19.50	ر.ق14.00	ر.ق12.84	12
Jul ’24	ر.ق11.23	ر.ق16.18 +44.0%	13.3%	ر.ق21.00	ر.ق14.00	ر.ق12.95	12
Jun ’24	ر.ق12.00	ر.ق16.51 +37.6%	12.7%	ر.ق21.00	ر.ق14.00	ر.ق11.55	12
May ’24	ر.ق13.08	ر.ق17.41 +33.1%	19.0%	ر.ق25.70	ر.ق14.00	ر.ق12.30	12
Apr ’24	ر.ق13.00	ر.ق18.47 +42.1%	18.7%	ر.ق26.00	ر.ق14.10	ر.ق12.10	12
Mar ’24	ر.ق13.95	ر.ق18.63 +33.5%	19.1%	ر.ق26.00	ر.ق14.10	ر.ق12.90	11
Feb ’24	ر.ق13.80	ر.ق18.88 +36.8%	19.7%	ر.ق26.30	ر.ق14.10	ر.ق12.07	10
Jan ’24	ر.ق12.81	ر.ق19.53 +52.5%	19.4%	ر.ق26.30	ر.ق14.10	ر.ق13.08	9
Dec ’23	ر.ق15.43	ر.ق21.58 +39.8%	22.0%	ر.ق32.90	ر.ق16.00	ر.ق12.50	9
Nov ’23	ر.ق15.83	ر.ق22.06 +39.4%	18.6%	ر.ق32.40	ر.ق16.00	ر.ق12.35	10

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