Almarai

Financial Modeling
ShortCut
Financial Statements
DDM DCF
FCFE
XNPV
Comparables
Beta
Monte Carlo
Scenario and sensitivity analysis
eling
Student Name
Lama Alkhayyal
Alanoud Alhalwan
Hajar Bin Rashoud
Halah Taher
Leen Alsmari
Albandari Almugayel
Modhi Al-suwayh
Maha Alotaibi
Collage ID
443201182
443201204
442203993
443202595
443203027
443201323
443200008
443201374
 Historical:

Financial Statements
2021
Balance Sheet check OK

Assumptions & Drivers

Days in Period 365

Revenue Growth (% Change) 3.21%

Cost of Goods Sold (% of Revenue) 68.08%
Selling and Distribution Expense (% of Revenue) 15.89%
General And Administration Expense (% of revenue) 2.70%
Other Expense, net (% of revenue) 0.54%
Impairment Loss on Financial Assets ($000's) 11,485
Finance Cost, net (debt interest) 4.89%
Zakat
Tax Rate 0.68%
Increase in Debts (% of Revenue) 9.27%

Asset Turnover 0.4991

Fixed Asset Turnover 5.8353
Receivable Days (Sales Basis) 45.86
Inventory Days (COGS Basis) 147.3
Payable Days (COGS Basis) 93.06
Debt-Equity Ratio 42.56%
Investments (% of Operating profit)
Dividend Payout Ratio 64%

Income Statement

Sales 15,849,720
Cost of Sales (10,790,450)
Gross Profit 5,059,270
Selling and Distribution Expense (2,518,851)
General And Administration Expense (428,157)
Other Expense, net (85,563)
Impairment Loss on Financial Assets (11,485)
Operating Profit (EBIT) 2,014,854
Finance Cost, net (346,063)
Share of Results of Associate and Joint Venture (941)
Profit before Zakat and Income Tax 1,667,850
Zakat (77,080)
Income Tax (11,334)
Profit of the Year 1,579,436

Shares outstanding
EPS 1.59

Balance Sheet

Current Assets
Cash 580,913
Trade and Other Receivables 1,991,205
Inventory 4,353,596
Other Assets 11,597
Investments 46,894
Biological asset 117,980
Time Deposit -
Total Current Asset 7,102,185

Non-Current Assets
Property Plant and Equipment (PP&E) 20,873,448
Fixed Assets 2,716,169
Investment 88,749
Other Assets 973,751
Total Non-Current Assets 24,652,117

Total Assets 31,754,302

Current Liabilities
Other Liabilities 3,284,549
Trade and Other Payables 3,339,496
Total Current Liabilities 6,624,045

Non-Current Liabilities
Other Liabilities 1,439,604
Loans and Borrowings 7,072,240
Total Non-Current Liabilities 8,511,844

Total Liabilities 15,135,889

Shareholders Equity 16,119,494

Minority Interests 498,919
Total Equity 16,618,413

Total Liabilities and Shareholder Equity 31,754,302

Cash Flow

Cash Flows from Operating Activities:

Net Income 1,579,436
Plus: Depreciation 2,071,547
Less: Changes in NWC 1,264,022
Net Cash provided by Operating Activities 4,915,005

Investing Activities:
Purchases of Fixed Assets (2,186,454)
Investment in Time Deposit -
Other Changes in Investing Act. 372207
Net Cash from Investing Activities (1,814,247)

Financing Activities:
Increase in Debts (1,469,647)
Other Changes in Financing Act. (1,553,708)
Net Cash from Financing Activities (3,023,761)

Increase/(Decrease) in Cash and Equivalents 76,997

Cash at Begining of Period 503,510
Cash at End of Period 580,913

Supporting Schedules

Property Plant and Equipment (PP&E)

Net PP&E
Beginning of Period 21,112,904
Capital Expenditures/Additions (Disposals) 2,186,454
Depreciation Expense (2,071,547)
Net PP&E End of Period 20,873,448

Depreciation & Amoritization

Total Amortisation 93,738
Total Depreciation 2,071,547
Depreciation & Amoritization 2,165,285

Working Capital Schedule

Accounts Receivable 1,991,205
Inventory 4,353,596
Biological asset 117,980
Accounts Payable (3,339,496)
Net Working Capital (NWC) 3,123,285
Change in NWC (6,533,254)

Debt
Beginning of Period 10,088,955
Additions (Repayments) (3,016,715)
Debt End of Period 7,072,240

Charts
Income Statement
Revenue 15,849,720
Profit before Zakat and Income Tax (EBITDA) 1,667,850
EBITDA Margin 10.5%
Net Income 1,579,436
Net Income Margin 9.97%

Cash Flow
Operations 4,915,005
Investing (1,814,247)
Financing (3,023,761)
Change in Cash 76,997

Income Statem

Incom
30,000,000

25,000,000

20,000,000

15,000,000

10,000,000

5,000,000

0
1 2 3

Revenue EBIT
10,000,000

5,000,000

0
1 2 3

Revenue EBIT

Profit
4,000,000
3,500,000
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
1 2 3

P
 Forecast:

2022 2023 2024 2025

OK OK OK OK

365 365 365 365

18.12% 4.56% 5.00% 5.50%

69.96% 69.09% 65.00% 65.00%
14.47% 14.25% 14.87% 14.53%
2.45% 2.40% 2.52% 2.52%
0.82% 0.33% 0.56% 0.57%
26,303 34,173 23,987 28,154
5.07% 6.20% 5.39% 5.55%
2.50% 2.50%
0.44% 1.35% 0.82% 0.82%
0.42% 12.59% 7.43% 6.81%

0.5837 0.5409 0.5412 0.5553

6.6079 6.5238 6.3223 6.4847
42.03 47.82 45 45
145.9 165.9 153 155
98.66 116.00 103 106
49.75% 47.72% 46.68% 48.05%
3.6% 3.6%
57% 49% 49% 49%

18,722,258 19,575,585 20,554,364 21,684,854

(13,098,035) (13,524,295) (13,360,337) (14,095,155)
5,624,223 6,051,290 7,194,027 7,589,699
(2,709,538) (2,789,745) (3,056,812) (3,151,190)
(458,694) (469,023) (517,100) (545,541)
(153,356) (64,461) (115,669) (123,687)
(26,303) (34,173) (23,987) (28,154)
2,276,332 2,693,888 3,480,459 3,741,127
(428,119) (527,019) (456,760) (494,256)
716 (1,064) (430) (259)
1,848,929 2,165,805 3,023,269 3,246,612
 (62,600) (85,101) (75,582) (81,165)
(8,191) (29,175) (24,888) (26,727)
1,778,138 2,051,529 2,922,800 3,138,720

993,990 993,990
1.79 2.08 2.94 3.16

546,916 666,336 1,902,276 3,033,584

2,155,938 2,564,646 2,547,347 2,675,177
5,237,136 6,148,189 5,602,043 5,984,562
47,899 15,300 24,932 31,600
15,607 - 739,957 -
122,812 135,044 137,745 140,500
- 1,925,556 - -
8,126,308 11,455,071 10,954,300 11,865,422

20,114,537 20,807,810 22,759,000 24,677,737

2,833,312 3,000,632 4,213,501 4,137,228
6,312 5,030 - 134,681
993,501 925,472 1,926,678 2,075,105
23,947,662 24,738,944 28,899,179 31,024,750

32,073,970 36,194,015 39,853,480 42,890,172

1,427,899 3,940,821 5,015,125 5,573,094

3,655,553 4,245,868 3,754,492 4,083,411
5,083,452 8,186,689 8,769,617 9,656,505

1,558,709 1,699,332 4,440,150 5,802,772

8,448,944 8,499,169 8,478,823 8,902,819
10,007,653 10,198,501 12,918,973 14,705,591

15,091,105 18,385,190 21,688,590 24,362,096

16,671,360 17,797,719 18,153,673 18,516,747

311,505 11,106 11,217 11,329
16,982,865 17,808,825 18,164,890 18,528,076

32,073,970 36,194,015 39,853,480 42,890,172

1,778,138 2,051,529 2,922,800 3,138,720

2,338,296 2,396,915 2,468,822 2,567,575
(287,085) 34,182 69,368 (184,184)
3,829,349 4,482,626 5,460,990 5,522,112

(2,291,878) (3,625,670) (4,420,012) (4,486,312)

- (1,876,250) - -
304,598 321,880 332,895 319,791
(1,987,280) (5,180,040) (4,087,117) (4,166,521)

(79,001) 2,464,351 1,526,727 1,477,361

(1,797,065) (1,643,206) (1,664,660) (1,701,644)
(1,861,136) 821,145 (137,933) (224,282)

(19,067) 123,731 1,235,940 1,131,308

580,913 546,916 666,336 1,902,276
546,916 666,336 1,902,276 3,033,584

20,873,448 20,114,537 20,807,810 22,759,000

2,291,878 2,432,149 4,420,012 4,486,312
(2,338,296) (2,396,915) (2,468,822) (2,567,575)
20,114,537 20,807,810 22,759,000 24,677,737

74,647 64,657 66,597 68,595

2,338,296 2,396,915 2,468,822 2,567,575
 2,412,943 2,461,572 2,535,419 2,636,170

2,155,938 2,564,646 2,547,347 2,675,177

5,237,136 6,148,189 5,602,043 5,984,562
122,812 135,044 137,745 140,500
(3,655,553) (4,245,868) (3,754,492) (4,083,411)
3,860,333 4,602,011 4,532,643 4,716,827
737,048 741,678 (69,368) 184,184

7,072,240 8,448,944 8,499,169 8,478,823

1,376,704 50,225 (20,346) 423,997
8,448,944 8,499,169 8,478,823 8,902,819

18,722,258 19,575,585 20,554,364 21,684,854

1,848,929 2,165,805 3,023,269 3,246,612
9.9% 11.1% 14.7% 15.0%
1,778,138 2,051,529 2,922,800 3,138,720
9.50% 10.48% 14.22% 14.47%

3,829,349 4,482,626 5,460,990 5,522,112

(1,987,280) (5,180,040) (4,087,117) (4,166,521)
(1,861,136) 821,145 (137,933) (224,282)
(19,067) 123,731 1,235,940 1,131,308

Income Statement

10,000,000
Income statement 8,000,000
00 16.00%
6,000,000
14.00%
00
12.00% 4,000,000
00
10.00%
2,000,000
00 8.00%
6.00% 0
00
4.00%
00 (2,000,000)
2.00%
0 0.00% (4,000,000)
1 2 3 4 5 6 7 8
(6,000,000)
Revenue EBITDA Margin Net Income Margin
Operations Investin
00
4.00%
00 (2,000,000)
2.00%
0 0.00% (4,000,000)
1 2 3 4 5 6 7 8
(6,000,000)
Revenue EBITDA Margin Net Income Margin
Operations Investin

Profit of the Year

00
00
00
00
00
00
00
00
0
1 2 3 4 5 6 7 8

years

Profit of the Year

 2026 2027 2028
OK OK OK

365 365 365

4.50% 4.00% 3.80%

65.00% 65.00% 65.00%
14.55% 14.65% 14.58%
2.52% 2.52% 2.52%
0.49% 0.54% 0.53%
28,771 26,971 27,966
5.71% 5.55% 5.61%
2.50% 2.50% 2.50%
0.82% 0.82% 0.82%
8.94% 7.73% 7.83%

0.5458 0.5474 0.5495

6.4436 6.4169 6.4484
46 45 45
158 155 156
108 105 106
47.48% 47.40% 47.65%
3.6% 3.6% 3.6%
49% 49% 49%

22,660,673 23,567,100 24,462,649

(14,729,437) (15,318,615) (15,900,722)
7,931,235 8,248,485 8,561,927
(3,297,486) (3,452,986) (3,566,251)
(570,090) (592,894) (615,424)
(110,465) (127,310) (130,309)
(28,771) (26,971) (27,966)
3,924,423 4,048,324 4,221,978
(512,689) (507,203) (525,096)
(584) (424) (423)
3,411,150 3,540,696 3,696,458
 (85,279) (88,517) (92,411)
(28,081) (29,148) (30,430)
3,297,790 3,423,031 3,573,617

993,990 993,990 993,990

3.32 3.44 3.60

4,832,683 6,720,915 8,857,122

2,857,592 2,933,333 3,049,163
6,375,343 6,519,179 6,800,131
15,300 20,116 23,944
- - -
143,310 146,176 149,099
- - -
14,224,229 16,339,719 18,879,459

26,561,065 28,405,887 30,208,954

4,207,145 4,479,606 4,598,287
141,279 145,740 151,991
2,332,803 2,918,466 3,246,813
33,242,293 35,949,698 38,206,045

47,466,522 52,289,417 57,085,504

7,328,468 8,923,286 10,498,624

4,362,454 4,426,536 4,636,863
11,690,922 13,349,822 15,135,487

7,903,307 10,525,480 12,920,155

8,973,768 9,137,735 9,368,069
16,877,075 19,663,215 22,288,224

28,567,997 33,013,037 37,423,711

18,887,082 19,264,823 19,650,120

11,443 11,557 11,673
18,898,524 19,276,380 19,661,792

47,466,521 52,289,417 57,085,504

3,297,790 3,423,031 3,573,617

2,670,278 2,777,089 2,888,173
(296,965) (158,361) (189,378)
5,671,104 6,041,760 6,272,412

(4,553,607) (4,621,911) (4,691,240)

- - -
324,855 325,847 323,498
(4,228,752) (4,296,064) (4,367,742)

2,026,583 1,821,249 1,914,934

(1,669,836) (1,678,713) (1,683,398)
356,747 142,536 231,537

1,799,099 1,888,232 2,136,207

3,033,584 4,832,683 6,720,915
4,832,683 6,720,915 8,857,122

24,677,737 26,561,065 28,405,887

4,553,607 4,621,911 4,691,240
(2,670,278) (2,777,089) (2,888,173)
26,561,065 28,405,887 30,208,954

70,652 72,772 74,955

2,670,278 2,777,089 2,888,173
 2,740,931 2,849,862 2,963,128

2,857,592 2,933,333 3,049,163

6,375,343 6,519,179 6,800,131
143,310 146,176 149,099
(4,362,454) (4,426,536) (4,636,863)
5,013,792 5,172,152 5,361,531
296,965 158,361 189,378

8,902,819 8,973,768 9,137,735

70,949 163,967 230,334
8,973,768 9,137,735 9,368,069

22,660,673 23,567,100 24,462,649

3,411,150 3,540,696 3,696,458
15.1% 15.0% 15.1%
3,297,790 3,423,031 3,573,617
14.55% 14.52% 14.61%

5,671,104 6,041,760 6,272,412

(4,228,752) (4,296,064) (4,367,742)
356,747 142,536 231,537
1,799,099 1,888,232 2,136,207

Cash Flow Statement

00

00

00

00

00

00)

00)

00)

Operations Investing Financing Change in Cash

00)

00)

00)

Operations Investing Financing Change in Cash

 The 2022 growth rate was excluded due to the abnormal growth.

The cost is high due to transportaion and packaging costs.

We see revenue as a crucial driver for debt growth. and as net income increases, the company might take on more debt t

Almarai annouced a 18 bilion investment strategy for the next five years
The average biological asset growth rate for Almarai,has been approximately 2% over the recent years
might take on more debt to finance expansion or other initiatives
he recent years
Valuation

Inputs
Return on Equity 18.18%
WACC 7.11%
Growth 4.56%
Cash 666,336
Debt 8,499,169
Common shares 993,990
Tax Rate 0.82%

Discount Cash Flow (DCF) (WACC)

2024
EBIT*(1-T)(NOPAT) 3,451,808
(+) Depreciation 2,468,822
(-) Capital Expenditure 4,420,012
(-) Change in NWC (69,368)

FCF 1,569,986
Terminal Value
FCF+Terminal Value 1,569,986

Dividend Discount Model (DDM) (ROE)

Dividends 1,432,172
Terminal Value
Dividends + Terminal Value 1,432,172

Intrinsic Value (DCF)

Enterprise Value
Plus: Cash
Less:Debt
Equity Value

Equity Value/Share
DCF Model

Assumptions
Tax Rate 0.82%
WAAC 7.11%
Perpetural Growth Rate 3.88%
EV/EBITDA Mulltiple 13.54
Transaction Date 5/2/2024
Fiscal Year End 12/31/2024
Current Price 56
Shares Outstanding 993990

Discounted Cash Flow Entry

Date 5/2/2024
Time Periods

EBIT
Less:Cash Taxes
NOPAT
Plus: D&A

Less: CAPEX
Less: Changes in NWC
Unlevered FCFF

Transaction FCFF

IRR FCFF (63,496,273)

Intirisic value
Enterprise Value 66559869.7706574
Plus:cash 666,336
Less:Debt 8,499,169
Equity Value 58,727,037

Equity Value/Share 59.08

2025 2026
3,741,127 3,924,423
2,567,575 2,670,278
4,486,312 4,553,607
184,184 296,965

1,638,206 1,744,130

1,638,206 1,744,130

1,537,973 1,615,917

1,537,973 1,615,917

$72,334,251.26
666,336
8,499,169
$64,501,418.26

64.89
 2024 2025
12/31/2024 12/31/2025
0 1

3,480,459 3,741,127
28,652 30,798
3,451,808 3,710,330
2,468,822 2,567,575

4,420,012 4,486,312
(69,368) 184,184
1,569,986 1,607,409

1,569,986 1,607,409

1,569,986 1,607,409

Market Value
Market Cap
Plus:Debt
Less:Cash
Enterprise Value

Equity Value/Share
 2027 2028
4,048,324 4,221,978
2,777,089 2,888,173
4,621,911 4,691,240
158,361 189,378

2,045,142 2,229,533
91,459,307
2,045,142 93,688,840

1,677,285 1,751,072
13,444,959
1,677,285 15,196,031

Intrinsic Value (DDM)

Equity Value $10,745,463.35
Plus: Debt 8,499,169
Less: Cash 666,336
Enterprise Value $18,578,296.35

Equity Value/Share 10.81

 2026 2027
12/31/2026 12/31/2027
2 3

3,924,423 4,048,324
32,306 33,326
3,892,117 4,014,998
2,670,278 2,777,089

4,553,607 4,621,911
296,965 158,361
1,711,823 2,011,815

1,711,823 2,011,815

1,711,823 2,011,815

55663440
8,499,169
666,336
63,496,273

56
WACC 7.11%
Cost of debt 6.20%
Cost of equity 7.33%
Market Value 55,663,440
Debt weight 15.27%
Equity weight 84.73%
Sukuk Yield 5.50%
Saudi Arabia Default spread 0.77%
Risk-free rate of Saudi Arabia 4.73%
Market risk premium 6.50%
Beta 0.4
Tax rate 0.82%
 2028
12/31/2028
4

4,221,978
34,756
4,187,222
2,888,173

4,691,240
189,378
2,194,777
83465346
85,660,122

169,125,468

Rate of Return
Current Price 56
Target Price 59.08
TP Upside 5.50%
IRR 23%
 CAPM= Rf + Beta*(Market risk premium )

< based on Aswath Damodaran

< based on Fernandez survey

Terminal Value
EV/EBITDA 96271439
Perp. Growth 70659253
Average 83465346
FCFE

Assumptions
Return on equity 18.19%
Perpetural Growth Rate 3.88%
Shares Outstanding 993990

Discounted Cash Flow Entry 2024

Date
Time periods 5/2/2024 12/31/2024
0

CFO 5,460,990
Less:CAPEX 4,420,012
Change in debt (20,346)
FCFE 9,860,656
Terminal Value
Transaction FCFE 9,860,656

IRR -55663440 9,860,656

Intirisic value Market Value

Enterprise Value 75,535,676 Market Cap
Plus:cash 666,336 Plus:Debt
Less:Debt 8,499,169 Less:Cash
Equity Value 67702843.3696129 Enterprise Value

Equity Value/Share 68.11 Equity Value/Share

Alternative Methods

Net Income Approach

Net Income 2,922,800

Plus:Depreciation 2,468,822
Change in debt (20,346)
Less:CAPEX 4,420,012
Less: Change in NWC (69,368)
FCFE 1,061,324

FCFF Approach
FCFF 1,569,986
Change in Debt (20,346)
Less: INT(1-T) (453,000)
FCFE 1,096,639
 2025 2026 2027 2028

12/31/2025 12/31/2026 12/31/2027 12/31/2028

1 2 3 4

5,522,112 5,671,104 6,041,760 6,272,412

4,486,312 4,553,607 4,621,911 4,691,240
423,997 70,949 163,967 230,334
10,432,421 10,295,660 10,827,638 11,193,986
81281429.2606744
10,432,421 10,295,660 10,827,638 92,475,415

10,432,421 10,295,660 10,827,638 92,475,415

Rate of Return
55663440 Current Price 56
8,499,169 Target Price 68.1121976776556
666,336 TP Upside 21.63%
63,496,273 IRR 24%

56.00

3,138,720 3,297,790 3,423,031 3,573,617

2,567,575 2,670,278 2,777,089 2,888,173
423,997 70,949 163,967 230,334
4,486,312 4,553,607 4,621,911 4,691,240
184,184 296,965 158,361 189,378
611,802 1,046,548 1,255,882 1,350,838
1,607,409 1,711,823 2,011,815 2,194,777
423,997 70,949 163,967 230,334
(490,187) (508,468) (503,028) (520,774)
1,541,218 1,274,304 1,672,754 1,904,337
Terminal Value

Perp. Growth 81281429.26067

NPV

Assumption
Tax Rate 0.82%
Discount Rate 11.23%
Perpetural Growth Rate 3.88%
EV/EBITDA Mulltiple 13.54
Transaction Date 5/2/2024
Fiscal Year End 12/31/2024
Current Price 56
Shares Outstanding 993990

Discounted Cash Flow Entry

Date 5/2/2024
Time period 0
Year frac
Number of Days

EBIT
Less: Cash Taxes
NOPAT
Plus: D&A
EBITDA
Less: Capex
Less: Changes in NWC
Unlevered FCFF

Transaction FCFF+ TV 0
Discount Facor

Present Value of Cash Flows

Intrinsic Value (NPV Function)

Enterprise Value $43,801,414.32
Plus: Cash 666,336
Less: Debt 8,499,169
Equity Value $35,968,581.32

Equity Value/Share $36.19

XNPV

Assumption
Tax Rate 0.82%
Discount Rate 11.23%
Perpetural Growth Rate 3.88%
EV/EBITDA Mulltiple 13.54
Transaction Date 5/2/2024
Fiscal Year End 45657
Current Price 56
Shares Outstanding 993990

Discounted Cash Flow Entry

Date 5/2/2024
Year frac.
Number of Days

EBIT
Less: Cash Taxes
NOPAT
Plus: D&A
EBITDA
Less: Capex
Less: Changes in NWC
Unlevered FCFF

Transaction FCFF 0

Discount Facor
Present Value of Cash Flows

IRR FCFF

Intrinsic Value (XNPV Function)

Enterprise Value 44531945.0249037
Plus: Cash 666,336
Less: Debt (8,499,169)
Equity Value 36,699,112

Equity Value/Share 36.92

 Terminal Value
EV
Perp. Growth
Average

2024 2025 2026 2027

12/31/2024 12/31/2025 12/31/2026 12/31/2027
1 2 3 4
0.66 1 1 1
243 608 973 1338

3,480,459 3,741,127 3,924,423 4,048,324

28651.66325026 30797.5192092102 32306.4391983648 33326.4092281244
3,451,808 3,710,330 3,892,117 4,014,998
2,468,822 2,567,575 2,670,278 2,777,089
5,920,630 6,277,905 6,562,395 6,792,087
4,420,012 4,486,312 4,553,607 4,621,911
(69,368) 184,184 296,965 158,361
1,569,986 1,607,409 1,711,823 2,011,815

1,569,986 1,607,409 1,711,823 2,011,815

107.34% 119.40% 132.81% 147.72%

1,462,593 1,346,269 1,288,970 1,361,914

Intrinsic Value (Manually Discounting)

Enterprise Value 45,376,005
Plus: Cash 666,336
Less: Debt 8,499,169
Equity Value 37,543,172

Equity Value/Share 37.77

 Terminal Value
EV/EBITDA
Perp. Growth
Average

2024 2025 2026 2027

12/31/2024 12/31/2025 12/31/2026 12/31/2027
0.66 1 1 1
243 608 973 1338

3,480,459 3,741,127 3,924,423 4,048,324

28651.66325026 30797.51920921 32306.4391983648 33326.4092281244
3,451,808 3,710,330 3,892,117 4,014,998
2,468,822 2,567,575 2,670,278 2,777,089
5,920,630 6,277,905 6,562,395 6,792,087
4,420,012 4,486,312 4,553,607 4,621,911
(69,368) 184,184 296,965 158,361
1,569,986 1,607,409 1,711,823 2,011,815

1,042,296 1,607,409 1,711,823 2,011,815

107% 119% 133% 148%

970999.0271348 1346269.37756 1288969.58615073 1361914.49935432

Intrinsic Value (Manually Discounting)

Enterprise Value 44531945.0249037
Plus: Cash 666,336
Less: Debt (8,499,169)
Equity Value 36,699,112

Equity Value/Share 36.92

95800843.3038808
31019509.4188368
63410176.3613588

2028 Exit
12/31/2028 12/31/2028
5 5
1 1
1704 1704

4,221,978
34755.9510299054
4,187,222
2,888,173
7,075,395
4,691,240
189,378
2,194,777 63410176.3613588

65,604,953
164.36% 164.36%
1
39,916,259 0
95800843.3038808
29860906.7839913
62830875.0439361

2028 Exit
12/31/2028 12/31/2028
1 1
1704 1704

4,221,978
34755.9510299054
4,187,222
2,888,173
7,075,395
4,691,240
189,378
2,194,777 62830875.04394

2,194,777 62,830,875

164% 164%
1335375.87463841 38228416.66007
All information provided below was sourced from the statistics section in Yahoo Finance*
Market Data
Company Name Price
Savola Group (2050) 51.7
Nadec Company (6010) 33.2
Sadafco Campany (2270) 351.20
Average
Median

Average Price
Almarai 40
Almarai 59
Almarai 51
Median
Almarai 41
Almarai 76
Almarai 56

Relative Value SAR 53.93

Average SAR 49.85
Median SAR 58.01
Yahoo Finance*

Shares Market Cap Net Debt

531,460,000 26,230,000,000 10,130,000,000
301,640,000 9,770,000,000 -1,050,000,000
32,500,000 11,410,000,000 -960,000,000

Shares Market Cap Net Debt

993,990,000 39,866,000,434 11,362,505,000
993,990,000 58,480,841,143 11,362,505,000
993,990,000 50,312,791,830 11,362,505,000

993,990,000 41,247,283,520 11,362,505,000

993,990,000 75,660,243,815 11,362,505,000
993,990,000 56,087,873,730 11,362,505,000
 Financial Data (FY+1)
EV Sales
36,360,000,000 26,820,000,000
8,720,000,000 3,310,000,000
10,450,000,000 2,820,000,000

EV Sales
51,228,505,434 19,970,000,000
69,843,346,143 19,970,000,000
38,950,286,830 19,970,000,000

52,609,788,520 19,970,000,000
87,022,748,815 19,970,000,000
67,450,378,730 19,970,000,000
 Valuation (FY+1)
EBITDA Earnings EV/Sales EV/EBITDA
2,110,000,000 765,916,000,000 1.4x 17.2x
1,400,000,000 158,664,800,000 2.6x 6.2x
579,580,000 306,586,700,000 3.7x 18.0x
2.6x 13.8x
2.6x 17.2x

EBITDA
5,050,000,000 2.6x
5,050,000,000 13.8x
5,050,000,000 24.1x

5,050,000,000 2.6x
5,050,000,000 17.2x
5,050,000,000 26.9x
 P/E
29.2x
16.2x
26.9x
24.1x
26.9x

EPS
2.1
2.1
2.1

2.1
2.1
2.1
Date TASI Al Marai TASI (X)
5/1/2019 8516.480469 46.57375
6/1/2019 8821.759766 48.856773 3.58%
7/1/2019 8732.620117 46.208466 -1.01%
8/1/2019 8019.77002 45.249592 -8.16%
9/1/2019 8091.759766 45.43224 0.90%
10/1/2019 7744.080078 45.569218 -4.30%
11/1/2019 7859.060059 44.975628 1.48%
12/1/2019 8389.230469 45.203938 6.75%
1/1/2020 8246.589844 43.37751 -1.70%
2/1/2020 7628.339844 41.962036 -7.50%
3/1/2020 6505.350098 42.920902 -14.72%
4/1/2020 7112.899902 44.838654 9.34%
5/1/2020 7213.029785 46.845993 1.41%
6/1/2020 7224.089844 48.147266 0.15%
7/1/2020 7459.209961 49.820339 3.25%
8/1/2020 7940.700195 49.913284 6.45%
9/1/2020 8299.080078 49.169701 4.51%
10/1/2020 7907.720215 47.961365 -4.72%
11/1/2020 8747.089844 51.958153 10.61%
12/1/2020 8689.530273 51.028671 -0.66%
1/1/2021 8702.549805 49.541489 0.15%
2/1/2021 9144.990234 47.31073 5.08%
3/1/2021 9907.820313 48.333164 8.34%
4/1/2021 10418.980469 50.006233 5.16%
5/1/2021 10551.230469 52.298004 1.27%
6/1/2021 10984.150391 60.066914 4.10%
7/1/2021 11012.709961 55.614006 0.26%
8/1/2021 11319.240234 54.950806 2.78%
9/1/2021 11495.759766 54.950806 1.56%
10/1/2021 11704.139648 50.118919 1.81%
11/1/2021 10761.799805 45.334408 -8.05%
12/1/2021 11281.709961 46.187096 4.83%
1/1/2022 12271.839844 46.518696 8.78%
2/1/2022 12590.259766 47.466122 2.59%
3/1/2022 13090.400391 48.508297 3.97%
4/1/2022 13733.870117 49.266235 4.92%
5/1/2022 12921.740234 52.913647 -5.91%
6/1/2022 11523.25 50.596264 -10.82%
7/1/2022 12199.080078 50.692822 5.86%
8/1/2022 12283.330078 51.17561 0.69%
9/1/2022 11405.320313 51.368729 -7.15%
 10/1/2022 11667.799805 54.072346 2.30%
11/1/2022 10896.910156 51.368729 -6.61%
12/1/2022 10478.459961 51.658398 -3.84%
1/1/2023 10792.849609 53.492996 3.00%
2/1/2023 10102.700195 50.692822 -6.39%
3/1/2023 10590.099609 54.458572 4.82%
4/1/2023 11307.769531 56.87252 6.78%
5/1/2023 11118.769531 53.743706 -1.67%

Mean: 0.71%
Standerd Deviation: 5.62%

20.00%

15.00%

10.00%

5.00%

f(x) = 0.347878719109933 x + 0.00155901434376413

0.00%
-20.00% -15.00% -10.00% -5.00% 0.00% 5.00% 10.00%

-5.00%

-10.00%

-15.00%
Al Marai (Y) (X-μX) (Y-μY)

4.90% 2.87% 4.50%

-5.42% -1.73% -5.83%
-2.08% -8.88% -2.48%
0.40% 0.18% 0.00%
0.30% -5.01% -0.10%
-1.30% 0.77% -1.71%
0.51% 6.03% 0.10%
-4.04% -2.42% -4.44%
-3.26% -8.21% -3.67%
2.29% -15.44% 1.88%
4.47% 8.62% 4.06%
4.48% 0.69% 4.07%
2.78% -0.56% 2.37%
3.47% 2.54% 3.07%
0.19% 5.74% -0.22%
-1.49% 3.80% -1.89%
-2.46% -5.43% -2.86%
8.33% 9.90% 7.93%
-1.79% -1.37% -2.19%
-2.91% -0.56% -3.32%
-4.50% 4.37% -4.91%
2.16% 7.63% 1.76%
3.46% 4.44% 3.06%
4.58% 0.55% 4.18%
14.86% 3.39% 14.45%
-7.41% -0.45% -7.82%
-1.19% 2.07% -1.60%
0.00% 0.84% -0.40%
-8.79% 1.10% -9.20%
-9.55% -8.77% -9.95%
1.88% 4.12% 1.48%
0.72% 8.06% 0.31%
2.04% 1.88% 1.63%
2.20% 3.26% 1.79%
1.56% 4.20% 1.16%
7.40% -6.63% 7.00%
-4.38% -11.54% -4.78%
0.19% 5.15% -0.21%
0.95% -0.02% 0.55%
0.38% -7.86% -0.03%
 5.26% 1.59% 4.86%
-5.00% -7.32% -5.40%
0.56% -4.55% 0.16%
3.55% 2.29% 3.15%
-5.23% -7.11% -5.64%
7.43% 4.11% 7.02%
4.43% 6.06% 4.03%
-5.50% -2.39% -5.91%

0.40% Covariance:
4.67% Correlation:

Beta (Cov/Var(M))
Beta (Corr*(St(T)/St(M))
Beta (Slope)
Beta (Regression)
Beta (Trend line)

SUMMARY OUTPUT

Regression Statistics
376413
Multiple R
R Square
5.00% 10.00% 15.00% Adjusted R Square
Standard Error
Observations

ANOVA

Regression
Residual
Total

Intercept
X Variable 1
(X-μX) (Y-μY)

0.13%
0.10%
0.22%
0.00%
0.01%
-0.01%
0.01%
0.11%
0.30%
-0.29%
0.35%
0.03%
-0.01%
0.08%
-0.01%
-0.07%
0.16%
0.78%
0.03%
0.02%
-0.21%
0.13%
0.14%
0.02%
0.49%
0.04%
-0.03%
0.00%
-0.10%
0.87%
0.06%
0.03%
0.03%
0.06%
0.05%
-0.46%
0.55%
-0.01%
0.00%
0.00%
 0.08%
0.40%
-0.01%
0.07%
0.40%
0.29%
0.24%
0.14%

0.11%
0.41868

0.34788
0.34788
0.34788
0.34788

n Statistics
0.418677282883162
0.175290667202428
0.157362203445959
0.0428805459099871
48

df SS MS F Significance F
1 0.01797779 0.01797779103 9.7772274068 0.003060525
46 0.0845821 0.00183874122
47 0.1025599

Coefficients Standard Error t Stat P-value Lower 95%

0.00155901434376413 0.00624016 0.24983578717 0.8038267149 -0.011001769
0.347878719109933 0.1112551 3.12685583404 0.003060525 0.123933779
Upper 95% Lower 95.0% Upper 95.0%
0.0141197974 -0.011001769 0.0141197974
0.571823659 0.123933779 0.571823659
Date Close Return
1/3/2021 54 -
1/4/2021 54.700001 1.30%
1/5/2021 55.900002 2.19% Last Trading Price
1/6/2021 55.299999 -1.07% Annual Volatility
1/7/2021 55 -0.54% Daily Volitality
1/10/2021 55.099998 0.18% Mean
1/11/2021 55.700001 1.09%
1/12/2021 55.400002 -0.54%
1/13/2021 55 -0.72%
1/14/2021 54.700001 -0.55%
1/17/2021 54.400002 -0.55%
1/18/2021 54.5 0.18%
1/19/2021 54.700001 0.37%
1/20/2021 54.200001 -0.91%
1/21/2021 54.200001 0.00%
1/24/2021 54.200001 0.00%
1/25/2021 54 -0.37%
1/26/2021 54 0.00%
1/27/2021 53.5 -0.93%
1/28/2021 54 0.93%
1/31/2021 53.299999 -1.30%
2/1/2021 53 -0.56%
2/2/2021 52.099998 -1.70%
2/3/2021 51.5 -1.15%
2/4/2021 51.200001 -0.58%
2/7/2021 51.599998 0.78%
2/8/2021 52.099998 0.97%
2/9/2021 52.200001 0.19%
2/10/2021 52 -0.38%
2/11/2021 51.700001 -0.58%
2/14/2021 51.799999 0.19%
2/15/2021 51.700001 -0.19%
2/16/2021 51.700001 0.00%
2/17/2021 51.599998 -0.19%
2/18/2021 51.5 -0.19%
2/21/2021 51.799999 0.58%
2/22/2021 51.700001 -0.19%
2/23/2021 51.5 -0.39%
2/24/2021 51 -0.97%
2/25/2021 51 0.00%
2/28/2021 50.900002 -0.20%
3/1/2021 50.5 -0.79%
 3/2/2021 51.200001 1.39%
3/3/2021 50.700001 -0.98%
3/4/2021 50.400002 -0.59%
3/7/2021 51 1.19%
3/8/2021 50.799999 -0.39%
3/9/2021 50.599998 -0.39%
3/10/2021 51 0.79%
3/11/2021 50.700001 -0.59%
3/14/2021 51.099998 0.79%
3/15/2021 51 -0.20%
3/16/2021 51.5 0.98%
3/17/2021 52 0.97%
3/18/2021 51.700001 -0.58%
3/21/2021 51.400002 -0.58%
3/22/2021 51.599998 0.39%
3/23/2021 51.5 -0.19%
3/24/2021 52.099998 1.17%
3/25/2021 51.599998 -0.96%
3/28/2021 51.700001 0.19%
3/29/2021 52 0.58%
3/30/2021 51.900002 -0.19%
3/31/2021 52 0.19%
4/1/2021 52.400002 0.77%
4/4/2021 53 1.15%
4/5/2021 53.200001 0.38%
4/6/2021 53 -0.38%
4/7/2021 53 0.00%
4/8/2021 53.200001 0.38%
4/11/2021 53.200001 0.00%
4/12/2021 52.900002 -0.56%
4/13/2021 52.799999 -0.19%
4/14/2021 52 -1.52%
4/15/2021 51.900002 -0.19%
4/18/2021 51.900002 0.00%
4/19/2021 52 0.19%
4/20/2021 52.400002 0.77%
4/21/2021 51.700001 -1.34%
4/22/2021 52 0.58%
4/25/2021 52 0.00%
4/26/2021 52.400002 0.77%
4/27/2021 53.099998 1.34%
4/28/2021 54.900002 3.39%
4/29/2021 53.799999 -2.00%
 5/2/2021 53.700001 -0.19%
5/3/2021 54.5 1.49%
5/4/2021 54.799999 0.55%
5/5/2021 54.799999 0.00%
5/6/2021 54 -1.46%
5/9/2021 54.400002 0.74%
5/10/2021 55 1.10%
5/17/2021 55.299999 0.55%
5/18/2021 54.799999 -0.90%
5/19/2021 54.599998 -0.36%
5/20/2021 54.599998 0.00%
5/23/2021 54.5 -0.18%
5/24/2021 54.799999 0.55%
5/25/2021 54.900002 0.18%
5/26/2021 55.200001 0.55%
5/27/2021 54.5 -1.27%
5/30/2021 54.799999 0.55%
5/31/2021 55.200001 0.73%
6/1/2021 55.299999 0.18%
6/2/2021 57 3.07%
6/3/2021 56.5 -0.88%
6/6/2021 57.099998 1.06%
6/7/2021 58.900002 3.15%
6/8/2021 61.099998 3.74%
6/9/2021 62.599998 2.45%
6/10/2021 62.5 -0.16%
6/13/2021 63.5 1.60%
6/14/2021 63.200001 -0.47%
6/15/2021 61.799999 -2.22%
6/16/2021 61.5 -0.49%
6/17/2021 61.5 0.00%
6/20/2021 61.400002 -0.16%
6/21/2021 62.400002 1.63%
6/22/2021 61.799999 -0.96%
6/23/2021 63.099998 2.10%
6/24/2021 63.400002 0.48%
6/27/2021 63.400002 0.00%
6/28/2021 63.700001 0.47%
6/29/2021 63.700001 0.00%
6/30/2021 63.400002 -0.47%
7/1/2021 63 -0.63%
7/4/2021 62.400002 -0.95%
7/5/2021 62 -0.64%
 7/6/2021 60.799999 -1.94%
7/7/2021 60.299999 -0.82%
7/8/2021 59.900002 -0.66%
7/11/2021 58.299999 -2.67%
7/12/2021 57.700001 -1.03%
7/13/2021 58.599998 1.56%
7/14/2021 57.799999 -1.37%
7/15/2021 58.900002 1.90%
7/25/2021 59 0.17%
7/26/2021 58.599998 -0.68%
7/27/2021 58.5 -0.17%
7/28/2021 58.5 0.00%
7/29/2021 58.700001 0.34%
8/1/2021 58.299999 -0.68%
8/2/2021 58.5 0.34%
8/3/2021 57.400002 -1.88%
8/4/2021 55.799999 -2.79%
8/5/2021 57 2.15%
8/8/2021 56.799999 -0.35%
8/9/2021 56.200001 -1.06%
8/10/2021 57.099998 1.60%
8/11/2021 56.799999 -0.53%
8/12/2021 56 -1.41%
8/15/2021 56.099998 0.18%
8/16/2021 56.099998 0.00%
8/17/2021 56.5 0.71%
8/18/2021 56.799999 0.53%
8/19/2021 55.900002 -1.58%
8/22/2021 55.599998 -0.54%
8/23/2021 55.400002 -0.36%
8/24/2021 56.700001 2.35%
8/25/2021 57 0.53%
8/26/2021 57.299999 0.53%
8/29/2021 57.599998 0.52%
8/30/2021 57.599998 0.00%
8/31/2021 58 0.69%
9/1/2021 57.799999 -0.34%
9/2/2021 57.400002 -0.69%
9/5/2021 56.700001 -1.22%
9/6/2021 56.900002 0.35%
9/7/2021 56.799999 -0.18%
9/8/2021 56.900002 0.18%
9/9/2021 57.200001 0.53%
 9/12/2021 57.200001 0.00%
9/13/2021 57.5 0.52%
9/14/2021 57.299999 -0.35%
9/15/2021 56.900002 -0.70%
9/16/2021 57.700001 1.41%
9/19/2021 58.400002 1.21%
9/20/2021 57.799999 -1.03%
9/21/2021 57.099998 -1.21%
9/22/2021 57 -0.18%
9/26/2021 57 0.00%
9/27/2021 57 0.00%
9/28/2021 56.700001 -0.53%
9/29/2021 57.5 1.41%
9/30/2021 58 0.87%
10/3/2021 57.299999 -1.21%
10/4/2021 57 -0.52%
10/5/2021 56.799999 -0.35%
10/6/2021 56.200001 -1.06%
10/7/2021 55.599998 -1.07%
10/10/2021 54.400002 -2.16%
10/11/2021 54.400002 0.00%
10/12/2021 52.5 -3.49%
10/13/2021 53.5 1.90%
10/14/2021 53.5 0.00%
10/17/2021 54 0.93%
10/18/2021 54.299999 0.56%
10/19/2021 53.5 -1.47%
10/20/2021 53.900002 0.75%
10/21/2021 53.799999 -0.19%
10/24/2021 53 -1.49%
10/25/2021 53.5 0.94%
10/26/2021 53.299999 -0.37%
10/27/2021 53.200001 -0.19%
10/28/2021 52.900002 -0.56%
10/31/2021 52.900002 0.00%
11/1/2021 53.200001 0.57%
11/2/2021 52.700001 -0.94%
11/3/2021 52.5 -0.38%
11/4/2021 52.099998 -0.76%
11/7/2021 53.200001 2.11%
11/8/2021 52.599998 -1.13%
11/9/2021 52.200001 -0.76%
11/10/2021 52.5 0.57%
11/11/2021 52.299999 -0.38%
11/14/2021 52.400002 0.19%
11/15/2021 52 -0.76%
11/16/2021 52.900002 1.73%
11/17/2021 52.400002 -0.95%
11/18/2021 52.400002 0.00%
11/21/2021 51.5 -1.72%
11/22/2021 50 -2.91%
11/23/2021 49.400002 -1.20%
11/24/2021 49.700001 0.61%
11/25/2021 49.150002 -1.11%
11/28/2021 49.150002 0.00%
11/29/2021 46.75 -4.88%
11/30/2021 47.849998 2.35%
12/1/2021 47.450001 -0.84%
12/2/2021 47.400002 -0.11%
12/5/2021 48.450001 2.22%
12/6/2021 47.700001 -1.55%
12/7/2021 48 0.63%
12/8/2021 48.5 1.04%
12/9/2021 48.650002 0.31%
12/12/2021 48.700001 0.10%
12/13/2021 48.799999 0.21%
12/14/2021 48.25 -1.13%
12/15/2021 48.200001 -0.10%
12/16/2021 48.200001 0.00%
12/19/2021 48.599998 0.83%
12/20/2021 48.299999 -0.62%
12/21/2021 48.200001 -0.21%
12/22/2021 48.5 0.62%
12/23/2021 48.349998 -0.31%
12/26/2021 48.200001 -0.31%
12/27/2021 48.400002 0.41%
12/28/2021 48.599998 0.41%
12/29/2021 48.25 -0.72%
12/30/2021 48.75 1.04%
1/2/2022 48.349998 -0.82%
1/3/2022 48.400002 0.10%
1/4/2022 48.349998 -0.10%
1/5/2022 48.400002 0.10%
1/6/2022 48.099998 -0.62%
1/9/2022 47.950001 -0.31%
1/10/2022 47.950001 0.00%
1/11/2022 48.200001 0.52%
1/12/2022 48.25 0.10%
1/13/2022 48.549999 0.62%
1/16/2022 49.349998 1.65%
1/17/2022 50.099998 1.52%
1/18/2022 49.700001 -0.80%
1/19/2022 50 0.60%
1/20/2022 50 0.00%
1/23/2022 48.799999 -2.40%
1/24/2022 48.400002 -0.82%
1/25/2022 49.450001 2.17%
1/26/2022 49.450001 0.00%
1/27/2022 49.450001 0.00%
1/30/2022 49.349998 -0.20%
1/31/2022 49.099998 -0.51%
2/1/2022 49.700001 1.22%
2/2/2022 50 0.60%
2/3/2022 49.150002 -1.70%
2/6/2022 49.650002 1.02%
2/7/2022 50 0.70%
2/8/2022 49.950001 -0.10%
2/9/2022 49.549999 -0.80%
2/10/2022 50.099998 1.11%
2/13/2022 49.299999 -1.60%
2/14/2022 49.849998 1.12%
2/15/2022 50.299999 0.90%
2/16/2022 50.799999 0.99%
2/17/2022 51.900002 2.17%
2/20/2022 50.799999 -2.12%
2/21/2022 51.599998 1.57%
2/23/2022 51.200001 -0.78%
2/24/2022 49.299999 -3.71%
2/27/2022 49.799999 1.01%
2/28/2022 50.099998 0.60%
3/1/2022 51.299999 2.40%
3/2/2022 50.299999 -1.95%
3/3/2022 49.799999 -0.99%
3/6/2022 50 0.40%
3/7/2022 49.900002 -0.20%
3/8/2022 49.799999 -0.20%
3/9/2022 49.5 -0.60%
3/10/2022 49.099998 -0.81%
3/13/2022 48.049999 -2.14%
3/14/2022 47.599998 -0.94%
3/15/2022 47 -1.26%
3/16/2022 47.900002 1.91%
3/17/2022 49 2.30%
3/20/2022 48.650002 -0.71%
3/21/2022 48.950001 0.62%
3/22/2022 48.849998 -0.20%
3/23/2022 49.25 0.82%
3/24/2022 49.400002 0.30%
3/27/2022 49.5 0.20%
3/28/2022 49.799999 0.61%
3/29/2022 51.400002 3.21%
3/30/2022 50.900002 -0.97%
3/31/2022 51.200001 0.59%
4/3/2022 51.299999 0.20%
4/4/2022 51.299999 0.00%
4/5/2022 51.5 0.39%
4/6/2022 52.5 1.94%
4/7/2022 52.200001 -0.57%
4/10/2022 52.799999 1.15%
4/11/2022 53.200001 0.76%
4/12/2022 53.200001 0.00%
4/13/2022 52.200001 -1.88%
4/14/2022 52.099998 -0.19%
4/17/2022 51.799999 -0.58%
4/18/2022 51.599998 -0.39%
4/19/2022 50.799999 -1.55%
4/20/2022 51 0.39%
4/21/2022 51 0.00%
4/24/2022 51 0.00%
4/25/2022 51.299999 0.59%
4/26/2022 51 -0.58%
4/27/2022 51.299999 0.59%
4/28/2022 52 1.36%
5/8/2022 52 0.00%
5/9/2022 53.5 2.88%
5/10/2022 53.700001 0.37%
5/11/2022 54.400002 1.30%
5/12/2022 52 -4.41%
5/15/2022 54.099998 4.04%
5/16/2022 52.799999 -2.40%
5/17/2022 52.5 -0.57%
5/18/2022 52.5 0.00%
5/19/2022 52.099998 -0.76%
5/22/2022 52.599998 0.96%
5/23/2022 50.099998 -4.75%
5/24/2022 49.049999 -2.10%
5/25/2022 52 6.01%
5/26/2022 51.700001 -0.58%
5/29/2022 53 2.51%
5/30/2022 54.5 2.83%
5/31/2022 54.799999 0.55%
6/1/2022 53 -3.28%
6/2/2022 51.599998 -2.64%
6/5/2022 53 2.71%
6/6/2022 53.599998 1.13%
6/7/2022 52.400002 -2.24%
6/8/2022 53.200001 1.53%
6/9/2022 53.799999 1.13%
6/12/2022 53 -1.49%
6/13/2022 51.799999 -2.26%
6/14/2022 52.400002 1.16%
6/15/2022 52.099998 -0.57%
6/16/2022 53.200001 2.11%
6/19/2022 50.599998 -4.89%
6/20/2022 52.5 3.75%
6/21/2022 52.700001 0.38%
6/22/2022 51 -3.23%
6/23/2022 51.900002 1.76%
6/26/2022 52.5 1.16%
6/27/2022 51.5 -1.90%
6/28/2022 51.900002 0.78%
6/29/2022 52.799999 1.73%
6/30/2022 52.400002 -0.76%
7/3/2022 52.5 0.19%
7/4/2022 51.5 -1.90%
7/5/2022 51 -0.97%
7/6/2022 51.5 0.98%
7/13/2022 50.200001 -2.52%
7/14/2022 51.900002 3.39%
7/17/2022 51 -1.73%
7/18/2022 50.400002 -1.18%
7/19/2022 50.400002 0.00%
7/20/2022 51.099998 1.39%
7/21/2022 51.200001 0.20%
7/24/2022 51.700001 0.98%
7/25/2022 52.400002 1.35%
7/26/2022 52.700001 0.57%
7/27/2022 52.799999 0.19%
7/28/2022 52.200001 -1.14%
7/31/2022 52.5 0.57%
8/1/2022 52.799999 0.57%
8/2/2022 52.700001 -0.19%
8/3/2022 53.400002 1.33%
8/4/2022 53.400002 0.00%
8/7/2022 53.200001 -0.37%
8/8/2022 53.5 0.56%
8/9/2022 52.799999 -1.31%
8/10/2022 53.400002 1.14%
8/11/2022 54 1.12%
8/14/2022 53.900002 -0.19%
8/15/2022 53.599998 -0.56%
8/16/2022 53.400002 -0.37%
8/17/2022 54.599998 2.25%
8/18/2022 54.700001 0.18%
8/21/2022 54.700001 0.00%
8/22/2022 53.099998 -2.93%
8/23/2022 53.599998 0.94%
8/24/2022 52.799999 -1.49%
8/25/2022 53.400002 1.14%
8/28/2022 52.799999 -1.12%
8/29/2022 53.200001 0.76%
8/30/2022 52.900002 -0.56%
8/31/2022 53 0.19%
9/1/2022 52.200001 -1.51%
9/4/2022 52.799999 1.15%
9/5/2022 52.200001 -1.14%
9/6/2022 52.700001 0.96%
9/7/2022 51.099998 -3.04%
9/8/2022 51.5 0.78%
9/11/2022 51.700001 0.39%
9/12/2022 52.599998 1.74%
9/13/2022 53.799999 2.28%
9/14/2022 52.700001 -2.04%
9/15/2022 53.200001 0.95%
9/18/2022 52.799999 -0.75%
9/19/2022 52.099998 -1.33%
9/20/2022 53 1.73%
9/21/2022 54 1.89%
 9/25/2022 52.5 -2.78%
9/26/2022 52.599998 0.19%
9/27/2022 52.200001 -0.76%
9/28/2022 52.599998 0.77%
9/29/2022 53.200001 1.14%
10/2/2022 53.5 0.56%
10/3/2022 54.200001 1.31%
10/4/2022 54.200001 0.00%
10/5/2022 56 3.32%
10/6/2022 55.400002 -1.07%
10/9/2022 53.099998 -4.15%
10/10/2022 54 1.69%
10/11/2022 53.299999 -1.30%
10/12/2022 53.099998 -0.38%
10/13/2022 54.700001 3.01%
10/16/2022 55.400002 1.28%
10/17/2022 56.200001 1.44%
10/18/2022 57.299999 1.96%
10/19/2022 57.900002 1.05%
10/20/2022 56.099998 -3.11%
10/23/2022 56 -0.18%
10/24/2022 57.299999 2.32%
10/25/2022 55.900002 -2.44%
10/26/2022 56 0.18%
10/27/2022 54.5 -2.68%
10/30/2022 56 2.75%
10/31/2022 56 0.00%
11/1/2022 55.900002 -0.18%
11/2/2022 56.400002 0.89%
11/3/2022 55.400002 -1.77%
11/6/2022 55.900002 0.90%
11/7/2022 56.900002 1.79%
11/8/2022 57.200001 0.53%
11/9/2022 57 -0.35%
11/10/2022 57 0.00%
11/13/2022 56.799999 -0.35%
11/14/2022 57 0.35%
11/15/2022 56.599998 -0.70%
11/16/2022 56.5 -0.18%
11/17/2022 56.700001 0.35%
11/20/2022 56.099998 -1.06%
11/21/2022 54.799999 -2.32%
11/22/2022 55.799999 1.82%
11/24/2022 55.799999 0.00%
11/27/2022 53.799999 -3.58%
11/28/2022 53.700001 -0.19%
11/29/2022 52.200001 -2.79%
11/30/2022 53.200001 1.92%
12/1/2022 53.400002 0.38%
12/4/2022 53.599998 0.37%
12/5/2022 52.299999 -2.43%
12/6/2022 52.599998 0.57%
12/7/2022 52.099998 -0.95%
12/8/2022 52.799999 1.34%
12/11/2022 52.599998 -0.38%
12/12/2022 52.700001 0.19%
12/13/2022 52.299999 -0.76%
12/14/2022 53.200001 1.72%
12/15/2022 53.700001 0.94%
12/18/2022 53.299999 -0.74%
12/19/2022 54 1.31%
12/20/2022 53.799999 -0.37%
12/21/2022 52.799999 -1.86%
12/22/2022 52.799999 0.00%
12/25/2022 52.599998 -0.38%
12/26/2022 53 0.76%
12/27/2022 53 0.00%
12/28/2022 53.299999 0.57%
12/29/2022 53.5 0.38%
1/1/2023 53.5 0.00%
1/2/2023 53.299999 -0.37%
1/3/2023 53.299999 0.00%
1/4/2023 52.700001 -1.13%
1/5/2023 52 -1.33%
1/8/2023 51.700001 -0.58%
1/9/2023 53.400002 3.29%
1/10/2023 53.900002 0.94%
1/11/2023 53.5 -0.74%
1/12/2023 53.900002 0.75%
1/15/2023 53.900002 0.00%
1/16/2023 55 2.04%
1/17/2023 54 -1.82%
1/18/2023 54 0.00%
1/19/2023 56 3.70%
1/22/2023 56 0.00%
1/23/2023 55.5 -0.89%
1/24/2023 55 -0.90%
1/25/2023 54.700001 -0.55%
1/26/2023 53 -3.11%
1/29/2023 53.5 0.94%
1/30/2023 54.599998 2.06%
1/31/2023 55.400002 1.47%
2/1/2023 55.599998 0.36%
2/2/2023 54.5 -1.98%
2/5/2023 54.200001 -0.55%
2/6/2023 53 -2.21%
2/7/2023 52.5 -0.94%
2/8/2023 53.700001 2.29%
2/9/2023 52.5 -2.23%
2/12/2023 52.5 0.00%
2/13/2023 52.900002 0.76%
2/14/2023 56 5.86%
2/15/2023 55.599998 -0.71%
2/16/2023 55.200001 -0.72%
2/19/2023 55.299999 0.18%
2/20/2023 55.099998 -0.36%
2/21/2023 54.400002 -1.27%
2/23/2023 54.700001 0.55%
2/26/2023 55 0.55%
2/27/2023 53.299999 -3.09%
2/28/2023 52.5 -1.50%
3/1/2023 53.400002 1.71%
3/2/2023 53.099998 -0.56%
3/5/2023 54 1.69%
3/6/2023 54 0.00%
3/7/2023 54 0.00%
3/8/2023 54.799999 1.48%
3/9/2023 54.799999 0.00%
3/12/2023 54.799999 0.00%
3/13/2023 54.799999 0.00%
3/14/2023 55 0.36%
3/15/2023 53.5 -2.73%
3/16/2023 53.400002 -0.19%
3/19/2023 53.400002 0.00%
3/20/2023 54.700001 2.43%
3/21/2023 53.599998 -2.01%
3/22/2023 54 0.75%
3/23/2023 54.700001 1.30%
3/26/2023 54.700001 0.00%
3/27/2023 54.700001 0.00%
3/28/2023 54.700001 0.00%
3/29/2023 55.900002 2.19%
3/30/2023 56.400002 0.89%
4/2/2023 56.400002 0.00%
4/3/2023 55.799999 -1.06%
4/4/2023 55.5 -0.54%
4/5/2023 56 0.90%
4/6/2023 56.799999 1.43%
4/9/2023 58.5 2.99%
4/10/2023 57.900002 -1.03%
4/11/2023 58 0.17%
4/12/2023 57.799999 -0.34%
4/13/2023 56.900002 -1.56%
4/16/2023 57.200001 0.53%
4/17/2023 57.200001 0.00%
4/25/2023 59 3.15%
4/26/2023 58.900002 -0.17%
4/27/2023 58.900002 0.00%
4/30/2023 58.900002 0.00%
5/1/2023 58.900002 0.00%
5/2/2023 58.599998 -0.51%
5/3/2023 58.599998 0.00%
5/4/2023 58.900002 0.51%
5/7/2023 58.599998 -0.51%
5/8/2023 57.599998 -1.71%
5/9/2023 57.900002 0.52%
5/10/2023 57.900002 0.00%
5/11/2023 57.900002 0.00%
5/14/2023 57.299999 -1.04%
5/15/2023 56.900002 -0.70%
5/16/2023 56.099998 -1.41%
5/17/2023 57.200001 1.96%
5/18/2023 56.700001 -0.87%
5/21/2023 56.799999 0.18%
5/22/2023 56.799999 0.00%
5/23/2023 57 0.35%
5/24/2023 56.700001 -0.53%
5/25/2023 56.299999 -0.71%
5/28/2023 55.799999 -0.89%
5/29/2023 55.799999 0.00%
5/30/2023 55.799999 0.00%
5/31/2023 54.700001 -1.97%
 6/1/2023 54.5 -0.37%
6/4/2023 55 0.92%
6/5/2023 57 3.64%
6/6/2023 56.599998 -0.70%
6/7/2023 57.299999 1.24%
6/8/2023 54.5 -4.89%
6/11/2023 57.900002 6.24%
6/12/2023 59.299999 2.42%
6/13/2023 58.5 -1.35%
6/14/2023 64 9.40%
6/15/2023 65.599998 2.50%
6/18/2023 67.199997 2.44%
6/19/2023 63.700001 -5.21%
6/20/2023 63 -1.10%
6/21/2023 62.099998 -1.43%
6/22/2023 60.700001 -2.25%
7/2/2023 63.200001 4.12%
7/3/2023 65.400002 3.48%
7/4/2023 64.300003 -1.68%
7/5/2023 63.5 -1.24%
7/6/2023 65 2.36%
7/9/2023 65.199997 0.31%
7/10/2023 64.300003 -1.38%
7/11/2023 66.099998 2.80%
7/12/2023 66.900002 1.21%
7/13/2023 66.699997 -0.30%
7/16/2023 65.5 -1.80%
7/17/2023 65.800003 0.46%
7/18/2023 65.300003 -0.76%
7/19/2023 65.699997 0.61%
7/20/2023 66.5 1.22%
7/23/2023 67.099998 0.90%
7/24/2023 65.900002 -1.79%
7/25/2023 67.300003 2.12%
7/26/2023 68.199997 1.34%
7/27/2023 70.300003 3.08%
7/30/2023 68.099998 -3.13%
7/31/2023 68.900002 1.17%
8/1/2023 67.599998 -1.89%
8/2/2023 64 -5.33%
8/3/2023 64 0.00%
8/6/2023 62.5 -2.34%
8/7/2023 63.5 1.60%
 8/8/2023 63 -0.79%
8/9/2023 61.200001 -2.86%
8/10/2023 65 6.21%
8/13/2023 66 1.54%
8/14/2023 65.699997 -0.45%
8/15/2023 66.300003 0.91%
8/16/2023 67 1.06%
8/17/2023 67.099998 0.15%
8/20/2023 66.800003 -0.45%
8/21/2023 67.5 1.05%
8/22/2023 64.699997 -4.15%
8/23/2023 65 0.46%
8/24/2023 66 1.54%
8/27/2023 67.300003 1.97%
8/28/2023 67 -0.45%
8/29/2023 66.5 -0.75%
8/30/2023 66.5 0.00%
8/31/2023 63.400002 -4.66%
9/3/2023 64.800003 2.21%
9/4/2023 64.199997 -0.93%
9/5/2023 63 -1.87%
9/6/2023 61.799999 -1.90%
9/7/2023 62.799999 1.62%
9/10/2023 62.799999 0.00%
9/11/2023 63 0.32%
9/12/2023 61.700001 -2.06%
9/13/2023 62.799999 1.78%
9/14/2023 63.099998 0.48%
9/17/2023 63.099998 0.00%
9/18/2023 63.200001 0.16%
9/19/2023 63.5 0.47%
9/20/2023 64.400002 1.42%
9/21/2023 62.5 -2.95%
9/25/2023 61.5 -1.60%
9/26/2023 62.400002 1.46%
9/27/2023 64.599998 3.53%
9/28/2023 63.599998 -1.55%
10/1/2023 63.599998 0.00%
10/2/2023 63 -0.94%
10/3/2023 64 1.59%
10/4/2023 63.299999 -1.09%
10/5/2023 63.5 0.32%
10/8/2023 61.900002 -2.52%
 10/9/2023 59.799999 -3.39%
10/10/2023 60.599998 1.34%
10/11/2023 60 -0.99%
10/12/2023 58 -3.33%
10/15/2023 58 0.00%
10/16/2023 57.299999 -1.21%
10/17/2023 56.599998 -1.22%
10/18/2023 56.200001 -0.71%
10/19/2023 55.799999 -0.71%
10/22/2023 55.099998 -1.25%
10/23/2023 53.200001 -3.45%
10/24/2023 54.599998 2.63%
10/25/2023 55.200001 1.10%
10/26/2023 53.900002 -2.36%
10/29/2023 53.900002 0.00%
10/30/2023 56.400002 4.64%
10/31/2023 55.900002 -0.89%
11/1/2023 55.200001 -1.25%
11/2/2023 54.400002 -1.45%
11/5/2023 54.799999 0.74%
11/6/2023 54.700001 -0.18%
11/7/2023 55.5 1.46%
11/8/2023 55.400002 -0.18%
11/9/2023 53.900002 -2.71%
11/12/2023 54.200001 0.56%
11/13/2023 54.200001 0.00%
11/14/2023 54.400002 0.37%
11/15/2023 54 -0.74%
11/16/2023 54.099998 0.19%
11/19/2023 53.799999 -0.55%
11/20/2023 54.799999 1.86%
11/21/2023 56.099998 2.37%
11/22/2023 55.099998 -1.78%
11/23/2023 55.099998 0.00%
11/26/2023 55.599998 0.91%
11/27/2023 54.700001 -1.62%
11/28/2023 55 0.55%
11/29/2023 55.200001 0.36%
11/30/2023 55.799999 1.09%
12/3/2023 57.5 3.05%
12/4/2023 56.900002 -1.04%
12/5/2023 57.400002 0.88%
12/6/2023 58.299999 1.57%
 12/7/2023 57.099998 -2.06%
12/10/2023 57.700001 1.05%
12/11/2023 57.5 -0.35%
12/12/2023 57.900002 0.70%
12/13/2023 56.599998 -2.25%
12/14/2023 56 -1.06%
12/17/2023 56.599998 1.07%
12/18/2023 56 -1.06%
12/19/2023 56.599998 1.07%
12/20/2023 57.5 1.59%
12/21/2023 57 -0.87%
12/24/2023 57 0.00%
12/25/2023 56.799999 -0.35%
12/26/2023 56.599998 -0.35%
12/27/2023 56.400002 -0.35%
12/28/2023 56.200001 -0.35%
12/31/2023 55.799999 -0.71%
1/1/2024 55.5 -0.54%
1/2/2024 58.599998 5.59%
1/3/2024 57.700001 -1.54%
1/4/2024 61 5.72%
1/7/2024 61.400002 0.66%
1/8/2024 61.099998 -0.49%
1/9/2024 62.599998 2.45%
1/10/2024 62.700001 0.16%
1/11/2024 63 0.48%
1/14/2024 62.5 -0.79%
1/15/2024 63.200001 1.12%
1/16/2024 63.099998 -0.16%
1/17/2024 62.700001 -0.63%
1/18/2024 61.599998 -1.75%
1/21/2024 61.599998 0.00%
1/22/2024 61.599998 0.00%
1/23/2024 59.400002 -3.57%
1/24/2024 58.799999 -1.01%
1/25/2024 59.700001 1.53%
1/28/2024 59.299999 -0.67%
1/29/2024 59.400002 0.17%
1/30/2024 57.099998 -3.87%
1/31/2024 57.099998 0.00%
2/1/2024 57.099998 0.00%
2/4/2024 57.700001 1.05%
2/5/2024 58.200001 0.87%
 2/6/2024 59.599998 2.41%
2/7/2024 59 -1.01%
2/8/2024 59 0.00%
2/11/2024 58.200001 -1.36%
2/12/2024 58 -0.34%
2/13/2024 58.200001 0.34%
2/14/2024 58.700001 0.86%
2/15/2024 58.299999 -0.68%
2/18/2024 59.200001 1.54%
2/19/2024 60 1.35%
2/20/2024 59.900002 -0.17%
2/21/2024 59.799999 -0.17%
2/25/2024 59.799999 0.00%
2/26/2024 59.200001 -1.00%
2/27/2024 59 -0.34%
2/28/2024 59 0.00%
2/29/2024 58.799999 -0.34%
3/3/2024 58.799999 0.00%
3/4/2024 57.599998 -2.04%
3/5/2024 57.599998 0.00%
3/6/2024 58.599998 1.74%
3/7/2024 59.400002 1.37%
3/10/2024 58.799999 -1.01%
3/11/2024 58.5 -0.51%
3/12/2024 57.799999 -1.20%
3/13/2024 58.799999 1.73%
3/14/2024 58 -1.36%
3/17/2024 58 0.00%
3/18/2024 58.099998 0.17%
3/19/2024 57.799999 -0.52%
3/20/2024 57.599998 -0.35%
3/21/2024 57.400002 -0.35%
3/24/2024 57.799999 0.70%
3/25/2024 57.400002 -0.69%
3/26/2024 57.200001 -0.35%
3/27/2024 57.400002 0.35%
3/28/2024 57.200001 -0.35%
3/31/2024 57.599998 0.70%
4/1/2024 57 -1.04%
4/2/2024 57.200001 0.35%
4/3/2024 56.700001 -0.87%
4/4/2024 57.099998 0.71%
 Days Return Price
0 57.1000
1 0.01% 57.104495
57.1000 2 -0.12% 57.035465
1.54% 3 0.04% 57.058288
0.10% 4 -0.04% 57.032947
0.02% 5 -0.03% 57.015946
6 -0.04% 56.991013
7 0.01% 56.999540
8 -0.02% 56.988767
9 -0.12% 56.919904
10 -0.14% 56.843011
11 -0.12% 56.772767
12 0.19% 56.879429
13 0.04% 56.900513
14 0.01% 56.907906
15 0.18% 57.011027
16 0.01% 57.015163
17 0.00% 57.016561
18 0.00% 57.016589
19 -0.05% 56.989430
20 0.04% 57.012946
21 -0.14% 56.933043
Iteration Price Statistics
56.933043 Mean
1 56.933042658 Standard Deviation
2 56.933042658 Median
3 56.933042658
4 56.933042658
5 56.933042658 Perenctile
6 56.933042658 5%
7 56.933042658 25%
8 56.933042658 75%
9 56.933042658 95%
10 56.933042658
11 56.933042658
12 56.933042658
13 56.933042658
14 56.933042658
15 56.933042658
16 56.933042658
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35 56.933042658
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43 56.933042658
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653 56.933042658
654 56.933042658
655 56.933042658
656 56.933042658
657 56.933042658
658 56.933042658
659 56.933042658
660 56.933042658
661 56.933042658
662 56.933042658
663 56.933042658
664 56.933042658
665 56.933042658
666 56.933042658
667 56.933042658
668 56.933042658
669 56.933042658
670 56.933042658
671 56.933042658
672 56.933042658
673 56.933042658
674 56.933042658
675 56.933042658
676 56.933042658
677 56.933042658
678 56.933042658
679 56.933042658
680 56.933042658
681 56.933042658
682 56.933042658
683 56.933042658
684 56.933042658
685 56.933042658
686 56.933042658
687 56.933042658
688 56.933042658
689 56.933042658
690 56.933042658
691 56.933042658
692 56.933042658
693 56.933042658
694 56.933042658
695 56.933042658
696 56.933042658
697 56.933042658
698 56.933042658
699 56.933042658
700 56.933042658
701 56.933042658
702 56.933042658
703 56.933042658
704 56.933042658
705 56.933042658
706 56.933042658
707 56.933042658
708 56.933042658
709 56.933042658
710 56.933042658
711 56.933042658
712 56.933042658
713 56.933042658
714 56.933042658
715 56.933042658
716 56.933042658
717 56.933042658
718 56.933042658
719 56.933042658
720 56.933042658
721 56.933042658
722 56.933042658
723 56.933042658
724 56.933042658
725 56.933042658
726 56.933042658
727 56.933042658
728 56.933042658
729 56.933042658
730 56.933042658
731 56.933042658
732 56.933042658
733 56.933042658
734 56.933042658
735 56.933042658
736 56.933042658
737 56.933042658
738 56.933042658
739 56.933042658
740 56.933042658
741 56.933042658
742 56.933042658
743 56.933042658
744 56.933042658
745 56.933042658
746 56.933042658
747 56.933042658
748 56.933042658
749 56.933042658
750 56.933042658
751 56.933042658
752 56.933042658
753 56.933042658
754 56.933042658
755 56.933042658
756 56.933042658
757 56.933042658
758 56.933042658
759 56.933042658
760 56.933042658
761 56.933042658
762 56.933042658
763 56.933042658
764 56.933042658
765 56.933042658
766 56.933042658
767 56.933042658
768 56.933042658
769 56.933042658
770 56.933042658
771 56.933042658
772 56.933042658
773 56.933042658
774 56.933042658
775 56.933042658
776 56.933042658
777 56.933042658
778 56.933042658
779 56.933042658
780 56.933042658
781 56.933042658
782 56.933042658
783 56.933042658
784 56.933042658
785 56.933042658
786 56.933042658
787 56.933042658
788 56.933042658
789 56.933042658
790 56.933042658
791 56.933042658
792 56.933042658
793 56.933042658
794 56.933042658
795 56.933042658
796 56.933042658
797 56.933042658
798 56.933042658
799 56.933042658
800 56.933042658
801 56.933042658
802 56.933042658
803 56.933042658
804 56.933042658
805 56.933042658
806 56.933042658
807 56.933042658
808 56.933042658
809 56.933042658
810 56.933042658
811 56.933042658
812 56.933042658
813 56.933042658
814 56.933042658
815 56.933042658
816 56.933042658
817 56.933042658
818 56.933042658
819 56.933042658
820 56.933042658
821 56.933042658
822 56.933042658
823 56.933042658
824 56.933042658
825 56.933042658
826 56.933042658
827 56.933042658
828 56.933042658
829 56.933042658
830 56.933042658
831 56.933042658
832 56.933042658
833 56.933042658
834 56.933042658
835 56.933042658
836 56.933042658
837 56.933042658
838 56.933042658
839 56.933042658
840 56.933042658
841 56.933042658
842 56.933042658
843 56.933042658
844 56.933042658
845 56.933042658
846 56.933042658
847 56.933042658
848 56.933042658
849 56.933042658
850 56.933042658
851 56.933042658
852 56.933042658
853 56.933042658
854 56.933042658
855 56.933042658
856 56.933042658
857 56.933042658
858 56.933042658
859 56.933042658
860 56.933042658
861 56.933042658
862 56.933042658
863 56.933042658
864 56.933042658
865 56.933042658
866 56.933042658
867 56.933042658
868 56.933042658
869 56.933042658
870 56.933042658
871 56.933042658
872 56.933042658
873 56.933042658
874 56.933042658
875 56.933042658
876 56.933042658
877 56.933042658
878 56.933042658
879 56.933042658
880 56.933042658
881 56.933042658
882 56.933042658
883 56.933042658
884 56.933042658
885 56.933042658
886 56.933042658
887 56.933042658
888 56.933042658
889 56.933042658
890 56.933042658
891 56.933042658
892 56.933042658
893 56.933042658
894 56.933042658
895 56.933042658
896 56.933042658
897 56.933042658
898 56.933042658
899 56.933042658
900 56.933042658
901 56.933042658
902 56.933042658
903 56.933042658
904 56.933042658
905 56.933042658
906 56.933042658
907 56.933042658
908 56.933042658
909 56.933042658
910 56.933042658
911 56.933042658
912 56.933042658
913 56.933042658
914 56.933042658
915 56.933042658
916 56.933042658
917 56.933042658
918 56.933042658
919 56.933042658
920 56.933042658
921 56.933042658
922 56.933042658
923 56.933042658
924 56.933042658
925 56.933042658
926 56.933042658
927 56.933042658
928 56.933042658
929 56.933042658
930 56.933042658
931 56.933042658
932 56.933042658
933 56.933042658
934 56.933042658
935 56.933042658
936 56.933042658
937 56.933042658
938 56.933042658
939 56.933042658
940 56.933042658
941 56.933042658
942 56.933042658
943 56.933042658
944 56.933042658
945 56.933042658
946 56.933042658
947 56.933042658
948 56.933042658
949 56.933042658
950 56.933042658
951 56.933042658
952 56.933042658
953 56.933042658
954 56.933042658
955 56.933042658
956 56.933042658
957 56.933042658
958 56.933042658
959 56.933042658
960 56.933042658
961 56.933042658
962 56.933042658
963 56.933042658
964 56.933042658
965 56.933042658
966 56.933042658
967 56.933042658
968 56.933042658
969 56.933042658
970 56.933042658
971 56.933042658
972 56.933042658
973 56.933042658
974 56.933042658
975 56.933042658
976 56.933042658
977 56.933042658
978 56.933042658
979 56.933042658
980 56.933042658
981 56.933042658
982 56.933042658
983 56.933042658
984 56.933042658
985 56.933042658
986 56.933042658
987 56.933042658
 988 56.933042658
989 56.933042658
990 56.933042658
991 56.933042658
992 56.933042658
993 56.933042658
994 56.933042658
995 56.933042658
996 56.933042658
997 56.933042658
998 56.933042658
999 56.933042658
1000 56.933042658
56.93304
0.00000
56.93304

56.93
56.93
56.93
56.93
 Historical:

Financial Statements
2021

Assumptions & Drivers

Days in Period 365

Live
Revenue Growth (% Change)
Cost of Goods Sold (% of Revenue)
Selling and Distribution Expense (% of Revenue)
General And Administration Expense (% of revenue)
Other Expense, net (% of revenue)
Impairment Loss on Financial Assets ($000's)
Finance Cost, net (debt interest)
Zakat
Tax Rate
Increase in Debts (% of Revenue)
Asset Turnover
Fixed Asset Turnover
Receivable Days (Sales Basis)
Inventory Days (COGS Basis)
Payable Days (COGS Basis)
Debt-Equity Ratio
Investments (& of Operating profit)
Dividend Payout Ratio
UPSIDE - 1
Revenue Growth (% Change)
Cost of Goods Sold (% of Revenue)
Selling and Distribution Expense (% of Revenue)
General And Administration Expense (% of revenue)
Other Expense, net (% of revenue)
Impairment Loss on Financial Assets ($000's)
Finance Cost, net (debt interest)
Zakat
Tax Rate
Increase in Debts (% of Revenue)
Asset Turnover
Fixed Asset Turnover
Receivable Days (Sales Basis)
Inventory Days (COGS Basis)
Payable Days (COGS Basis)
Debt-Equity Ratio
Investments (& of Operating profit)
Dividend Payout Ratio
DOWNSIDE - 2
Revenue Growth (% Change)
Cost of Goods Sold (% of Revenue)
Selling and Distribution Expense (% of Revenue)
General And Administration Expense (% of revenue)
Other Expense, net (% of revenue)
Impairment Loss on Financial Assets ($000's)
Finance Cost, net (debt interest)
Zakat
Tax Rate
Increase in Debts (% of Revenue)
Asset Turnover
Fixed Asset Turnover
Receivable Days (Sales Basis)
Inventory Days (COGS Basis)
Payable Days (COGS Basis)
Debt-Equity Ratio
Investments (& of Operating profit)
Dividend Payout Ratio

Income Statement

Sales 15,849,720
Cost of Sales (10,790,450)
Gross Profit 5,059,270
Selling and Distribution Expense (2,518,851)
General And Administration Expense (428,157)
Other Expense, net (85,563)
Impairment Loss on Financial Assets (11,485)
Operating Profit (EBIT) 2,014,854
Finance Cost, net (346,063)
Share of Results of Associate and Joint Venture (941)
Profit before Zakat and Income Tax 1,667,850
Zakat (77,080)
Income Tax (11,334)
Profit of the Year 1,579,436

Shares outstanding
EPS 1.59

Balance Sheet

Current Assets
Cash 580,913
Trade and Other Receivables 1,991,205
Inventory 4,353,596
Other Assets 11,597
Investments 46,894
Biological asset 117,980
Time Deposit -
Total Current Asset 7,102,185

Non-Current Assets
Property Plant and Equipment (PP&E) 20,873,448
Fixed Assets 2,716,169
Investment 88,749
Other Assets 973,751
Total Non-Current Assets 24,652,117

Total Assets 31,754,302

Current Liabilities
Other Liabilities 3,284,549
Trade and Other Payables 3,339,496
Total Current Liabilities 6,624,045

Non-Current Liabilities
Other Liabilities 1,439,604
Loans and Borrowings 7,072,240
Total Non-Current Liabilities 8,511,844

Total Liabilities 15,135,889

Shareholders Equity 16,119,494

Minority Interests 498,919
Total Equity 16,618,413

Total Liabilities and Shareholder Equity 31,754,302

Balance Sheet check OK

Cash Flow

Cash Flows from Operating Activities:

Net Income 1,579,436
Plus: Depreciation 2,071,547
Less: Changes in NWC 1,264,022
Net Cash provided by Operating Activities 4,915,005

Investing Activities:
Purchases of Fixed Assets (2,186,454)
Investment in Time Deposit -
Other Changes in Investing Act. 372207
Net Cash from Investing Activities (1,814,247)

Financing Activities:
Increase in Debts (1,469,647)
Other Changes in Financing Act. (1,553,708)
Net Cash from Financing Activities (3,023,761)

Increase/(Decrease) in Cash and Equivalents 76,997

Cash at Begining of Period 503,510
Cash at End of Period 580,913

Supporting Schedules

Property Plant and Equipment (PP&E)

Net PP&E
Beginning of Period 21,112,904
Capital Expenditures/Additions (Disposals) 2,186,454
Depreciation Expense (2,071,547)
Net PP&E End of Period 20,873,448

Depreciation & Amoritization

Total Amortisation 93,738
Total Depreciation 2,071,547
Depreciation & Amoritization 2,165,285

Working Capital Schedule

Accounts Receivable 1,991,205
Inventory 4,353,596
Biological asset 117,980
Accounts Payable (3,339,496)
Net Working Capital (NWC) 3,123,285
Change in NWC (6,533,254)

Debt
Beginning of Period 10,088,955
Additions (Repayments) (3,016,715)
Debt End of Period 7,072,240

DCF Model

Tax Rate
Discount Rate
Perpetural Growth Rate
EV/EBITDA Mulltiple
Transaction Date
Current Price
Shares Outstanding

Discounted Cash Flow

Date
Year frac

EBT
Interest
EBIT
Less: Cash Taxes
Plus: D&A
EBITDA
Less: Capex
Less: Changes in NWC
Unlevered FCFF
(Entry)/Exit
Transaction FCFF
IRR

Intrinsic Value
Enterprise Value
Plus: Cash
Less: Debt
Equity Value

Equity Value/Share

Share Price Senstivity

:
5.00%
6.00%
WACC 7.00%
8.00%
9.00%

:
10.0x
12.0x
EV/EBTIDA 13.0x
14.0x
15.0x

Revenue
Change $/Share
0.0% 40.65
-10.0%
+10.0%
Assumption
Revenue
COGS
Discount Rate
EV/EBITDA

0 0.1
 Forecast:

2022 2023 2024 2025

Live case 2

365 365 365 365

4.00% 3.20%
65.00% 65.00%
14.87% 14.53%
2.52% 2.52%
0.56% 0.57%
23987.00 28154.33
5.66% 5.94%
2.50% 2.50%
0.82% 0.82%
7.43% 6.81%
54.12% 55.53%
632.23% 648.47%
4523.52% 4502.86%
15304.60% 15497.28%
10257.15% 10574.17%
49.94% 53.44%
3.60% 3.60%
49.00% 49.00%

6.00% 7.20%
65.00% 65.00%
14.87% 14.53%
2.52% 2.52%
0.56% 0.57%
23,987 28,154
5.12% 4.86%
2.50% 2.50%
0.82% 0.82%
7.43% 6.81%
0.5412 0.5553
6.3223 6.4847
45 45
 153 155
103 106
43% 40.37%
3.6% 3.6%
49% 49%

4.00% 3.20%
65.00% 65.00%
14.87% 14.53%
2.52% 2.52%
0.56% 0.57%
23,987 28,154
5.66% 5.94%
2.50% 2.50%
0.82% 0.82%
7.43% 6.81%
0.5412 0.5553
6.3223 6.4847
45 45
153 155
103 106
49.94% 53.44%
3.6% 3.6%
49% 49%

18,722,258 19,575,585 20,358,608 21,010,084

(13,098,035) (13,524,295) (13,233,095) (13,656,555)
5,624,223 6,051,290 7,125,513 7,353,529
(2,709,538) (2,789,745) (3,027,699) (3,053,134)
(458,694) (469,023) (512,175) (528,565)
(153,356) (64,461) (114,568) (119,838)
(26,303) (34,173) (23,987) (28,154)
2,276,332 2,693,888 3,447,084 3,623,838
(428,119) (527,019) (513,170) (588,074)
716 (1,064) (430) (259)
1,848,929 2,165,805 2,933,484 3,035,505
(62,600) (85,101) (73,337) (75,888)
(8,191) (29,175) (24,149) (24,989)
1,778,138 2,051,529 2,835,998 2,934,628

993,990 993,990
1.79 2.08 2.85 2.95

546,916 666,336 1,849,837 2,838,781

2,155,938 2,564,646 2,523,087 2,591,933
5,237,136 6,148,189 5,548,691 5,798,339
47,899 15,300 24,932 31,600
15,607 - 732,910 -
122,812 135,044 137,745 140,500
- 1,925,556 - -
8,126,308 11,455,071 10,817,201 11,401,152

20,114,537 20,807,810 22,751,953 24,663,537

2,833,312 3,000,632 4,182,539 4,033,172
6,312 5,030 - 130,458
993,501 925,472 3,296,209 5,371,621
23,947,662 24,738,944 30,230,701 34,198,788

32,073,970 36,194,015 41,047,902 45,599,940

1,427,899 3,940,821 5,746,449 5,816,868

3,655,553 4,245,868 3,718,735 3,956,347
5,083,452 8,186,689 9,465,184 9,773,216

1,558,709 1,699,332 4,345,487 7,397,156

8,448,944 8,499,169 9,072,340 9,901,492
10,007,653 10,198,501 13,417,827 17,298,648

15,091,105 18,385,190 22,883,011 27,071,864

16,671,360 17,797,719 18,153,673 18,516,747

 311,505 11,106 11,217 11,329
16,982,865 17,808,825 18,164,890 18,528,076

32,073,970 36,194,015 41,047,902 45,599,940

(0) (0)
OK OK OK OK

1,778,138 2,051,529 2,835,998 2,934,628

2,338,296 2,396,915 2,468,822 2,567,575
(287,085) 34,182 111,224 (83,638)
3,829,349 4,482,626 5,416,045 5,418,566

(2,291,878) (3,625,670) (4,412,965) (4,479,159)

- (1,876,250) - -
304,598 321,880 332,895 319,791
(1,987,280) (5,180,040) (4,080,070) (4,159,368)

(79,001) 2,464,351 1,512,186 1,431,390

(1,797,065) (1,643,206) (1,664,660) (1,701,644)
(1,861,136) 821,145 (152,473) (270,254)

(19,067) 123,731 1,183,501 988,944

580,913 546,916 666,336 1,849,837
546,916 666,336 1,849,837 2,838,781

20,873,448 20,114,537 20,807,810 22,751,953

2,291,878 2,432,149 4,412,965 4,479,159
(2,338,296) (2,396,915) (2,468,822) (2,567,575)
20,114,537 20,807,810 22,751,953 24,663,537

74,647 64,657 66,597 68,595

2,338,296 2,396,915 2,468,822 2,567,575
2,412,943 2,461,572 2,535,419 2,636,170

2,155,938 2,564,646 2,523,087 2,591,933

5,237,136 6,148,189 5,548,691 5,798,339
122,812 135,044 137,745 140,500
(3,655,553) (4,245,868) (3,718,735) (3,956,347)
3,860,333 4,602,011 4,490,787 4,574,425
737,048 741,678 (111,224) 83,638

7,072,240 8,448,944 8,499,169 9,072,340

1,376,704 50,225 573,171 829,152
8,448,944 8,499,169 9,072,340 9,901,492

0.82%
7.11%
1.64%
13.54x
2/5/2024
56
993990

Entry 2024 2025 2026

5/2/2024 12/31/2024 12/31/2025 12/31/2026
0.66 1.00 1.00

3,447,084 3,623,838 3,730,305

513,170 588,074 673,911
3,960,254 4,211,912 4,404,217
(29,027) (34,927) (42,027)
2,535,419 2,636,170 2,740,931
 6,495,673 6,848,082 7,145,147
(4,412,965) (4,479,159) (4,546,347)
(111,224) 83,638 200,206
1,942,457 2,417,633 2,756,981

- 1,289,576 2,417,633 2,756,981

(47,830,607) 1,289,576 2,417,633 2,756,981

Market Value
48,240,036 Market Cap
666,336 Plus: Debt
8,499,169 Less: Cash
40,407,203 EV

40.65 Equity Value/Share

Growth Rate
1.0% 2.0% 3.0% 4.0%

Revenue Growth
5.0% 10.0% 15.0% 20.0%

COGS
Change $/Share
0.0% 40.65
-10.0%
+10.0%
 -10% Δ +10% Δ Rank ABS
-70% 111% 1 111%
2% -2% 2 2%
19% -14% 3 14%
0% 0% 4 0%

Impact on Share Price By Change in Assumption

0.1 0.2 0.3 0.4 0.5 0.6 0.7

 2026 2027 2028

Share price

365 365 365

2.56% 2.05% 1.64%

65.00% 65.00% 65.00%
14.55% 14.65% 14.58%
2.52% 2.52% 2.52%
0.49% 0.54% 0.53%
28771.44 26970.93 27965.57
6.24% 6.55% 6.88%
2.50% 2.50% 2.50%
0.82% 0.82% 0.82%
8.94% 7.73% 7.83%
54.58% 54.74% 54.95%
644.36% 641.69% 644.84%
4602.78% 4543.06% 4549.57%
15798.30% 15533.39% 15609.65%
10810.30% 10547.20% 10643.89%
57.18% 61.18% 65.47%
3.60% 3.60% 3.60%
49.00% 49.00% 49.00%

8.64% 10.37% 12.44%

65.00% 65.00% 65.00%
14.55% 14.65% 14.58%
2.52% 2.52% 2.52%
0.49% 0.54% 0.53%
28,771 26,971 27,966
4.62% 4.39% 4.17%
2.50% 2.50% 2.50%
0.82% 0.82% 0.82%
8.94% 7.73% 7.83%
0.5458 0.5474 0.5495
6.4436 6.4169 6.4484
46 45 45
 158 155 156
108 105 106
37.54% 34.92% 32.47%
3.6% 3.6% 3.6%
49% 49% 49%

2.56% 2.05% 1.64%

65.00% 65.00% 65.00%
14.55% 14.65% 14.58%
2.52% 2.52% 2.52%
0.49% 0.54% 0.53%
28,771 26,971 27,966
6.24% 6.55% 6.88%
2.50% 2.50% 2.50%
0.82% 0.82% 0.82%
8.94% 7.73% 7.83%
0.5458 0.5474 0.5495
6.4436 6.4169 6.4484
46 45 45
158 155 156
108 105 106
57.18% 61.18% 65.47%
3.6% 3.6% 3.6%
49% 49% 49%

21,547,942 21,989,244 22,349,516

(14,006,162) (14,293,009) (14,527,185)
7,541,780 7,696,235 7,822,330
(3,135,566) (3,221,803) (3,258,191)
(542,096) (553,198) (562,262)
(105,041) (118,786) (119,053)
(28,771) (26,971) (27,966)
3,730,305 3,775,476 3,854,859
(673,911) (772,278) (885,002)
(584) (424) (423)
3,055,810 3,002,774 2,969,434
(76,395) (75,069) (74,236)
(25,156) (24,719) (24,445)
2,954,259 2,902,986 2,870,754

993,990 993,990 993,990

2.97 2.92 2.89

4,298,853 5,649,810 7,038,980

2,717,273 2,736,942 2,785,770
6,062,288 6,082,709 6,212,722
15,300 20,116 23,944
- - -
143,310 146,176 149,099
- - -
13,237,024 14,635,753 16,210,516

26,539,605 28,377,058 30,172,645

4,034,458 4,233,714 4,270,588
134,291 135,917 138,775
8,143,517 12,009,571 16,727,920
38,851,871 44,756,260 51,309,928

52,088,896 59,392,013 67,520,444

7,653,501 9,356,664 10,832,685

4,148,240 4,130,172 4,236,322
11,801,741 13,486,835 15,069,007

10,582,207 14,834,736 19,917,682

10,806,424 11,794,061 12,871,962
21,388,631 26,628,797 32,789,644

33,190,372 40,115,632 47,858,651

18,887,082 19,264,823 19,650,120

 11,443 11,557 11,673
18,898,524 19,276,380 19,661,792

52,088,896 59,392,013 67,520,444

0 (0) (0)
OK OK OK

2,954,259 2,902,986 2,870,754

2,670,278 2,777,089 2,888,173
(200,206) (61,024) (75,615)
5,424,330 5,619,051 5,683,312

(4,546,347) (4,614,542) (4,683,760)

- - -
324,855 325,847 323,498
(4,221,491) (4,288,695) (4,360,262)

1,927,070 1,699,314 1,749,518

(1,669,836) (1,678,713) (1,683,398)
257,234 20,600 66,121

1,460,073 1,350,957 1,389,170

2,838,781 4,298,853 5,649,810
4,298,853 5,649,810 7,038,980

24,663,537 26,539,605 28,377,058

4,546,347 4,614,542 4,683,760
(2,670,278) (2,777,089) (2,888,173)
26,539,605 28,377,058 30,172,645

70,652 72,772 74,955

 2,670,278 2,777,089 2,888,173
2,740,931 2,849,862 2,963,128

2,717,273 2,736,942 2,785,770

6,062,288 6,082,709 6,212,722
143,310 146,176 149,099
(4,148,240) (4,130,172) (4,236,322)
4,774,631 4,835,655 4,911,270
200,206 61,024 75,615

9,901,492 10,806,424 11,794,061

904,932 987,637 1,077,902
10,806,424 11,794,061 12,871,962

Terminal Value
Perpetural Growth 56,358,378
EV/EBITDA =+H214*(C199*(1+$J$255)
Average 56,358,378

2027 2028 Exit

12/31/2027 12/31/2028 12/31/2029
1.00 1.00 1.00

3,775,476 3,854,859
772,278 885,002
4,547,754 4,739,860
(50,569) (60,848)
2,849,862 2,963,128
 7,397,615 7,702,989
(4,614,542) (4,683,760)
61,024 75,615
2,793,528 3,033,996
56,358,378
2,793,528 3,033,996 56,358,378
2,793,528 3,033,996 56,358,378

Rate of Return
55,663,440 Current Price
8,499,169 Target Price
666,336 Target Price Upside
47,830,607 IRR

56.00

5%

25.0%

Discount Rate
Change $/Share
0.0% 40.65
-10.0%
+10.0%
 Output Driver
0% EV/EBITDA
2% COGS
14% Discount Rate
111% Revenue

e in Assumption

0.6 0.7 0.8 0.9 1

 Cases
1
2

we are expecting the best case to have 20% Revenue growth rate

we are expecting in the best senario to have a 5% decrease in the debt intrest
Expecting a 7% decrase in the ratio

we are expecting the worst case to have 20% Revenue declineing rate

we are expecting in the Worst senario to have a 5% Incrase in the debt intrest

expecting a 7% incrase in rhe ratio

*(1+$J$255)
 56.00
0.02
-100%
7%

EV/EBITDA
Change $/Share
0.0% 40.65
-10.0%
+10.0%
 Pos Neg
0% 0%
-2% 2%
-14% 19%
111% -70%