| Price AED 4.13 | Fair Value Estimate AED 4.1 to 4.5 | Uncertainty High | Enterprise Value AED 6.7bn |
| Consider Buy AED 3 to 3.4 | Economic Moat None | Stewardship Rating Standard | Market Cap AED 5.9bn |
Recommendation
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
KIP Capital blog 