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Aramex likely to keep growing, but fully Consider Buy Economic Moat Stewardship Rating Market Cap
priced for now to offer any upside AED 3 to 3.4 None Standard AED 5.9bn
The Global Courier and Delivery Services (GCDS) is a $250 billion industry often rely on a large fleet of cargo aircraft and as a result depend on large
and consists over 600,000 enterprises worldwide. Operators primarily multinational operators such as UPS and FedEx that have the resources and
provide air, surface or combined express courier delivery services of parcels, hub networks.
documents and packages for businesses and individuals. Soon after the
global economic meltdown of ’08/’09, the industry experienced rapid Surface couriers and messengers (land-based transportation) make up the
expansion as the global economy improved and developed markets largest segment of the industry accounting for ~56% of total revenue.
stabilized. However, the industry has experienced moderate growth over the Packages in this segment are delivered over a longer time period. Most
last 5 years due to low economic activity in developed nations, especially enterprises in this segment operate in single urban markets, providing local
Europe. A large portion of the growth has come from emerging markets delivery services. This is also the most labour intensive section of the
where rising economies increasingly demand courier services. industry.
The industry is in the mature stage of its life cycle as businesses depend on All other services consist of small operators transporting small purchased or
underlying economic growth while focusing on improving operating serviced items including groceries, medicine and prepared food among
efficiencies. Mergers and acquisitions, along with joint ventures, have other things. This segment represents a mere 1% of industry revenue.
become more prominent as companies try to expand their services and gain
access to growing markets.
Banking, government and legal professionals are the largest users of courier
and delivery services in this section, followed by retail and wholesale
businesses. These include businesses in fashion, electronics, consumer
goods and antiques industries. The increasing use of e-commerce has led to
a growth of this segment in the past 5 years.
Households
Other
Europe
The European market is a close second to North America in terms of
revenue generation. Similarly, majority of the enterprises in Europe operate
in the express delivery segment. A key driver of growth in Europe has been
the removal of customs barriers in an expanded European community,
together with growing economies in the Eastern Bloc.
North Asia
It is estimated that Japan represents more than half of industry revenue in
the North Asia region, largely due to its industrialized and developed
economy. The courier industry in Japan is one of the most advanced in the
world, enabling customers to choose a preferred delivery time for a parcel.
South Korea is another major market in North Asia. The high internet
penetration in the country has made online shopping the norm, stimulating
demand for courier service companies. In addition, strong South Korean
manufacturing brands such LG and Samsung have increased exports from
the country that has boosted demand for GCDS operators.
Operating Conditions
Capital Intensity
Capital Intensity for a business in the GCDS industry very much depends Regulation & Policy
on the size of their operations. Smaller entities spend much more on labour The GCDS industry is lightly regulated with standards and regulations set
than on capital investments. Labour expenses include wages and salaries by both national government authorities and industry associations.
paid to driver, pilots, loading crews and administrative staff. Regulation is stricter in developed countries than emerging economies.
For larger operators capital intensity is slightly higher, as they tend Global express carriers who own aircraft fleets have to deal with
to have a large number of vehicles and aircraft that are required to make airspace and aircraft regulations, such as various safety standards and
express domestic and international deliveries. In addition, investment emissions rules.
needed to enter emerging markets has also risen the capital intensity in the
last 5 years.
Technological Change
Technology is a critical part of the operations in the GCDS industry, and a
growing number of operators have been implementing state-of-art
technology to streamline their delivery process, improve data flow and
information access. An example of this is the ability to track a parcel.
That said, the pace at which technology changes is not as rapid as
other tech-heavy industries. Note: all industry data and information is sourced from IBISWorld.
Appendix B - Business overview
Aramex PJSC (ARMX) is an international express, mail delivery and logistics Second, the incumbent competition is too fierce to warrant ARMX’s
services company based in Dubai, UAE. The company was founded by Fadi comparably limited resources.
Ghandour and Bill Kingson in 1982.* The company currently employs
18,000 people, and has 567 offices in 69 countries. (Source: Q3 2017 Aramex
Presentation) The MENA region’s key export continues to be Oil & Gas
commodities. In exchange, the region imports food, other commodities
and finished products from China, the Indian subcontinent and the
Western Hemisphere. ARMX has played a small role as ‘transporter’ and
‘facilitater’ to serve the region’s imports.
Industry segments: ARMX TTM sales were AED 4,556m, of which 62% are
from Express (Courier) Services (domestic and international). ARMX is the
largest shipping company in the MENA region. Additionally, it operates in
the Freight Forwarding (26% of sales) and Logistics (6% of sales) sub-
industries - where it faces formidable competition.
Geographies: 64% of ARMX’s 2016 sales are from the MENA region -
identifying it as a largely ‘Arab’ business. 20% of sales were generated in
Asia - including East, Southeast and South Asia - all regions where ARMX
projects a significant portion of future growth. Another 13% from Europe,
and only a sliver of 3% from North America.
Refraining from expansion in North America is prudent for two reasons. *Aramex. (2018, January 12). In Wikipedia, Retrieved 10:23, February 6, 2018, from
https://en.wikipedia.org/w/index.php?title=Aramex&oldid=819983975
First, N. America’s Transportation and Logistics industries are mature.
Appendix C - Has it created Economic-Value-per-share?
The Berkshire Cow - Measuring Economic-Value Creation Y10 - 2016 About this model
Ticker: ARMX:DFM The Berkshire Cow is our proprietary model
` BV = 2,275
Date: Feb 5th 2018
that attempts to approximate Economic Value
BV/sh = 1.6
Y1 - 2006 1,107 that a business has created (or destroyed)
△BV =
over the past 10 years. This is done by
BV = 1,168 = 0.8
△BV/sh assuming that the economic value created for
BV/sh = 0.8 owners often tracks the change in BV/sh plus
the total cash returned to owners as
buybacks or dividends. We do not aim for
precision here, only an indication of the
quality of a business from the owner’s
Rev/sh = 0.9 Rev/sh = 3.0
perspective.
ROIC = 8% WACC = 11% ROIC = 14%
ΣRe-Investments = 1,870
Milk boxes
IC/sh = 0.88 IC/sh = 1.97
represent NPV of How did ARMX do?
future cash flows
Aramex doubled its BV/sh and returned a
ΣMaint. Capex = ΣD&A = 655
cumulative of AED0.64 purely as dividends to
its owners. Put simply, a AED1 invested in
ΣNOPAT = 2,620
Σ in Non-Cash WC = 180
ΣChanges in Debt, Net = 524 Aramex in 2006 would have grown to
+
ΣGrowth Capex = 897
ΣAfter-Tax Debt Service = (21.4) AED2.8. This is the key take-away.
ΣAcquisitions = 793 ΣFCFE = 1,120
Over ten years, ARMX produced AED 2.6bn
in NOPAT, of which AED 1.9bn was expended
ΣCash Returned = 939 on reinvestments, and a net of AED 0.52bn
ΣDividends ΣBuybacks
= = was raised from debt. AED 1.1bn of Free
939 0 Cash to Equity was produced and AED 939m
was returned to as cash as Dividends to
Economic-Value Creation
owners - and none as buybacks.
Total (in $mm) = BV + ΣCash Returned
Total (in $mm) = 1,107 + 939 = 2,046 Other important assumptions are that
AED1 in BV per share grows to AED2.8 in maintanence capex is equal to depreciation
All figures in AED millions, except per share $Per share = BV/sh + ΣDividend/sh
Per share b= 0.80 + 0.64 = 1.44
Economic-Value per share. and that reinvestments consist of changes-in-
working-capital, growth capex and total
acquisitions.
Appendix D - Financial performance overview
Sales 2,576.2 3,071.6 3,324.8 3,649.5 3,754.7 4,343.2 4,555.7 8% with increase in average prices of services.
YoY change (%) 19.2% 8.2% 9.8% 2.9% 15.7% 4.9%
Observe how COGS as a % of sales remains more or less
unchanged as Sales multiply. This an indication that ARMX
COGS Margin %
is unable to ‘scale’ its costs as it grows. The same can be
seen with SG&A costs.
47.4% 46.1% 45.8% 45.1% 43.3% 44.0%
Notice that EBIT CAGR is 12%, notably higher than Sales
CAGR of 8%. The acceleration in EBIT is as a result of
Operating Income
(EBIT) 254.9 295.9 348.6 382.5 375.8 457.2 510.4 12% lower fuel costs - not better cost management.
YoY change (%) 16.1% 17.8% 9.7% (1.8)% 21.7% 11.6%
EBIT margin 9.9% 9.6% 10.5% 10.5% 10.0% 10.5% 11.2%
ARMX’s average Tax rate has risen over the years, leading
NOPAT 237.4 269.3 316.3 345.9 338.9 402.1 435.4 10% to slower NOPAT CAGR.
NOPAT Margin 9.2% 8.8% 9.5% 9.5% 9.0% 9.3% 9.6%
Net Income 211.5 244.1 278.0 318.4 311.3 426.6 411.0 11%
Net Margin 8.2% 7.9% 8.4% 8.7% 8.3% 9.8% 9.0%
ROIC 11.3% 11.9% 14.6% 15.3% 13.8% 14% ROIC has been in the range of 12-15%.
Invested Capital (in mm) 1623.2 1751.8 1647.3 1733.7 1843.1 2204.3
Operating Leases 471.6 503.7 524.4 530.1 605.0 677.1
Table 2 - Geographic segment analysis
Sales FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
by Geography (AED
Commentary
millions) 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016
Europe has shown small potential for growth as ARMX has made no
Europe acquisitions here, likely as a result of DP-DHL’s dominating presence
500.6 526.4 588.3 544.8 563.9 in this region.
% of total Sales 16% 16% 16% 15% 13%
North America makes up a tiny piece of the puzzle. UPS and FedEx in
North America the shipping space, and Expeditors and CH Robinson’s Logistics
66.3 51.1 67.0 110.9 118.0 market shares are best not challenged.
% of total Sales 2% 2% 2% 3% 3%
Appendix E - Does it stand out?
ARMX’s multi-segment and multi-geography nature yields a variety of competitors. The most formidable regional competitors include large and small logistics and
freight-forwarding companies. International competitors include huge multinationals operating in shipping and logistics. Table 3 below details the nature of key
competitors.
Commentary on Table 3: Although difficult to draw conclusions from Gross Margins, one can see that the shipping business demands notably more man-hours
compared to the Freight and Logistics. Businesses that are exclusively in the Freight & Logistics (namely ARMX’s MENA comps) business have lower SGA
expenses and consequently higher EBIT margins. The three giant International players are heavily involved in shipping and their expense ratios and profit
margins reflect this. ARMX falls somewhere in the middle, with its heavy tilt on express shipping, but noteworthy emphasis on Freight.
ROIC is another matter altogether. Since Invested Capital says much about Capital Allocation and Capital Structuring decisions made my management, it is by no
means assured that high margins lead to high return on invested capital. It is worth noting that in this crucial metric, ARMX performs better than all its competitors
as of 2016.
Table 3 - Comparisons with key competitors
ARAMEX 55% 26% 10.5% 109 785 14% 18,000 $65,062 UAE
KGL 55% 11% 17.5% 24 373 6% Unknow Unknown Kuwait Warehousing, freight, logistics is 65% of this business. The rest is leasing, food
n supply and stevedoring. No express shipping business here.
GWC 36% 11% 27% 64 817 8% 2,200 $104,261 Qatar Logistics and Freight forwarding only.
DP-World 52% 15% 40% 1,585 24,592 6% 36,500 $114,055 UAE Logistics and Freight forwarding only. This business is 30 times larger than
ARMX.
Agility 35% 27% 6.7% 246 3,425 7% 22,700 $181,567 Kuwait 75% Logistics, 25% Infrastructure Services
UPS 76% 56% 8.8% 3,813 44,873 8% 434,000 $117,512 USA 85% of sales are its Express shipping. Only 11% is SupplyChainLogistics, and 4%
freight.
FED EX 63% 36% 8% 3,286 47,613 7% 400,000 $150,750 USA Close to 80% of sales are from domestic & international Express and Ground
shipping. Freight, Supply Chain Logistics amount to 20%.
TNT Express is wholly owned by FedEx - which has notable presence in the GCC.
DHL 47% 34% 5.2% 3140 27,268 12% 500,000 $143,161 Germany
Appendix F - DCF Valuation
Commentary on Table 5: There is evidence that ARMX ARMX contributes to a tiny share of the industry in By 2022, we expect ARMX sales to be approx. AED
will continue its growth trajectory outside of its home- absolute terms.
7.7bn - with International & Domestic Express
base MENA region - with a special emphasis on North
amounting to two-thirds of sales, Freight playing a
and South Asian economies. This is in line with the We project that segment sales will track past trends, lesser role at 16%, and Logistics at 8%.
expected growth of the global industry.
albeit grow at slower rates given increasing competition
Table 5 is a sub-industry breakdown showing that most and ARMX’s increasing expense ratio as it becomes a Note: Projections exclude exchange rate impact.
of ARMX’s growth has been driven by its Express larger business. (see Projected CAGR column for
Services business, combining international and details)
domestic. Although Logistics has a high CAGR of 19%,
International
837 969 1,057 1,228 1,387 1,687 1,897 15% 42% 14.5% 3,320 43%
Express
Freight
1,073 1,169 1,235 1,244 1,203 1,131 1,126 1% 25% 1.0% 1,189 16%
Forwarding
Domestic
373 593 645 755 729 981 997 21% 22% 16.0% 2,060 27%
express
Logistics 111 138 170 198 206 265 259 19% 6% 18.0% 606 8%
Publications
28 26 20 10 10 10 9 -19% 0% 0.0% 10 0%
and distribution
Others 154 177 198 209 219 269 268 12% 6% 12.0% 474 6%
ARMX TOTAL 2,576 3,072 3,325 3,644 3,754 4,343 4,556 11.0% 7,659
ARMX
Projected 11%
CAGR
Table 4 - ARMX Sub-Industry Segment Gross margins from 2011-2016
2011 gross 2012 gross 2013 gross 2014 gross 2015 gross 2016 gross Table 4 sheds some more light on segment-specific
margins margins margins margins margins margins
profitability within ARMX. Note that Logistics and
Int. Express 65% 66% 67% 66% 68% 69% ‘Other’ segments are far more profitable compared
Freight 27% 26% 27% 27% 27% 28% to Shipping and Freight. Could it be wise for ARMX
Forwarding to emphasize its Logistics business in the future?
Domestic 76% 71% 69% 68% 68% 53%
express
Aramex - Numbers & Narrative
Assumptions (Base- Assumptions (Best- Link to Narrative
case) case)
From 2011 to 2016, ARMX sales grew from AED 2.5bn to 4.5bn, a difference of AED 2bn, or 11% CAGR.
8%
11%
We see one of two scenarios unfolding for ARMX. The range in these drivers is what constitutes to the
range in Intrinsic Value.
Sales growth CAGR 2017-2022
Absolute sales grow to Absolute sales grow to
Our base-case scenario is that gIven the industry growth discussed earlier and the management’s plan of
~AED 6.5bn in 2022 ~AED 7.5bn in 2022
growth in Asian emerging economies - sales grow by AED 2bn over the next 5 years - or a CAGR of 8%.
Scenario B is best-case, where ARMX surpasses expectations, acquires new businesses in fast-growing
North Asian markets such as Japan & SouthKorea, and grows by AED 3bn - or a CAGR of 11%.
Terminal Sales growth CAGR Beyond 2022, the model assumes that the business grows at the same rate as
2.4% 2.4%
risk-free rate.
EBIT margin 2017-2022 ARMX has kept EBIT margin tightly held at around 10%; we assume it will continue to do so in the near
10% 10%
future.
Tax rate
TTM tax rate is assumed in the model. Though we believe this is a problem area given that ARMX’s
14% 14% historically keeps rising year-on-year. We are unsure how to project this with more accuracy. This is one of
the reasons the KIP process demand a MarginOfSafety on the IV/sh range.
WACC 2017-2022 The geographic distrubution of revenues and Debt-to-Equity ratio yields a current WACC of 11%. We
11% 11%
assume this for the high-growth period of 2018-2022.
WACC Steady State 9% 9% As for steady-state (terminal), the model assumes 9%.
The resulting range of IV/sh is 4.1 to 4.5. At today’s price of AED 4.1, the stock is either fairly
valued, or undervalued by 9%.
Intrinsic Value AED4.10 AED4.50
Given the uncertainty profile of ARMX, we recommend a 25% margin-of-safety on the stock
price. As such, the recommended buy-target range is AED 3 to AED 3.4.
Appendix G - Total Shareholder Return (TSR)
Cumulative Dividend Gain in 2022 AED1.01 AED1.01 ARMX has only returned cash to shareholders via
dividends, and the dividend growth rate for the last 5 years
has been 4%.
We assume the same growth rate up to 2022.
Appendix H - Investor Express by evaDimensions
Working Capital
Surplus
10 4
Cash
Other
8 PV Rents 3
Debt & FVA
PV Rent
billion (AED)
billion (AED)
MVA
6 2
Net PP&E
Market
CVA
Value Intangible Capital
4 1
Common
Market Goodwill (Adj.)
Cap
2 Capital 0
Other
0 -1
Go ARMX DB hkothari_1
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Summary PRVit EVA Estimates Value Metrics Value & Capital Components EVA Income Statement Projection Model Cost of Capital Data Snapshot Company Description
ARAMEX PJSC - ARMX DB evaDimensions Value Metrics
View Data in US Dollars Currency in: Arab Emirates Dirham (AED)
United Arab Emirates, Middle East and Africa TransportaHon | Mkt Cap: 6.3 إ.دB | Share Price: 4.30 إ.د 13-Jul-18
EVA Margin
5,000 50.0% 10.0%
0 30.0% 0.0%
FVA Future Value Added MVA-CVA Current Value Added CVA (EVA/COC) Capital Future Growth Reliance = FVA / Market Value (left) EVA Margin (right)
Market Value
Market Implied Momentum vs. Share Price Market Implied Momentum vs. EVA Momentum
6.0% 6.0 10.0%
Market Implied Momentum
EVA Momentum
12-31-2004: 1.6%
4.0% 4.0 0.0%
Absolute Stock Performance (right) Market Implied Momentum (left) Market Implied Momentum EVA Momentum
EVA Spread
MVA (AED)
200.0%
EVA (AED)
4,000 50
0.0% 2,000 0
-200.0% 0 -50
12/2003 12/2005 12/2007 12/2009 12/2011 12/2013 12/2015 12/2017
MVA Spread
-2,000 -100
12/2003 12/2005 12/2007 12/2009 12/2011 12/2013 12/2015 12/2017
ARMX DB's strong return on capital and its impressive EVA profit trend combine for a strong, 70th percenBle P score against
Performance all global companies.
2013TFQ1 2014TFQ1 2015TFQ1 2016TFQ1 2017TFQ1 2018TFQ1 12-Jul-18 Average Trend
1 Sales 863.00 919.00 1,015 1,077 1,203 1,308 1,308 1,064
2 EBITDAR (EBITDA+Rent+R&D+Ad+Etc) 127.00 142.00 163.00 162.00 201.00 243.00 243.00 173.00
3 NOPAT (Net OperaBng Profit AVer Tax) 49.00 57.00 72.00 76.00 90.00 104.00 104.00 75.00
4 Capital (Net OperaBng Assets) 702.00 693.00 692.00 924.00 969.00 1,146 1,146 854.00
5 Return on Capital (ROC) (NOPAT/Capital) 7.4% 8.4% 10.2% 9.8% 9.6% 9.9% 9.9% 9.2%
6 Cost of Capital (COC) 7.5% 8.2% 9.5% 9.6% 8.9% 7.8% 7.8% 8.6%
7 EVA (ROC-COC) x Capital) -1.00 1.00 4.00 2.00 6.00 22.00 22.00 6.00
9 EVA Spread (EVA/Capital = ROC-COC) -0.1% 0.2% 0.6% 0.2% 0.7% 2.1% 2.1% 0.6%
10 EVA Margin (EVA/Sales) -0.1% 0.1% 0.4% 0.1% 0.5% 1.7% 1.7% 0.5%
11 EBITDAR Margin (EBITDAR/Sales) 14.7% 15.5% 16.0% 15.1% 16.7% 18.6% 18.6% 16.1%
12 Sales Growth 16.3% 6.4% 10.5% 6.1% 11.8% 8.7% 8.7% 10.0%
13 EVA Momentum (ΔEVA/Sales) -0.1% 0.2% 0.4% -0.3% 0.5% 1.3% 1.3% 0.3%
14 EVA Momentum (ΔEVA/Capital) -0.1% 0.3% 0.5% -0.4% 0.6% 1.6% 1.6% 0.4%
15 3 Year Trend (ΔEVA/Capital) 0.2% 0.1% 0.2% 0.2% 0.2% 0.7% 0.7% 0.3%
16 Last Quarter (ΔEVA/Capital) 0.1% 0.9% 0.3% 0.1% 0.2% 0.1% 0.1% 0.3%
P Performance Score 40.00 57.00 72.00 51.00 62.00 69.00 70.00 59.00
P1 Profitability Score 48.00 52.00 62.00 58.00 58.00 64.00 66.00 57.00
P2 Trend Score 35.00 57.00 72.00 40.00 60.00 62.00 63.00 54.00
ARMX DB's highly stable returns are betrayed by its weak financial condiBon, resulBng in a low, 36th percenBle R score
Risk against all global companies.
2013TFQ1 2014TFQ1 2015TFQ1 2016TFQ1 2017TFQ1 2018TFQ1 12-Jul-18 Average
1 Free Cash Flow (FCF) -32.00 67.00 72.00 -156.00 46.00 -74.00 -74.00 -13.00
2 Op Cash GeneraBon (OCG) 74.00 99.00 105.00 128.00 157.00 139.00 139.00 117.00
3 Excess Cash Per Share 0.09 0.11 0.10 0.11 0.11 0.10 0.10 0.10
4 Equity Risk Index 0.98 1.04 1.09 1.10 1.11 1.16 1.16 1.08
5 Stock Price VolaBlity 20.0% 25.0% 27.0% 27.0% 28.0% 21.0% 24.0% 25.0%
6 EVA Margin Variability 0.5% 0.6% 0.8% 0.8% 1.2% 1.2% 1.2% 0.8%
7 FCF GeneraBon (FCF/Capital) -5.0% 10.0% 10.0% -20.0% 5.0% -7.0% -7.0% -1.0%
8 OCG Return (OCG/Gross LT Capital) 19.0% 23.0% 24.0% 25.0% 24.0% 18.0% 18.0% 22.0%
9 Total Debt/Total Capital 31.0% 30.0% 26.0% 43.0% 49.0% 44.0% 44.0% 37.0%
R Risk Score 12.00 3.00 23.00 23.00 41.00 38.00 36.00 23.00
R1 Variability 1.00 3.00 10.00 4.00 16.00 7.00 9.00 7.00
R2 Vulnerability 48.00 23.00 55.00 61.00 73.00 79.00 74.00 57.00
Value ARMX DB's high valuaBon compared to book value, earnings and cash flow combine for a high, 79th percenBle V score against
all global companies.
2013TFQ1 2014TFQ1 2015TFQ1 2016TFQ1 2017TFQ1 2018TFQ1 12-Jul-18 Average
1 Share Price 0.61 0.90 0.94 0.92 1.35 1.20 1.17 0.99
2 Total Shareholder Return 25.8% 51.8% 8.4% 2.0% 55.1% -11.1% -16.4% 22.0%
3 Equity Value 893.00 1,315 1,379 1,351 1,973 1,754 1,714 1,444
4 Market Value (MV) 1,279 1,705 1,801 2,046 2,805 2,682 2,642 2,053
5 Capital 702.00 693.00 692.00 924.00 969.00 1,146 1,146 854.00
6 Market Value Added (MVA) (MV - Capital) 577.00 1,012 1,109 1,122 1,836 1,536 1,496 1,198
7 Current Value Added (CVA) (EVA/COC) 13.00 43.00 81.00 59.00 118.00 343.00 343.00 110.00
8 Future Value Added (FVA) (MVA - CVA) 564.00 970.00 1,028 1,062 1,717 1,193 1,153 1,089
9 MVA Spread (MVA/Capital) 82.0% 146.0% 160.0% 121.0% 190.0% 134.0% 130.0% 139.0%
10 MVA Margin (MVA/Sales) 67.0% 110.0% 109.0% 104.0% 153.0% 117.0% 114.0% 110.0%
11 EBITDAR MulBple (Ent Value/EBITDAR) 10.10 12.00 11.10 12.70 14.00 11.10 10.90 11.80
12 NOPAT MulBple (MV/NOPAT) 25.90 29.80 25.20 26.90 31.10 25.70 25.40 27.40
13 Future Growth Reliance (FVA/MV) 44.0% 57.0% 57.0% 52.0% 61.0% 44.0% 44.0% 53.0%
14 Market-Implied Momentum (ΔEVA/Sales) 0.6% 1.2% 1.3% 1.2% 1.7% 0.9% 0.8% 1.1%
V ValuaGon Score 60.00 70.00 69.00 67.00 77.00 80.00 79.00 71.00
V1 Wealth RaBos 55.00 66.00 65.00 64.00 74.00 78.00 77.00 67.00
V2 Wealth MulBples 58.00 68.00 66.00 62.00 75.00 73.00 71.00 67.00
PRVit
2013TFQ1 2014TFQ1 2015TFQ1 2016TFQ1 2017TFQ1 2018TFQ1 12-Jul-18 Average
1 Intrinsic Value Score (P-R) 57.00 78.00 82.00 62.00 64.00 72.00 74.00 69.00
2 PRVit Global Score 47.00 58.00 66.00 44.00 35.00 41.00 45.00 48.00
3 Industry Average Adjustment -11.00 -12.00 -12.00 -6.00 -7.00 -8.00 -6.00 -9.00
4 Country Average Adjustment 7.00 -11.00 -12.00 -5.00 -3.00 -9.00 -3.00 -6.00
5 PRVit Prime Score 50.00 91.00 94.00 72.00 50.00 69.00 63.00 71.00
6 PRVit PRime Score vs Sub-Sector 50.00 92.00 95.00 70.00 50.00 68.00 63.00 71.00
7 PRVit Prime Score vs Country 50.00 85.00 87.00 75.00 50.00 65.00 58.00 69.00
ARAMEX PJSC - ARMX DB evaDimensions EVA Income Statement
ARMX DB - EVA Income Statement Transporta=on Mkt Cap: 6.3 إ.دB Share Price: 4.30 إ.د 12-Jul-18
Fiscal Period: 2009TFQ1 2010TFQ1 2011TFQ1 2012TFQ1 2013TFQ1 2014TFQ1 2015TFQ1 2016TFQ1 2017TFQ1 2018TFQ1 2019TFQ1 2020TFQ1 2021TFQ1 2022TFQ1 2023TFQ1
Period Ending: 3/31/09 3/31/10 3/31/11 3/31/12 3/31/13 3/31/14 3/31/15 3/31/16 3/31/17 3/31/18 3/31/19 3/31/20 3/31/21 3/31/22 3/31/23
Consensus Es=mate
Sales 2,049إ.د 2,226إ.د 2,277إ.د 2,727إ.د 3,172إ.د 3,374إ.د 3,728إ.د 3,955إ.د 4,420إ.د 4,805إ.د 5,219إ.د 5,704إ.د 6,118إ.د 6,440إ.د 6,783إ.د
Sales Growth Rate (y-o-y) 9.1% 8.7% 2.3% 19.8% 16.3% 6.4% 10.5% 6.1% 11.8% 8.7% 8.6% 9.3% 7.3% 5.3% 5.3%
COGS (Adjusted) 46.0% 38.1% 44.2% 44.9% 44.6% 43.9% 42.7% 41.8% 41.9% 43.8% 43.9% 43.7% 43.7% 43.9% 44.1%
SG&A (Adjusted) 39.4% 47.1% 40.0% 39.9% 40.7% 40.6% 41.3% 43.2% 41.4% 37.6% 37.7% 37.5% 37.5% 37.6% 37.8%
EBITDAR Margin 14.7% 14.8% 15.8% 15.3% 14.7% 15.5% 16.0% 15.1% 16.7% 18.6% 18.4% 18.9% 18.8% 18.5% 18.1%
Working Capital Charge 3.6% 2.8% 3.1% 3.0% 2.8% 3.2% 3.7% 3.9% 3.2% 2.9% 2.8% 2.8% 2.8% 2.8% 2.8%
PP&E Charge 11.0% 9.9% 10.3% 10.1% 10.5% 11.2% 11.3% 12.3% 13.8% 13.7% 13.1% 12.8% 12.7% 12.7% 12.6%
EVA From Opera=ons Margin 0.1% 2.1% 2.4% 2.2% 1.4% 1.1% 1.0% -1.2% -0.3% 2.1% 2.6% 3.3% 3.3% 3.0% 2.7%
Intangible Capital Charge 0.1% 0.1% 0.1% 0.2% 0.3% 0.2% 0.3% 0.5% 0.8% 0.9% 0.8% 0.8% 0.8% 0.8% 0.8%
EVA Before Tax Margin 0.0% 2.0% 2.3% 1.9% 1.2% 0.9% 0.7% -1.6% -1.1% 1.2% 1.8% 2.5% 2.5% 2.2% 1.9%
EVA AUer Tax Margin 1.9% 2.9% 3.4% 3.1% 2.6% 2.9% 3.3% 2.6% 2.6% 3.4% 3.6% 3.8% 3.9% 3.8% 3.6%
Other EVA -0.3% -0.3% -0.4% -0.4% -0.4% -0.4% -0.2% 0.2% 0.2% 0.0% 0.0% 0.1% 0.1% 0.2% 0.2%
EVA Excluding Goodwill & Special Items Margin 1.6% 2.6% 3.0% 2.7% 2.2% 2.5% 3.1% 2.8% 2.8% 3.4% 3.6% 3.9% 4.0% 3.9% 3.9%
Goodwill & Cum Unusual Items Charge 3.9% 3.4% 3.2% 2.8% 2.4% 2.4% 2.7% 2.7% 2.3% 1.8% 1.7% 1.8% 1.8% 1.8% 1.8%
EVA Margin -2.3% -0.8% -0.2% -0.1% -0.2% 0.1% 0.4% 0.1% 0.5% 1.6% 1.9% 2.2% 2.2% 2.2% 2.1%
EVA -47 -18 -6 -2 -5 3 16 5 22 78 98 124 137 139 140
ΔEVA 23 29 12 3 -3 8 13 -11 17 56 20 27 13 2 1
EVA Momentum (ΔEVA/Trailing Sales) 1.2% 1.4% 0.5% 0.1% -0.1% 0.3% 0.4% -0.3% 0.4% 1.3% 0.4% 0.5% 0.2% 0.0% 0.0%
Produc=vity Gains (ΔEVA Margin) 1.4% 1.5% 0.6% 0.2% -0.1% 0.3% 0.3% -0.3% 0.4% 1.1% 0.3% 0.3% 0.1% -0.1% -0.1%
Profitable Growth (Sales Growth Rate x EVA Margin) -0.2% -0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.1% 0.1% 0.2% 0.2% 0.2% 0.1% 0.1%
Indicates a rela-vely high profit or low cost value for that line item Red indicates a rela-vely low profit or high cost value for that line item
ARAMEX PJSC ‐ ARMX DB evaDimensions Projec on Model
View Data in US Dollars Currency in: Arab Emirates Dirham (AED)
1.53إ.د
EVA Momentum & EVA Margin
Absolute Stock Performance
11.8 1.6 1.6
Sales Growth 11.1 1.5 1.5
EVA Margin
10.5 1.4
10.0 9.9
9.6 1.3
8.7 8.9
‐64% 6.4
6.1
versus Market Price of 4.30 إ.د 0.5
0.4
0.1 0.1
PRVit Target Return 5.3%
ARMX DB
(P(70)‑R(36)=74th Percentile)
EVA Drivers
HUBG
9375 JP
Sales Growth
% of Sales
ATSG AAWW
600057 CH
Add Ticker:
ARAMEX PJSC ‐ ARMX DB evaDimensions Cost of Capital
Low‐‐‐‐‐‐‐‐‐‐‐‐‐Detail Level‐‐‐‐‐‐‐‐‐‐‐‐‐‐High Annual Trailing 4‐Quarters Methodology
View Data in US Dollars Currency in: Arab Emirates Dirham (AED)
1 2 3 4 5 6 7
Big-5 OPENERS:
Yes. It’s mostly a shipping, freight, logistics business. It moves goods for businesses and individuals, and it
Can I define the business in one sentence? Is it simple to understand and to describe?
smoothens the process of moving those goods for a fee.
Are the products/services consistent and dependable? Do they change a lot? Yes. They don’t change often.
Since 1982. Yes, it follows long-term cycles of commodities like oil and economic booms/bust. Not cyclical in
How long has the business been around? Has it seen a cycle(s)?
the short term.
Likely, yes. Not a fad. The nature of shipping is hard to change. Globalization and transactions will only
Will it be around after 5 years? After 10 years? Is it a fad? Is it prone to obsolescence?
multiply. ARMX services are not prone to obsolescence.
Does this business ADD or EXTRACT value from its customers? It adds value. Shipping is probably a small portion of operating expenses for most clients.
Yes. To the extent that most businesses are. Currency impact weighs heavy on ARMX as it becomes an
Is it vulnerable to externalities like: Govt. Regulations, Unions, Currency, Macro-Economy events, War
increasingly international business. Regulations for what can and cannot be shipped apply. So does the
Earnings TRENDS (all figures in AED millions except per sh.) y5 Next Earnings Release on: 4-May-17
Report Date 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16
Fiscal Year-End 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 5yr Med 10yr Med
Revenue 1363.8 1783.8 2080.0 1960.8 2212.0 2576.2 3071.6 3324.8 3649.5 3754.7 4343.2 4721.0 3649.5 2576.2
YoY change (%) 30.8% 16.6% (5.7)% 12.8% 16.5% 19.2% 8.2% 9.8% 2.9% 15.7% 8.7% 11.0% 12.3% CAGR%
Operating Income (EBIT) 108.2 143.0 175.2 205.9 229.7 254.9 295.9 348.6 382.5 375.8 521.4 553.0 375.8 254.9
YoY change (%) 32.2% 22.5% 17.5% 11.5% 11.0% 16.1% 17.8% 9.7% (1.8)% 38.8% 6.1%
NOPAT 104.0 134.0 164.9 195.1 215.6 237.4 269.3 316.3 345.9 338.9 458.6 469.2 338.9 237.4 14.1%
Net Income (Earnings) 95.2 121.6 147.3 184.3 204.1 211.5 244.1 278.0 318.4 311.3 426.6 435.4 311.3 211.5
Operating CashFlow(CFFO) 78.7 142.0 233.6 263.1 244.8 260.3 365.1 434.0 456.0 461.5 612.8 508.2 461.5 399.5
Free Cash to Equity (FCFE) 6.2 17.7 (9.6) 13.5 5.3 11.5 (106.2) 143.8 (15.8) 201.0 254.9 477.7 516.1
Costs %
COGS Margin % 54.6% 53.2% 50.1% 43.5% 46.2% 47.4% 46.1% 45.8% 45.1% 43.3% 44.0% 45.9% 45.1% 46.1% Median
Gross Margin % 45.4% 46.8% 49.9% 56.5% 53.8% 52.6% 53.9% 54.2% 54.9% 56.7% 56.0% 54.1% 54.9% 53.9%
SG&A % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 24.2% 26.3% 26.4% 25.0% 24.2% 0.0%
R&D % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other %
Earnings %
EBIT Margin % 7.9% 8.0% 8.4% 10.5% 10.4% 9.9% 9.6% 10.5% 10.5% 10.0% 12.0% 11.7% 10.5% 10.0% Median
Net Income Margin % 7.0% 6.8% 7.1% 9.4% 9.2% 8.2% 7.9% 8.4% 8.7% 8.3% 9.8% 9.2% 8.4% 8.3%
