Company Valuation: Privatization Holding Company - K.P.S.C.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 24.46 33.43 21.96 17.69 27.45 46.36
Change - 36.66% -34.31% -19.44% 55.17% 68.89%
Enterprise Value (EV) 1 46.47 55.74 42.69 39.09 49.32 58.31
Change - 19.95% -23.41% -8.42% 26.16% 18.22%
P/E -6.52x -13.7x -3.49x -1.45x -6.36x -2.95x
PBR 0.32x 0.45x 0.32x 0.33x 0.54x 1.31x
PEG - 0.4x -0x -0x 0.1x -0x
Capitalization / Revenue 2.78x 3.95x 2.97x 4.78x 3.46x 4.19x
EV / Revenue 5.28x 6.59x 5.77x 10.6x 6.22x 5.27x
EV / EBITDA -19.4x -30.6x -15x -6.53x -19.3x -38.3x
EV / EBIT -16.4x -24.7x -13.2x -6.07x -16.3x -31x
EV / FCF -342x 14.8x 10.5x 8.66x -4.78x 6.34x
FCF Yield -0.29% 6.74% 9.56% 11.5% -20.9% 15.8%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -0.009418 -0.006107 -0.0158 -0.0307 -0.0108 -0.0395
Distribution rate - - - - - -
Net sales 1 8.799 8.458 7.395 3.698 7.931 11.06
EBITDA 1 -2.394 -1.821 -2.843 -5.988 -2.557 -1.524
EBIT 1 -2.825 -2.258 -3.242 -6.436 -3.032 -1.884
Net income 1 -3.751 -2.432 -6.288 -12.21 -4.315 -15.73
Net Debt 1 22.01 22.31 20.73 21.4 21.87 11.95
Reference price 2 0.0614 0.0839 0.0551 0.0444 0.0689 0.1164
Nbr of stocks (in thousands) 398,250 398,250 398,250 398,250 398,250 398,250
Announcement Date 3/30/21 A 3/22/22 A 3/30/23 A 3/31/24 A 3/24/25 A 3/24/26 A
1KWD in Million2KWD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 225M
11.79x1.11x5.2x2.49% 16.7B
7.08x14.53x - -.--% 13.73B
6.22x9.64x28.14x2.55% 12.07B
Average 8.36x 8.43x 16.67x 1.68% 10.68B
Weighted average by Cap. 8.69x 7.87x 14.82x 1.7%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation Privatization Holding Company - K.P.S.C.