We use a combination of DCF and SOTP based approach to value Aldar and arrive at a target price of AED 11.5/share. For DCF, we use 2026-29E discounted FCFs using 10% WACC and 2.5% terminal growth rate delivering a fair value of 13.4/share. For SOTP, we use multiples based valuation taking NTM EBITDA of each division and target sector NTM EV/EBITDA multiples applying a conglomerate discount to arrive at a fair value of 9.4/share.
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