Owners Earnings FCF %
Dividend Yield % 3.8% 0.0% 0.0% 0.0% 3.6% 2.8% 5.0% 3.8% 4.5% 4.7% 3.9% 4.5% 3.8% Median
Fiscal Year-End 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Assets(AV) 1512.4 1674.8 1845.3 2058.2 2286.5 2492.8 2715.2 2985.8 3207.2 3445.4 3974.2 4404.1 1.6x 2.6x
Shareholder's equity (BV) 1167.5 1310.6 1436.5 1623.8 1805.6 1896.1 2046.1 2126.8 2189.6 2199.8 2274.5 2519.1 1.2x 1.9x
YoY change (%) 12.3% 9.6% 13.0% 11.2% 5.0% 7.9% 3.9% 2.9% 0.5% 3.4% 10.8% 0.7x
Intangible+Goodwill (FIGURE
THIS OUT USING NOTES)
as % of BV 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Tangible BV per sh 0.80 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
YoY change (%) (100.0)% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
BV per sh 0.80 0.90 0.98 1.11 1.23 1.30 1.40 1.45 1.50 1.50 1.55 1.72 1.2x 1.9x
YoY change (%) 12.3% 9.6% 13.0% 11.2% 5.0% 7.9% 3.9% 2.9% 0.5% 3.4% 10.8% 3.7% 6.9% CAGR%
ROE 8.7% 10.0% 10.9% 12.3% 12.1% 11.6% 12.6% 13.5% 15.0% 14.4% 19.3% 17.3% 13.5% 12.2% Median
Net Margin* 7.0% 6.8% 7.1% 9.4% 9.2% 8.2% 7.9% 8.4% 8.7% 8.3% 9.8% 9.2%
Asset Turnover 0.90 1.07 1.13 0.95 0.97 1.03 1.13 1.11 1.14 1.09 1.09 1.07
Leverage (Assets/Equity) 1.30 1.28 1.28 1.27 1.27 1.31 1.33 1.40 1.46 1.57 1.75 1.75
Operating Leases 298.2 337.8 342.2 343.4 446.9 471.6 503.7 524.4 530.1 605.0 677.1 793.5 7.5% 8.5%
2006-2009 Op Leases are derived
35% 29% 29% 32% 31% 33% 31% 33% 1.1%
ROIC (Excl. Op Leases) 10.4% 11.9% 14.4% 17.0% 16.9% 14.6% 15.4% 19.2% 19.9% 18.4% 18.0% 4.2% 5.6%
Invested Capital (IC) per sh 0.88 1.00 1.01 1.02 1.17 1.43 1.54 1.48 1.55 1.67 1.97 2.18 6.6% 8.3% CAGR%
YoY change (%) 13.3% 1.3% 0.4% 15.4% 21.9% 7.7% (3.7)% 4.2% 8.1% 17.7% 1.3x 2.2x
Median
Re-Investment Value Drivers - % for each $1 increase in Sales these need to be re-checked 5yr 10yr
Non-Cash W.Cap ReInv % 11.2% 1.5% 7.4% 15.2% 14.9% 0.6% (6.1)% 11.1% 52.6% (5.7)% 2.6% 6.1%
Growth Capex Re-Inv % 14.8% 17.8% (5.5)% 40.1% 29.3% 33.5% (3.8)% 8.5% 180.7% 33.0% 32.1% 30.1%
Acquisitions Re-Inv % 0.0% 0.0% (28.2)% 9.7% 60.0% 0.0% 0.0% 46.8% 31.9% 56.2% 29.2% (26.6)%
Total Re-Investments % 37.1% 39.8% (3.4)% 84.2% 113.5% 50.7% 7.6% 82.9% 279.1% 101.4% 63.9% 9.5% Totals
Red-Flags y1 y5 y10
Fiscal Year-End 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 5yr 10yr
Acquisition/Divestiture, Net 0.0 0.0 0.0 (33.6) (24.4) (218.6) 0.0 0.0 (152.0) (33.6) (331.0) (9.4) (516.6) (793.2) Totals
One-time Charges Average
Sale of PP&E 2.5 0.8 1.7 2.9 1.8 2.4 4.6 3.1 3.3 3.5 18.6 5.2
Total Receivables, Net 261.7 319.2 346.3 349.1 404.0 499.7 583.5 603.9 686.7 731.2 754.4 934.2
as % of Total Sales 19.2% 17.9% 16.6% 17.8% 18.3% 19.4% 19.0% 18.2% 18.8% 19.5% 17.4% 19.8%
Long-Term Debt 13.4 14.7 15.8 6.5 6.5 9.6 12.4 128.1 97.3 228.6 361.8 293.3
as % of Total Capital 1.3% 1.3% 1.4% 0.6% 0.5% 0.6% 0.7% 7.8% 5.6% 12.4% 16.4% 12.2%
Interest Coverage
Operating Leverage(DOL) 1.05x 1.36x (3.06x) 0.90x 0.67x 0.84x 2.16x 1.00x (0.61x) 2.47x 0.84x 0.90x Median
Change
Others y1 y5 y10
Fiscal Year-End 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 5yr 10yr
Cash Taxes on EBIT 4.4 9.5 10.6 11.4 14.9 17.8 26.7 32.1 36.8 36.7 60.9 80.1
Tax Rate (% of EBT) 3.9% 6.3% 5.9% 5.2% 6.1% 6.9% 9.0% 9.2% 9.6% 9.8% 12.0% 15.2% 9.6% 6.9% Median
Depreciation & Amort. 24.0 35.6 43.9 45.7 48.7 55.3 72.8 80.6 81.5 86.9 104.3 109.0 426.1 655.4 Totals
as % of Assets 1.6% 2.1% 2.4% 2.2% 2.1% 2.2% 2.7% 2.7% 2.5% 2.5% 2.6% 2.5%
Capital Expenditures 55.3 97.8 96.6 52.3 149.4 162.0 238.5 71.0 109.0 277.0 298.5 172.8 994.0 1552.1 Totals
as % of CFFO 70.3% 68.9% 41.4% 19.9% 61.0% 62.2% 65.3% 16.4% 23.9% 60.0% 48.7% 34.0%
Average
Totals
Totals
Cash Returned to Owners 0.0 16.5 0.0 0.0 0.0 109.8 73.2 146.4 168.4 205.0 219.6 234.3 812.6 938.9 Totals
Payout Ratio % 0.0% 12.3% 0.0% 0.0% 0.0% 46.2% 27.2% 46.3% 48.7% 60.5% 47.9% 49.9% 47.0% 35.1% Totals
Inventories 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
as % of Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Cash Conv. Cycle (days) (3) 9 19 14 16 15 24 26 25 29 18 average??
Days Sales Out (DSO) 55 59 59 65 62 64 65 65 65 69 63
Days Inventory Out (DIO) 0 0 0 0 0 0 0 0 0 0 0
Days Payable Out (DPO) 58 51 40 51 46 49 40 39 40 40 44
∆ Non-Cash Working Capital (66.8) (46.8) (4.4) 8.8 (38.1) (54.3) (3.0) 15.3 (35.9) (55.3) 33.4 (45.4) (180.3) Totals
Price on Report Date AED1.80 AED2.28 AED0.72 AED1.43 AED2.08 AED1.80 AED2.00 AED3.04 AED3.10 AED3.16 AED4.07 AED4.26 17.7% 8.5% CAGR%
Enterprise Value AED2,462 AED3,153 AED757 AED1,610 AED2,510 AED2,362 AED2,634 AED3,971 AED4,083 AED4,270 AED5,888 AED6,120
EV/NOPAT 24 24 5 8 12 10 10 13 12 13 13 13
ƩNet Increases in Debt 1.0 6.1 (0.3) (13.5) (0.9) 8.4 6.5 149.3 (27.4) 163.8 231.8 (60.1) 524.0 523.7 Totals
Debt Service (5.3) (3.9) (1.9) (12.4) (15.1) (5.6) (1.5) 2.2 (0.6) 1.7 15.7 16.8 35.8 (21.4) Totals
ARAMEX (ARMX) 52-High 52-Low as of March 29, 2018 Last Mkt Cap
ƩFCFF (using NOPAT) 673.9 ƩFCFF using NOPAT 515.5 ƩNOPAT + ƩAdjustments - ƩMaint. Capex - ƩGrowth Capex - ƩAcquisitions
ƩFCFF (using CFFO) 1,149.2 ƩFCFF using CFFO 783.0 ƩCFFO + ƩDebt Service - ƩMaint. Capex - ƩGrowth Capex - ƩAcquisitions
y1 y10 y5 y10
2006 2016 ∆ Change times y1 2011 2016 ∆ Change times y5
BV (mil) 1,167.5 2,274.5 1,107.0 1.9x 1,896.1 2,274.5 378.4 1.2x
BV per sh AED0.8 AED1.6 AED0.8 1.9x AED1.3 AED1.6 AED0.3 1.2x
% Cash Ret. % FCFF % Cash Ret. % FCFF
Ʃ Dividends Paid 938.9 0.8x AED 0.6 100% 81.7% 812.6 0.4x AED 0.6 100% 104%
Ʃ Net Share Buybacks/Issued 0.0 0.0x AED0.0 0% 0.0% 0.0 0.0x AED0.0 0% 0%
ƩCash Returned to Sh. holders 938.9 81.7% 812.6 104%
∆ % ownership 0.0% ∆ % ownership 0.0%
ƩEconomic-Value Created($$mm) = ∆BV
+ ƩCash Returned 2,045.9 (additional Economic-Value created) 1,191.0
$1 in BV grows to AED 2.8 of Economic-Value 10.7% CAGR% AED 1.6 of Economic-Value 10.2%
ƩEconomic Value Creation ($$/sh) = AED1.4 per sh AED0.8 per sh
∆BV per sh + Ʃdividends/sh
$1 in BV per sh. grows to AED2.8 of Economic-Value per sh. 2.8x 10.7% AED1.6 of Economic-Value per sh. 1.6x 10.2%
Price per sh AED 3.0 AED 3.1 AED 0.1 1.0x 0.2% AED 1.8 AED 3.1 AED 1.3 1.7x 11.4%
Dividends Paid per sh AED 0.00 AED 0.01 AED 0.00 AED 0.00 AED 0.00 AED 0.08 AED 0.05 AED 0.10 AED 0.12 AED 0.14 AED 0.15
Net Issuance of Stock per sh AED 0.0 AED 0.0 AED 0.0 AED 0.0 AED 0.0 AED 0.0 AED 0.0 AED 0.0 AED 0.0 AED 0.0 AED 0.0
Total ƩCash Returned per sh AED 0.0 AED 0.0 AED 0.0 AED 0.0 AED 0.0 AED 0.1 AED 0.1 AED 0.1 AED 0.1 AED 0.1 AED 0.2
Cash Returned Yield 0.0% 0.7% 0.0% 0.0% 0.0% 4.2% 2.8% 5.0% 3.7% 4.3% 4.9%
Earnings Yield (%) = ROE/PBV 2.5% 4.2% 5.2% 9.8% 7.6% 7.7% 8.7% 7.6% 6.8% 6.4% 8.1%
Dividend Yield(%) 0.0% 3.8% 0.0% 0.0% 0.0% 4.1% 2.7% 4.1% 3.6% 4.3% 4.3% 4.1%
Dividend Growth Rate % 0.0% -100.0% 0.0% 0.0% 0.0% -33.3% 100.0% 15.0% 21.7% 7.1% 15.0%
EV/NOPAT 41.0x 15.3x 17.7x 3.8x 8.0x 9.9x 8.7x 7.7x 11.8x 13.2x 9.7x 9.7x
P/E 46.6x 18.4x 21.9x 6.6x 11.0x 12.5x 10.8x 10.5x 14.3x 15.5x 10.6x 10.8x
EV/Invested Capital (EV/IC) 3.3x 1.4x 2.0x 0.5x 1.0x 1.1x 1.0x 1.1x 1.8x 1.8x 1.5x 1.5x
P/BV 3.5x 2.4x 2.1x 1.3x 1.6x 1.5x 1.5x 1.8x 2.2x 2.2x 2.4x 2.2x
P/S 3.3x 1.3x 1.5x 0.6x 1.0x 1.0x 0.9x 0.9x 1.2x 1.3x 1.0x
P/FCF 189.7x 50.8x 23.5x 5.8x 20.9x 26.3x 16.0x 8.0x 13.0x 26.0x 10.7x
EV/EBIT 39.4x 14.4x 16.7x 3.6x 7.5x 9.3x 7.9x 7.0x 10.7x 11.9x 8.5x
P/E (cash adjusted) 25.6x 13.1x (27.3x) 18.2x 26.7x 26.8x 51.8x 29.2x 17.2x 20.7x 17.5x
P/Tang BV 8.7x 7.9x 5.6x 2.9x 3.4x 3.0x 3.3x -- 4.3x 4.6x 4.8x
@ today price, Earnings Yield (%) = ROE/PBV = 1/PE = 8.1% ROIC/EIC = NOPAT/EV 10.3%