Company Valuation: Mulkia Gulf Real Estate REIT

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 616.4 670.9 527.8 627.8 564.5 479.4
Change - 8.84% -21.32% 18.93% -10.08% -15.07%
Enterprise Value (EV) 1 947.1 996 1,084 1,090 1,246 1,183
Change - 5.17% 8.82% 0.57% 14.3% -5.03%
P/E 33.8x 22x -4,981x -53.2x 37.3x -16.9x
PBR 0.96x 1.05x 0.88x 0.79x 0.73x 0.68x
PEG - 0.3x 50x -0x -0x 0x
Capitalization / Revenue 8.87x 8.77x 5.5x 5.47x 4.71x 3.68x
EV / Revenue 13.6x 13x 11.3x 9.5x 10.4x 9.09x
EV / EBITDA 19.1x 18.2x 21.2x 20.1x 18.9x 14.5x
EV / EBIT 25.1x 23.4x 32.8x 30.7x 27.6x 20.1x
EV / FCF 129x 34.2x 6.93x -11.7x 42.7x 43.1x
FCF Yield 0.77% 2.92% 14.4% -8.52% 2.34% 2.32%
Dividend per Share 2 0.3 - 0.52 0.43 0.32 0.32
Rate of return 3.31% - 6.71% 7.11% 5.88% 6.93%
EPS 2 0.2678 0.4482 -0.001556 -0.1138 0.1459 -0.2733
Distribution rate 112% - -33,419% -378% 219% -117%
Net sales 1 69.45 76.52 96.01 114.8 120 130.3
EBITDA 1 49.52 54.72 51.01 54.26 65.87 81.51
EBIT 1 37.76 42.5 33.04 35.56 45.2 58.88
Net income 1 18.24 30.53 -0.106 -11.81 15.14 -28.36
Net Debt 1 330.7 325.2 556.1 462.3 681.5 704
Reference price 2 9.050 9.850 7.750 6.050 5.440 4.620
Nbr of stocks (in thousands) 68,109 68,109 68,109 103,766 103,766 103,766
Announcement Date 3/10/21 3/30/22 3/30/23 3/28/24 4/3/25 3/31/26
1SAR in Million2SAR
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 124M
4.96x10.46x12.07x6.94% 4.5B
17.62x14.59x18.46x5.5% 946M
15.07x6.55x - 6.32% 242M
1.51x4.79x8.01x - 216M
Average 9.79x 9.10x 12.85x 6.26% 1.2B
Weighted average by Cap. 7.28x 10.76x 12.98x 6.68%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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