by Shabbar H. Kothari, Aamir H. Kothari
AED 4.1 to 4.5
AED 3 to 3.4
At AED 4.13, ARMX is fairly priced and we recommend a NO-BUY.
Even upon assuming a 9% y-o-y growth in revenues for the next five years, this is an unremarkable albeit well-run business and we would not recommend buying unless a significant mispricing occurs.
For full report, see link below