Al Rajhi REIT Fund (4340.SR)

Industry: REIT - Diversified Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
123890.KS	82	Korea Asset In Tru	141	4.79	5.50	9.15	10.60	12.86	18.73
REITIR.IC	83	Reitir fasteignaf�	141	7.58	4.00	9.06	6.90	18.34	137.36
4330.SR	84	Riyad REIT Fund	139	-	-	35.53	35.53	45.09	2,044.68
4347.SR	85	Bonyan REIT Fund	136	7.05	7.05	6.92	6.92	5.34	7.45
CORR	86	CorEnergy Infrastr	132	-	-	-	-	-	-
CREI.L	87	Custodian REIT Plc	130	4.98	4.98	7.25	7.25	7.16	8.17
1503.HK	88	China Merchants Co	129	-	-	28.00	28.00	4.86	5.22
4340.SR	89	Al Rajhi REIT Fund	126	6.95	6.95	6.63	6.63	12.96	10.68
SLARL.TA	90	Sella Capital Real	119	8.46	8.21	13.20	12.19	10.41	10.20
3492.T	91	MIRARTH Real Estat	113	9.05	9.05	12.41	12.41	12.14	15.35
0808.HK	92	Prosperity Real Es	112	-	-	657.24	657.24	9.00	8.61
WHART.BK	93	WHA Premium Growth	112	14.75	14.33	17.41	16.68	14.96	13.39
OLP	94	One Liberty Proper	97	14.81	14.35	12.58	11.76	14.95	16.46
0MTK.L	95	Intervest Offices	96	107.61	152.76	25.13	24.30	27.19	18.42
4344.SR	96	SEDCO Capital REIT	96	19.90	19.90	9.86	9.86	12.53	14.09
BTB-UN.TO	97	BTB Real Estate In	94	8.49	8.60	13.87	13.46	15.31	13.09

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	8.46	8.21	12.50	11.98	12.33	13.24
Full Range Median Multiple	8.49	8.60	12.89	12.30	12.70	13.74
Industry Multiple	18.86	22.61	61.26	60.94	15.01	166.52
Market Implied Multiple	6.50	6.50	6.32	6.32	12.35	10.18
Company (4340.SR) Multiple	6.95	6.95	6.63	6.63	12.96	10.68
(*) Net Income / EBITDA / Revenue	88	88	128	128	65	79
Winsorized Enterprise Value	N/A	N/A	1,594	1,528	805	1,048
Full Range Median Enterprise Value	N/A	N/A	1,644	1,569	828	1,088
(-) Net Debt	235	235	235	235	235	235
Winsorized Equity Value	743	721	1,359	1,293	570	813
Full Range Median Equity Value	746	755	1,409	1,334	593	853
(/) Shares Outstanding	73	73	73	73	73	73
Winsorized Fair Value	$10.13	$9.82	$18.52	$17.62	$7.76	$11.09
Full Range Median Fair Value	$10.17	$10.29	$19.20	$18.18	$8.09	$11.63
Current Price	$7.78	$7.78	$7.78	$7.78	$7.78	$7.78
Upside / Downside	30.19%	26.28%	138.07%	126.43%	-0.20%	42.48%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$7.09	$6.88	$12.97	$12.33	$5.44	$7.76
Buy / Don't Buy	Don’t Buy	Don’t Buy	BUY	BUY	Don’t Buy	Don’t Buy