Alpha Data PJSC — Financial Model 2024

FY25 Revenue

2,487 M AED

▲ +7.1% YoY

Gross Profit

343 M AED

▲ +18.0% YoY

Net Profit

143 M AED

▲ +13.0% YoY

Gross Margin

13.8%

▲ +130 bps

Op. Cashflow

162 M AED

▼ −12.6% YoY

Cash Position

101 M AED

▲ +185% YoY

Chapter I.

A disciplined first year on the ADX.

Alpha Data exits 2025 with revenue of AED 2.49 bn, net profit of AED 143.4 m and a balance sheet that has shed short-term bank borrowings entirely — a stronger financial posture than the one it carried into its listing.

The company's first full year as Alpha Data PJSC is best read as a margin story layered on a modest volume story. Top-line growth was respectable at 7.1%, but gross profit grew 18.0% as the Solutions segment — the largest of the three — expanded gross margin from 9.6% to 10.8%. Services held its role as the highest-margin division at 30.3%, while Talent maintained a stable 17.7% contribution. Combined, the mix shift lifted group gross margin by 130 basis points to 13.8%.

On the balance sheet, total assets grew 19.8% to AED 1.15 bn, driven by a swelling working capital footprint — contract assets, inventories and receivables each rose double digits — while total equity lifted to AED 303 m even after AED 65 m in dividends paid during the year and a AED 4 m treasury share buyback. Cash more than doubled despite current bank borrowings being extinguished entirely, reflecting a deliberate deleveraging.

Cash flow deserves the closest attention. Operating cash flow of AED 162 m was lower than the AED 185 m generated in 2024, entirely because of working capital absorption: contract assets alone consumed AED 64 m as the company built project backlog. This is the signature of a growing IT integrator rather than a distressed one — but it bears watching through Q1 2026 as the new KSA and Qatar revenue streams scale.

Geographically, KSA revenue nearly tripled to AED 64.5 m and Qatar more than doubled to AED 8.9 m, though both remain rounding errors against UAE's AED 2.41 bn. The company paid two installments of AED 0.065 per share for FY2025 — AED 65 m during the year plus a further AED 65 m declared on 5 February 2026 — totalling AED 130 m (≈91% of net profit). This confirms a minimum 80% payout policy and makes Alpha Data one of the higher-yielding names on ADX.

Revenue

2,487

M AED · ▲ 7.1% YoY

Gross Profit

343

M AED · ▲ 18.0% YoY

Profit Before Tax

158

M AED · ▲ 13.5% YoY

Profit After Tax

143

M AED · ▲ 13.0% YoY

Quarterly Revenue Build

FY25: 594 → 710 → 538 → 645 M AED

View:

Margin Progression

Gross → Operating → Net

Analyst Take

The Solutions segment — hardware-heavy IT integration — remains a scale play, but Services posted 30.3% gross margin on AED 326 m of revenue. Each incremental AED of Services revenue is worth roughly 2.8x the profit of a Solutions AED. Mix is destiny here.

Condensed Statement of Profit & Loss AED thousands

Line item	Q1-25	H1-25	9M-25	FY-25	FY-24	Δ YoY
Revenue	594,364	1,304,218	1,842,155	2,487,112	2,323,115	+7.1%
Cost of sales	(508,680)	(1,118,715)	(1,588,729)	(2,143,776)	(2,032,067)	+5.5%
Gross profit	85,684	185,503	253,425	343,336	291,048	+18.0%
Gross margin %	14.4%	14.2%	13.8%	13.8%	12.5%	+130 bp
G&A expenses	(51,139)	(101,603)	(146,678)	(189,031)	(161,388)	+17.1%
Finance cost (net)	(94)	(670)	(1,148)	(1,896)	(3,420)	−44.6%
FV gain — inv. properties	—	—	—	3,083	1,948	+58.3%
Other income, net	670	1,657	2,125	2,786	11,311	−75.4%
Profit before tax	35,121	84,886	107,724	158,279	139,498	+13.5%
Income tax & Zakat	(3,186)	(7,957)	(10,002)	(14,906)	(12,664)	+17.7%
Profit after tax	31,935	76,929	97,722	143,373	126,834	+13.0%
EPS (AED)	0.03	0.08	0.10	0.14	0.13	+7.7%

Revenue vs Cost Cascade

FY2025 waterfall — AED millions

G&A Expense Growth

Outpacing revenue — watch the gap

Total Assets

1,151

M AED · ▲ 19.8% YoY

Total Equity

303

M AED · ▲ 32.5% YoY

Total Liabilities

848

M AED · ▲ 15.8% YoY

Net Debt

(87)

M AED · Net cash positive

Asset Composition Evolution

FY24 → Q1 → H1 → 9M → FY25

Equity & Liabilities Structure

Stacked quarterly progression

Working Capital Watch

Contract assets climbed from AED 353 m to AED 416 m — a 18.0% rise that outpaces revenue growth of 7.1%. This is the working-capital footprint of an integrator that is winning larger, longer-dated projects. Useful on the income statement, expensive on the cash flow.

Balance Sheet Progression AED thousands

Line item	FY-24	Q1-25	H1-25	9M-25	FY-25	Δ vs FY24
ASSETS
Property & equipment	16,627	16,122	15,770	15,723	17,696	+6.4%
Investment properties	15,945	15,945	15,945	15,945	19,028	+19.3%
Total non-current assets	32,572	32,067	31,715	31,668	36,724	+12.7%
Inventories & WIP	170,952	232,381	203,953	203,910	208,942	+22.2%
Contract assets	352,796	384,697	393,779	363,442	416,372	+18.0%
Trade & other receivables	368,881	332,259	450,941	426,962	387,764	+5.1%
Cash & bank balances	35,367	105,142	87,710	85,791	100,970	+185.5%
Total current assets	927,996	1,054,479	1,136,383	1,080,104	1,114,048	+20.0%
Total assets	960,568	1,086,545	1,168,099	1,111,772	1,150,772	+19.8%
EQUITY
Share capital	30,000	30,000	30,000	30,000	30,000	—
Treasury shares & reserve	—	—	(4,178)	(8,004)	(4,018)	Buyback
Statutory reserve	15,000	15,000	15,000	15,000	15,000	—
Retained earnings	183,625	215,560	260,553	281,347	261,998	+42.7%
Total equity	228,625	260,560	301,376	318,344	302,979	+32.5%
LIABILITIES
Bank borrowings (current)	12,451	41,101	71,936	68,371	—	−100%
Trade finance (non-current)	2,119	7,735	12,023	11,842	13,549	+539%
Contract liabilities	273,351	—	229,047	250,423	308,360	+12.8%
Trade & other payables	387,036	714,957	485,091	404,635	461,118	+19.1%
EOS benefit provision	44,322	46,343	48,006	48,460	50,175	+13.2%
Income tax & zakat	12,664	15,850	20,621	9,698	14,591	+15.2%
Total liabilities	731,943	825,985	866,723	793,429	847,793	+15.8%
Total equity & liabilities	960,568	1,086,545	1,168,099	1,111,772	1,150,772	+19.8%

Working Capital Intensity

Contract assets vs contract liabilities

Leverage Trajectory

Bank borrowings quarterly

Op. Cash Flow

162

M AED · ▼ 12.6% YoY

Investing Cash Flow

(4.5)

M AED · Light capex

Financing Cash Flow

(79)

M AED · Dividends + buyback

Net Δ Cash

+78

M AED · ▲ Reversal from FY24

Cash Flow Waterfall — FY2025

From opening cash to closing

Quality of Earnings

Operating cash vs net profit

The Working Capital Tax

Working capital movements absorbed AED 10 m in 2025 vs a AED 21 m release in 2024 — a AED 31 m swing that explains almost all of the operating-cash decline. The company is not burning cash; it is financing project growth from the balance sheet.

Cash Flow Statement AED thousands · full year only

Line item	FY-24	Q1-25	H1-25	9M-25	FY-25	Δ YoY
OPERATING ACTIVITIES
Profit before tax	139,498	35,121	84,886	107,724	158,279	+13.5%
D&A + non-cash adj.	27,381	12,005	20,381	26,404	29,108	+6.3%
Op. CF before WC	166,879	47,127	105,267	135,049	187,387	+12.3%
Δ Inventories	94,809	(62,740)	(34,930)	(35,890)	(41,073)	Reversal
Δ Receivables	4,654	29,767	(86,119)	(68,436)	(25,770)	Reversal
Δ Contract assets	(109,996)	(31,901)	(40,983)	(10,646)	(63,577)	Less drag
Δ Payables	11,078	60,186	108,044	27,322	85,513	+672%
Δ Contract liabilities	20,548	—	(44,304)	(22,928)	35,009	+70.4%
Cash from operations	187,971	42,438	6,974	24,471	177,489	−5.6%
Interest / tax / EOS paid	(3,074)	(926)	(1,528)	(15,400)	(15,978)	Tax paid
Operating cash flow	184,897	41,512	5,446	9,071	161,511	−12.6%
INVESTING ACTIVITIES
Capex & disposals	2,079	(293)	(864)	(1,644)	(4,549)	Reversal
Bank deposit movements	—	(65,000)	(65,000)	(65,000)	—	—
Investing cash flow	2,079	(65,293)	(65,863)	(66,644)	(4,549)	Reversal
FINANCING ACTIVITIES
Dividends & zakat paid	(261,886)	—	—	—	(65,000)	−75.2%
Advance — treasury shares	—	—	(10,000)	(10,000)	(10,000)	New
Bank borrowings	—	—	—	—	—	—
Finance costs paid	(5,250)	(94)	(1,723)	(2,924)	(3,907)	−25.6%
Financing cash flow	(267,136)	(94)	(11,723)	(12,924)	(78,907)	+70.5%
Net Δ cash	(80,161)	(23,875)	(72,141)	(70,497)	+78,054	Reversal

By Business Segment

The three divisions contribute very differently — Solutions drives volume, Services drives margin, Talent provides the steady base.

Solutions

Integration · Hardware

Revenue FY251,994 M

Revenue FY241,835 M

YoY growth+8.7%

Gross profit FY25215 M

Gross margin10.8%

% of total revenue80.2%

Services

Support · Managed

Revenue FY25326 M

Revenue FY24362 M

YoY growth−9.9%

Gross profit FY2599 M

Gross margin30.3%

% of total revenue13.1%

Talent

Outsourcing

Revenue FY25167 M

Revenue FY24127 M

YoY growth+31.7%

Gross profit FY2529 M

Gross margin17.7%

% of total revenue6.7%

Segment Revenue — Quarterly Build

Stacked contribution through FY25

Gross Profit by Segment

Services punches above its weight

By Geography

UAE remains the core market, but KSA nearly tripled YoY — a structural shift worth monitoring.

United Arab Emirates

Core market

Revenue FY252,414 M

Revenue FY242,295 M

YoY growth+5.2%

Gross margin13.8%

% of revenue97.1%

Saudi Arabia

Growth frontier

Revenue FY2564 M

Revenue FY2424 M

YoY growth+165.8%

Gross margin12.7%

% of revenue2.6%

Qatar

Nascent

Revenue FY259 M

Revenue FY244 M

YoY growth+108.2%

Gross margin15.4%

% of revenue0.4%

Geographic Revenue Shift · FY2024 → FY2025

KSA revenue 2.7× — the shape of a regional roll-out

Ratios & Quality Metrics

A diagnostic layer over the raw statements — profitability, liquidity, efficiency and the health of earnings.

Return on Equity

53.9%

FY25 · Healthy

Return on Assets

13.6%

FY25 · Strong

Current Ratio

1.42

× · Healthy

OCF / Net Income

1.13

× · High quality

Profitability Ratios

GM% · Op Margin% · Net Margin%

Liquidity & Efficiency

Current ratio, quick ratio, asset turnover

Ratio Detail

Ratio	FY-24	Q1-25	H1-25	9M-25	FY-25	Interpretation
PROFITABILITY
Gross margin	12.5%	14.4%	14.2%	13.8%	13.8%	Material structural improvement
Operating margin	5.6%	5.8%	6.4%	5.7%	6.2%	Slight expansion despite G&A growth
Net margin	5.5%	5.4%	5.9%	5.3%	5.8%	Stable, premium for sector
Return on equity (annualised)	55.5%	55.9%*	51.0%*	40.9%*	53.9%	High — small equity base
Return on assets	13.2%	11.8%*	13.2%*	11.7%*	13.6%	Consistent asset productivity
LIQUIDITY & LEVERAGE
Current ratio	1.35	1.37	1.41	1.47	1.42	Stable and healthy
Quick ratio	0.58	0.57	0.67	0.63	0.58	Held steady despite growth
Debt / Equity	0.06	0.19	0.28	0.25	0.04	Fully deleveraged at year-end
Debt / EBITDA (LTM)	0.10	—	—	—	0.08	Investment-grade territory
EFFICIENCY
Asset turnover	2.42	—	—	—	2.36	Asset-light model intact
Days sales outstanding (DSO)	58	—	—	—	57	Collection discipline holding
Inventory days	31	—	—	—	36	Light lengthening
QUALITY OF EARNINGS
OCF / Net income	1.46	—	—	—	1.13	Still >1.0; working-cap absorbed
Effective tax rate	9.1%	9.1%	9.4%	9.3%	9.4%	UAE CT fully embedded

* Interim ROE/ROA annualised on a trailing-return basis. Directional only.

Earnings Quality Verdict

The OCF/NI ratio fell from 1.46× to 1.13× — still comfortably above the 1.0× threshold that separates real earnings from accounting earnings, but the glide path is downward. If working-capital absorption persists into 2026 without matching OCF growth, the gap between profit and cash will compound.

What to remember.

Six signals from Alpha Data's first year as a public company.

Margin expansion is real and structural. Bull

Gross margin rose 130 bps to 13.8% as Solutions (the 80% segment) improved from 9.6% to 10.8%. This is the single most important positive in the accounts — an additional AED 30 m of gross profit on essentially the same revenue base as a flat-margin 2024 would have produced.

Deleveraging completed — balance sheet ready for reinvestment. Bull

Current bank borrowings went from AED 72 m at H1 to zero at FY25. Combined with cash at AED 101 m, Alpha Data ended the year net cash positive for the first time in recent history — creating capacity for capex, M&A, or further buybacks without stressing liquidity.

Services is a hidden asset at 30% gross margin. Watch

Services revenue actually fell 9.9% YoY to AED 326 m, but contributed 29% of group gross profit on 13% of revenue. Rebuilding this book — particularly managed services and 24/7 infrastructure support — is the clearest path to double-digit earnings growth in 2026.

Working capital is absorbing growth — manage or it compounds. Caution

Contract assets grew 18% vs 7.1% revenue growth; inventories grew 22%. Together they reduced operating cash flow by AED 104 m. This is the standard integrator pattern but requires active management — if contract assets cross AED 500 m in 2026 without proportional OCF, the equity story will be tested.

G&A expense growth is outpacing revenue. Caution

G&A rose 17.1% on revenue growth of 7.1% — a 10-point negative gap. Some of this reflects new public-company costs (compliance, IR, audit), but management should articulate how much is one-time vs structural at the next investor update.

KSA tripled, Qatar doubled — regional expansion underway. Bull

KSA revenue at AED 64 m (from AED 24 m) plus Qatar at AED 9 m (from AED 4 m) remain small but show the regional playbook is real. Talent segment growth of 31.7% corroborates this — the outsourcing book has likely been used to seed the KSA expansion.

◆ ◆ ◆

Bottom Line

Alpha Data delivered a clean first year as a PJSC: margin expansion, debt reduction, maintained cash generation, and an announced dividend. The caution flags are all about the shape of growth rather than its existence. Watch working capital intensity and G&A trajectory into H1-2026.

Chapter II.

What is Alpha Data worth?

A triangulated fair-value estimate — anchored in discounted cash flow, dividend discount, and peer multiples — with every assumption live and editable. Change a slider, watch the verdict move.

Valuing a UAE IT integrator is an exercise in weighing three different lenses. A DCF captures the operating economics and working-capital intensity — useful because this is a cash-generative business but one that reinvests in project backlog. A dividend discount model matters here because Alpha Data has, post-listing, adopted an explicit minimum 80% payout policy — FY2025 saw two AED 0.065 per share installments totaling AED 130 m, or ≈91% of net profit. And peer multiples are the market's quick triangulation — anchored on regional ADX/Tadawul tech-services names and broader MENA industrial services comparables.

We weight the three approaches 50% DCF, 25% DDM, 25% multiples — the standard weighting for a dividend-paying, mid-cap, asset-light services business. The panel on the left lets you adjust every input: growth, margin, working-capital posture, payout ratio, and the discount-rate components. Outputs refresh in real time.

