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