Ooredoo Q.P.S.C Valuation

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

ORDS (QAR11.8) is trading below our estimate of [[fair value]] (QAR32.81)

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

Valuation Score

5/6

Valuation Score 5/6

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

Below Fair Value: ORDS (QAR11.8) is trading below our estimate of fair value (QAR32.81)

Significantly Below Fair Value: ORDS is trading below fair value by more than 20%.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for ORDS. This is calculated by dividing ORDS's market cap by their current earnings.
What is ORDS's PE Ratio?
PE Ratio	11.5x
Earnings	ر.ق3.27b
Market Cap	ر.ق37.80b

ORDS 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	1.9x
Enterprise Value/EBITDA	5.4x
PEG Ratio	3.8x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for ORDS 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	39.4x
INDUSTOWER Indus Towers	11.5x	1.5%	₹870.8b
TELIA Telia Company	118.6x	24.9%	SEK 124.6b
6823 HKT Trust and HKT	14.2x	5.1%	HK$71.6b
VFQS Vodafone Qatar P.Q.S.C	13.3x	7.5%	ر.ق7.8b
ORDS Ooredoo Q.P.S.C	11.5x	3.0%	ر.ق37.8b

Price-To-Earnings vs Peers: ORDS is good value based on its Price-To-Earnings Ratio (11.5x) compared to the peer average (39.4x).

Price to Earnings Ratio vs Industry

How does ORDS's PE Ratio compare vs other companies in the Asian Telecom Industry?

1 Company	Price / Earnings	Estimated Growth	Market Cap

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: ORDS is good value based on its Price-To-Earnings Ratio (11.5x) compared to the Asian Telecom industry average (15x).

Price to Earnings Ratio vs Fair Ratio

What is ORDS'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.

ORDS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	11.5x
Fair PE Ratio	12.2x

Price-To-Earnings vs Fair Ratio: ORDS is good value based on its Price-To-Earnings Ratio (11.5x) compared to the estimated Fair Price-To-Earnings Ratio (12.2x).

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 ORDS 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.ق11.80	ر.ق13.68 +16.0%	4.1%	ر.ق14.70	ر.ق13.00	n/a	6
Nov ’25	ر.ق11.44	ر.ق13.68 +19.6%	4.1%	ر.ق14.70	ر.ق13.00	n/a	6
Oct ’25	ر.ق11.79	ر.ق13.43 +13.9%	2.5%	ر.ق14.00	ر.ق13.00	n/a	6
Sep ’25	ر.ق10.88	ر.ق13.43 +23.5%	2.5%	ر.ق14.00	ر.ق13.00	n/a	6
Aug ’25	ر.ق10.50	ر.ق13.46 +28.2%	2.8%	ر.ق14.00	ر.ق12.90	n/a	5
Jul ’25	ر.ق10.15	ر.ق13.45 +32.5%	2.8%	ر.ق14.00	ر.ق12.80	n/a	6
Jun ’25	ر.ق9.43	ر.ق13.48 +43.1%	2.4%	ر.ق14.00	ر.ق13.00	n/a	6
May ’25	ر.ق10.20	ر.ق13.57 +33.0%	1.8%	ر.ق14.00	ر.ق13.20	n/a	6
Apr ’25	ر.ق10.50	ر.ق13.57 +29.2%	1.8%	ر.ق14.00	ر.ق13.20	n/a	6
Mar ’25	ر.ق11.37	ر.ق13.57 +19.3%	1.8%	ر.ق14.00	ر.ق13.20	n/a	6
Feb ’25	ر.ق10.51	ر.ق12.80 +21.8%	12.0%	ر.ق14.00	ر.ق9.50	n/a	6
Jan ’25	ر.ق11.40	ر.ق12.83 +12.5%	11.2%	ر.ق14.00	ر.ق9.50	n/a	7
Dec ’24	ر.ق10.29	ر.ق12.52 +21.6%	11.9%	ر.ق14.00	ر.ق9.50	n/a	6
Nov ’24	ر.ق10.00	ر.ق12.52 +25.2%	11.9%	ر.ق14.00	ر.ق9.50	ر.ق11.44	6
Oct ’24	ر.ق10.70	ر.ق12.52 +17.0%	11.9%	ر.ق14.00	ر.ق9.50	ر.ق11.79	6
Sep ’24	ر.ق10.80	ر.ق12.40 +14.8%	11.7%	ر.ق14.00	ر.ق9.50	ر.ق10.88	6
Aug ’24	ر.ق11.58	ر.ق12.13 +4.8%	10.5%	ر.ق13.70	ر.ق9.50	ر.ق10.50	6
Jul ’24	ر.ق10.94	ر.ق11.42 +4.4%	11.4%	ر.ق12.50	ر.ق9.50	ر.ق10.15	6
Jun ’24	ر.ق10.66	ر.ق11.42 +7.1%	11.4%	ر.ق12.50	ر.ق9.50	ر.ق9.43	6
May ’24	ر.ق10.14	ر.ق11.10 +9.5%	10.7%	ر.ق12.50	ر.ق9.50	ر.ق10.20	6
Apr ’24	ر.ق9.39	ر.ق10.94 +16.5%	9.5%	ر.ق12.50	ر.ق9.50	ر.ق10.50	6
Mar ’24	ر.ق9.30	ر.ق10.94 +17.6%	9.5%	ر.ق12.50	ر.ق9.50	ر.ق11.37	6
Feb ’24	ر.ق9.10	ر.ق10.89 +19.7%	9.4%	ر.ق12.50	ر.ق9.50	ر.ق10.51	6
Jan ’24	ر.ق9.20	ر.ق10.89 +18.3%	9.4%	ر.ق12.50	ر.ق9.50	ر.ق11.40	6
Dec ’23	ر.ق9.34	ر.ق10.64 +13.9%	7.1%	ر.ق11.50	ر.ق9.50	ر.ق10.29	6
Nov ’23	ر.ق9.75	ر.ق10.54 +8.1%	6.9%	ر.ق11.60	ر.ق9.50	ر.ق10.00	6

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