Gulf International Services Q.P.S.C. (GISS.QA)

Industry: Conglomerates 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
4206.T	88	Aica Kogyo Company	1,616	13.05	12.03	4.46	3.95	7.81	6.62
0DTI.L	89	Bonheur ASA	1,593	4.16	4.16	2.11	2.32	2.02	2.60
3167.T	90	TOKAI Holdings Cor	1,586	13.02	12.35	5.21	5.03	19.62	9.32
MATW	91	Matthews Internati	1,498	-	-	9.54	7.54	-	50.21
FLOB.BR	92	Floridienne S.A.	1,462	34.53	34.53	5.63	3.82	4.36	5.65
036530.KS	93	SNT Holdings Co.,	1,425	6.67	5.23	1.86	1.60	2.51	2.13
3034.KL	94	Hap Seng Consolida	1,309	10.70	12.09	9.40	9.93	10.51	9.69
GISS.QA	95	Gulf International	1,235	8.29	5.02	6.79	5.89	12.74	10.05
002245.SZ	96	Jiangsu Azure Corp	1,097	32.12	24.81	19.63	15.86	28.64	21.71
NOLA-B.ST	97	Nolato AB (publ)	1,029	20.11	20.17	10.56	10.14	18.15	17.28
600881.SS	98	Jilin Yatai (Group	959	-	-	-	-	-	-
TTA-R.BK	99	Thoresen Thai Agen	958	3.70	3.70	2.54	2.54	4.37	4.94
3106.T	100	Kurabo Industries	951	9.72	6.77	5.45	4.68	15.25	8.72
DIC.AE	101	Dubai Investments	910	8.38	6.95	8.24	7.02	22.15	20.01
5331.T	102	Noritake Co., Limi	878	10.73	5.83	5.94	4.53	12.82	9.19
0882.HK	103	Tianjin Developmen	846	2.00	2.15	2.16	1.11	67.33	37.98

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.72	6.77	5.33	4.24	10.51	8.95
Full Range Median Multiple	10.70	6.95	5.54	4.60	12.82	9.25
Industry Multiple	12.99	11.60	6.63	5.72	16.58	14.72
Market Implied Multiple	7.05	4.27	6.23	5.40	11.70	9.23
Company (GISS.QA) Multiple	8.29	5.02	6.79	5.89	12.74	10.05
(*) Net Income / EBITDA / Revenue	194	320	432	498	230	292
Winsorized Enterprise Value	N/A	N/A	2,303	2,111	2,419	2,613
Full Range Median Enterprise Value	N/A	N/A	2,395	2,293	2,950	2,700
(-) Net Debt	1,326	1,326	1,326	1,326	1,326	1,326
Winsorized Equity Value	1,882	2,164	977	784	1,093	1,286
Full Range Median Equity Value	2,074	2,222	1,069	967	1,623	1,374
(/) Shares Outstanding	510	510	510	510	510	510
Winsorized Fair Value	$3.69	$4.25	$1.92	$1.54	$2.14	$2.52
Full Range Median Fair Value	$4.07	$4.36	$2.10	$1.90	$3.19	$2.70
Current Price	$2.68	$2.68	$2.68	$2.68	$2.68	$2.68
Upside / Downside	37.82%	58.43%	-28.47%	-42.57%	-20.02%	-5.82%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$2.59	$2.97	$1.34	$1.08	$1.50	$1.77
Buy / Don't Buy	Don’t Buy	BUY	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy