Company Valuation: Aramex

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 6,003 5,154 3,353 3,221 3,324 2,489 - -
Change - -14.15% -34.94% -3.93% 3.18% -25.11% - -
Enterprise Value (EV) 1 6,544 6,590 4,853 4,582 4,699 3,896 3,723 3,449
Change - 0.7% -26.36% -5.58% 2.55% -17.09% -4.45% -7.34%
P/E 27.3x 31.2x 26x 22.7x 162x 19.2x 34x 22.7x
PBR 2.25x 2.05x 1.36x 1.28x 1.3x 0.93x - -
PEG - -1.3x -1.2x 2.2x -1.9x 0x -0.8x 0.5x
Capitalization / Revenue 0.99x 0.87x 0.59x 0.51x 0.52x 0.35x 0.38x 0.36x
EV / Revenue 1.08x 1.11x 0.85x 0.72x 0.74x 0.55x 0.56x 0.5x
EV / EBITDA 9.67x 10.7x 7.71x 7.05x 7.65x 5.41x 6.24x 4.9x
EV / EBIT 21.3x 26.9x 18.2x 15.4x 19.8x 13.6x 14.3x 10.9x
EV / FCF 34.7x 13.5x 12.8x 9.34x 11.7x 22.5x 13.6x 8.39x
FCF Yield 2.88% 7.39% 7.83% 10.7% 8.55% 4.45% 7.36% 11.9%
Dividend per Share 2 0.13 0.13 - - - - - -
Rate of return 3.17% 3.69% - - - - - -
EPS 2 0.15 0.113 0.088 0.097 0.014 0.0885 0.05 0.075
Distribution rate 86.7% 115% - - - - - -
Net sales 1 6,069 5,926 5,694 6,324 6,360 7,122 6,617 6,880
EBITDA 1 676.6 616 629.7 650.3 614 720.5 596.8 704.4
EBIT 1 306.7 245.3 266.7 296.7 237.7 286 259.7 316.8
Net income 1 225.4 165.4 129.3 141.8 20.58 132.5 8.4 45.8
Net Debt 1 541.3 1,436 1,500 1,361 1,375 1,407 1,234 960.4
Reference price 2 4.100 3.520 2.290 2.200 2.270 1.700 1.700 1.700
Nbr of stocks (in thousands) 1,464,100 1,464,100 1,464,100 1,464,100 1,464,100 1,464,100 - -
Announcement Date 2/10/22 A 2/9/23 A 2/8/24 A 2/11/25 A 2/10/26 A - - -
1AED in Million2AED
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
19.32x0.55x5.43x-.--% 682M
28.78x1.21x10.32x0.59% 43.22B
25.29x1.19x12.53x3.02% 32.27B
8.95x0.39x4.32x3.14% 10.97B
18.55x0.74x6.49x1.75% 8.78B
17.13x1.15x4.28x5.86% 5.37B
20.18x2.2x17.15x2.74% 3.35B
16.61x1.6x9.46x4.31% 3.07B
15.42x0.54x6.23x3.9% 2.82B
Average 18.91x 1.06x 8.47x 2.81% 12.28B
Weighted average by Cap. 23.42x 1.10x 9.82x 2.15%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield