Company Valuation: Alinma Retail REIT Fund

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Capitalization 1 874.4 843.7 578.2 553.4 558.1 540.4
Change - -3.51% -31.47% -4.29% 0.85% -3.17%
Enterprise Value (EV) 1 861 822 578.6 599.4 763.7 1,164
Change - -4.53% -29.61% 3.59% 27.42% 52.44%
P/E ratio -5.79x -56.8x -160x -54.1x 68.7x -25.7x
PBR 0.92x 0.9x 0.64x 0.64x 0.67x 0.7x
PEG - 0.6x 2.1x -0x -0x 0x
Capitalization / Revenue 16.1x 14.3x 11.9x 10.7x 2.97x 5.31x
EV / Revenue 15.9x 13.9x 11.9x 11.6x 4.07x 11.4x
EV / EBITDA 39.4x 131x 68.1x 13.2x 5.25x 14.2x
EV / EBIT -84.4x -33.7x -25.3x 79.4x 6.89x 26.2x
EV / FCF 12.4x 42.1x 22.7x 11.4x 5.6x 96.2x
FCF Yield 8.06% 2.38% 4.4% 8.81% 17.8% 1.04%
Dividend per Share 2 - - 0.225 0.3 0.32 0.35
Rate of return - - 4.59% 6.4% 6.77% 7.64%
EPS 2 -1.28 -0.1259 -0.0305 -0.0866 0.0689 -0.178
Distribution rate - - -737% -346% 464% -197%
Net sales 1 54.17 59.05 48.74 51.63 187.7 101.7
EBITDA 1 21.87 6.258 8.494 45.27 145.6 82.04
EBIT 1 -10.2 -24.39 -22.83 7.553 110.9 44.49
Net income 1 -151 -14.86 -3.603 -10.22 8.13 -21.01
Net Debt 1 -13.34 -21.68 0.4096 45.95 205.6 623.8
Reference price 2 7.410 7.150 4.900 4.690 4.730 4.580
Nbr of stocks (in thousands) 118,000 118,000 118,000 118,000 118,000 118,000
Announcement Date 4/6/21 3/31/22 3/30/23 4/1/24 3/27/25 3/31/26
1SAR in Million2SAR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 153M
4.81x9.07x11.33x7.76% 4.07B
18.99x15.37x19.55x5.14% 1.04B
16.29x - - 5.9% 258M
Average 13.36x 12.22x 15.44x 6.26% 1.38B
Weighted average by Cap. 8.10x 10.35x 13.00x 7.16%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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