Doha Insurance Group Q.P.S.C. (DOHI.QA)

Industry: Insurance - 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
TIPH.BK	55	Dhipaya Group Hold	821	10.80	12.03	8.90	7.60	20.04	10.22
7326.T	56	SBI Insurance Grou	776	2.53	1.44	3.99	3.19	1.22	0.20
WTREP	57	Watford Holdings L	702	0.76	0.76	1.03	1.03	3.83	1.04
IGICW	58	International Gene	524	8.70	6.07	7.55	5.42	6.97	5.42
TUGU.JK	59	PT Asuransi Tugu P	507	4.83	4.27	3.80	3.56	2.56	3.42
244920.KS	60	Aplus Asset Adviso	410	140.98	266.84	4.74	5.01	4.99	5.39
AKGRT.IS	61	Aksigorta A.S.	373	4.06	2.95	1.52	1.26	0.22	0.17
DOHI.QA	62	Doha Insurance Gro	359	6.25	4.95	3.08	2.51	4.00	2.58
GSHD	63	Goosehead Insuranc	354	94.49	67.64	34.73	24.96	33.66	31.95
8170.SR	64	Al-Etihad Cooperat	315	-	-	-	-	-	-
DFV.DE	65	DFV Deutsche Famil	295	15.74	15.74	17.27	17.27	0.30	0.66
INLIF.AT	66	Interlife General	270	3.70	3.07	1.82	0.85	0.24	0.18
VIS.IC	67	Vátryggingafélag	255	20.60	20.60	10.92	7.35	8.16	12.22
LPGI.JK	68	PT Lippo General I	202	11.09	10.75	8.36	8.00	26.44	8.47
8190.SR	69	United Cooperative	186	-	-	-	-	-	-
8180.SR	70	Al Sagr Cooperativ	143	-	-	-	-	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	6.77	5.17	4.36	4.29	3.20	2.23
Full Range Median Multiple	9.75	8.41	6.15	5.22	4.41	4.41
Industry Multiple	26.52	34.35	8.72	7.12	9.05	6.61
Market Implied Multiple	6.65	5.26	3.45	2.82	4.49	2.89
Company (DOHI.QA) Multiple	6.25	4.95	3.08	2.51	4.00	2.58
(*) Net Income / EBITDA / Revenue	55	70	58	71	45	70
Winsorized Enterprise Value	N/A	N/A	254	307	143	156
Full Range Median Enterprise Value	N/A	N/A	358	373	198	307
(-) Net Debt	-166	-166	-166	-166	-166	-166
Winsorized Equity Value	374	361	420	473	309	322
Full Range Median Equity Value	539	587	524	539	364	473
(/) Shares Outstanding	137	137	137	137	137	137
Winsorized Fair Value	$2.73	$2.63	$3.07	$3.45	$2.26	$2.34
Full Range Median Fair Value	$3.93	$4.28	$3.82	$3.93	$2.65	$3.45
Current Price	$2.68	$2.68	$2.68	$2.68	$2.68	$2.68
Upside / Downside	1.81%	-1.82%	14.38%	28.57%	-15.82%	-12.51%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$1.91	$1.84	$2.15	$2.41	$1.58	$1.64
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy