Alinma Retail REIT Fund Valuation

Q: What is the Fair Price of 4345 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

4345 (SAR4.9) is trading below our estimate of [[fair value]] (SAR30.76)

Is 4345 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-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 4345 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 4345 (SAR4.9) is trading below our estimate of fair value (SAR30.76)

Significantly Below Fair Value: 4345 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 4345?

Key metric: As 4345 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 4345. This is calculated by dividing 4345's market cap by their current revenue.
What is 4345's PS Ratio?
PS Ratio	11.2x
Sales	ر.س51.63m
Market Cap	ر.س579.38m

4345 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	12.1x
Enterprise Value/EBITDA	13.8x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does 4345's PS Ratio compare to its peers?

The above table shows the PS ratio for 4345 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	6.5x
4339 Derayah Financial - Derayah Reit Fund	5x	n/a	ر.س661.2m
4334 Al Maather Reit Fund	9x	n/a	ر.س573.2m
4333 Taleem REIT Fund	8.2x	n/a	ر.س554.9m
4335 Musharaka REIT Fund	4x	n/a	ر.س430.3m
4345 Alinma Retail REIT Fund	11.2x	n/a	ر.س578.2m

Price-To-Sales vs Peers: 4345 is expensive based on its Price-To-Sales Ratio (11.2x) compared to the peer average (6.5x).

Price to Sales Ratio vs Industry

How does 4345's PS Ratio compare vs other companies in the Asian Retail REITs Industry?

1 Company	Price / Sales	Estimated Growth	Market Cap

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: 4345 is expensive based on its Price-To-Sales Ratio (11.2x) compared to the Asian Retail REITs industry average (6.7x).

Price to Sales Ratio vs Fair Ratio

What is 4345's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

4345 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	11.2x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate 4345's Price-To-Sales Fair Ratio for valuation analysis.

Analyst Price Targets

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

Analyst Forecast: Insufficient data to show price forecast.