Assumption panel

Live · adjust any input

1. Revenue Growth

Annual growth rate compound, years 1–5 12.0%

2. PBT Margin

Profit-before-tax margin FY25 actual: 6.37% 6.0%

3. Working Capital

Receivables DSO adjust vs FY25 (57 days) 100%

Contract assets / WIP FY25 base: 416M 100%

Payables Supplier terms adjust 100%

4. Payout Policy

Dividend payout ratio IPO commitment: min 80% · FY25 actual: ~91% 80%

5. Discount Rate

Risk-free rate UAE 10Y ~ 4.5% 4.5%

Equity risk premium MENA emerging mkt 7.5%

Illiquidity discount Low-float adjustment 15%

Equity beta 0.45 raw · 0.63 Blume · 1.10 industry 0.633

Terminal growth Long-run, cap at g<rf 3.0%

Cost of equity (CAPM) rf + β × ERP 10.1%

Effective discount to fair value ×0.85

Weighted Fair Value · per share

—AED

◆ Computing…

Current market price1.49 AED

Implied upside / downside—

Implied market cap—

Current market cap1,490M

Shares outstanding1,000.0M

Executive Summary

At current inputs, the weighted fair value is computing…

Primary

Discounted Cash Flow

— AED

Weight: 40%

vs market: —

Equal Primary

Dividend Discount

— AED

Weight: 40%

vs market: —

Cross-check

Peer Multiples

— AED

Weight: 20%

vs market: —

Valuation Range vs Market

Football field — fair-value bands per model (±15%)

Forward Projections

All lines recompute with your assumptions. AED thousands.

AED '000	FY2024 Actual	FY2025 Actual	FY2026E	FY2027E	FY2028E	FY2029E	FY2030E

Revenue Trajectory

Actual → 5-year projection

Net Profit & Dividends

Earnings and payout trajectory

Methodology Summary — Three Lenses

Side-by-side view of the assumptions, inputs and outputs across all three valuation methods.

	DCF (40%)	DDM (40%)	Multiples (20%)
Approach	Free cash flow to equity, discounted	Dividends discounted to equity	Peer-relative multiples
Key value driver	Revenue growth × PBT margin × working-capital posture	Payout × growth × cost of equity	Blended peer P/E, EV/EBITDA, Div Yield
Discount rate	— (CAPM)	— (CAPM + structural premium)	n/a — relative method
Terminal growth	3.0% (≤ rf)	3.0% (≤ rf)	n/a
Key normalization	Terminal WC absorption re-scaled to terminal growth	Retention risk + reinvestment boost	Dividend yield normalized at 80% IPO payout
Illiquidity discount	15%	15%	15%
Base reference	Damodaran, Investment Valuation, Ch. 12	Damodaran, Investment Valuation, Ch. 13	Damodaran NYU Stern industry data + peer research
Fair value / share	—	—	—

Commentary on the three methods:

DCF (40% weight). The DCF is the primary framework because it ties valuation directly to Alpha Data's operating economics — revenue growth, PBT margin, and the working-capital intensity that is characteristic of project-based IT services (contract assets, receivables, payables all scale with project backlog). Terminal value normalization at 3% steady-state avoids embedding explicit-period working-capital drag into the perpetuity. Sensitivity is dominated by PBT margin and growth rate — the cost of capital matters, but the business has so little debt that the WACC-vs-Ke distinction is immaterial.

DDM (40% weight, equal primary). The DDM carries full primary weight because Alpha Data is not a typical growth-stock IPO: it adopted an explicit minimum 80% payout policy at listing and has effectively paid that in FY2025 (two AED 0.065/share installments totaling AED 130M, approximately 91% of net profit). For a name where cash returned to shareholders is almost equal to cash generated, a dividend-based valuation is not a sanity check — it is a core lens. Implementation uses two parameter adjustments: retention adds risk (up to +100bp on Ke) but also adds reinvestment value (up to +35% terminal NI boost). Lower payout therefore reduces value monotonically — risk outweighs retained-capital compounding for a business with the cash generation profile of a services firm.

Multiples (20% weight, cross-check). Multiples receive lower weight because Alpha Data lacks direct comparables on ADX or DFM, and the closest regional matches (SOLUTIONS, Elm, Presight) differ meaningfully in scale and sub-segment. The blend spans GCC peers (20%), global IT integrators (30%, closest sectoral fit), local broad indices (20%), and global industry medians (30%, statistical anchor). EV/EBITDA carries equal weight to P/E in the sub-weighting because Alpha Data's net-cash, unleveraged balance sheet (no bank borrowings, AED 101M cash) is a material deviation from industry norms that only EV-based multiples capture.

Weighted approach (40/40/20). Standard triangulation for a dividend-paying, asset-light services company. DCF captures operating economics; DDM captures the policy-committed return to shareholders; Multiples provide market-relative grounding. The three methods produce closely-clustered estimates under base-case inputs, which is itself a signal of valuation robustness.

Discounted Cash Flow — Deep Dive

Free cash flow to equity, discounted at cost of equity · 5-year explicit period + normalized terminal value.

DCF Fair Value

Per share

— AED

vs market AED 1.49: —

Forward Projections (context)

Same 5-year projection powering the DCF.

AED '000	FY2024	FY2025	FY2026E	FY2027E	FY2028E	FY2029E	FY2030E

DCF Breakdown

Free cash flow to equity, discounted at your cost of equity.

Line	Y1 (FY26)	Y2 (FY27)	Y3 (FY28)	Y4 (FY29)	Y5 (FY30)	Terminal

Methodology — terminal value normalization: The explicit 5-year period assumes the user's growth rate (default 12%), during which working-capital items (receivables, contract assets, inventories, payables) scale up with revenue and absorb cash into ΔWC. In the perpetuity the company grows only at the terminal rate (default 3%), so working-capital absorption is recalculated at that lower rate rather than carried forward from year 5. Using year-5 FCFE directly would embed 12%-growth WC drag into a 3%-growth perpetuity — internally inconsistent and materially understates terminal value for a working-capital-intensive services business. Formula per Damodaran (Investment Valuation, Ch. 12, "Closure in Valuation"):
FCFE_term = NI×(1+g_t) + Dep×(1+g_t) − Capex×(1+g_t) − WC_stock×g_t The final term replaces year-5 ΔWC (which reflected 12% growth) with the steady-state WC absorption (stock of working capital × terminal growth rate). Capex is kept growing at the terminal rate rather than set equal to depreciation, since Alpha Data's capex is already minimal (~0.2% of revenue) and the adjustment would be immaterial for this asset-light business.

Sensitivity: Growth × Margin

DCF fair value (AED) — 5 × 5 grid

Value Bridge — From Base to Current Inputs

Attribution of changes vs base case (5% growth, 5.6% margin)

Dividend Discount Model — Deep Dive

Two-stage DDM per Damodaran · Cost of equity derived from CAPM with structural premium for small-cap EM context.

DDM Fair Value

Per share

— AED

vs market AED 1.49: —

DDM methodology: Two-stage Dividend Discount Model per Damodaran, Investment Valuation (3rd ed.) and NYU Stern lecture notes "The Dividend Discount Model" (pages.stern.nyu.edu/~adamodar). Formula: P₀ = Σ DPS_t / (1+ke)^t + P_n / (1+ke)ⁿ, where P_n = DPS_n+1 / (ke − g). Cost of equity via standard CAPM: ke = rf + β × ERP, plus a 160 bp structural premium for small-cap and emerging-market concentration risk. Beta uses Blume-adjusted beta (0.67 × raw + 0.33 × 1.0) from daily regression vs FTSE ADX General Index. Terminal growth capped at risk-free rate per Damodaran (stable firms cannot grow faster than the economy in perpetuity). Two parameter adjustments: (1) retention adds risk (up to +100 bp on Ke at 0% payout), (2) retention adds reinvestment value (up to +35% terminal NI uplift at 0% payout). Both scale linearly with retention ratio. Illiquidity discount applied at equity-value level per Damodaran's DLOM treatment.

DDM Breakdown

Projected dividends per share year-by-year, discounted at cost of equity.

Line	Y1 (FY26)	Y2 (FY27)	Y3 (FY28)	Y4 (FY29)	Y5 (FY30)	Terminal

Dividend Declarations — Historical & Projected

Actuals from FY2024 & FY2025 financial statements · Forward projections at your payout slider.

Period	Declaration Date	DPS (AED)	Total (AED M)	Payout %	Type	Status

Note on historical dividends: FY2024 included a substantial AED 393.9 M distribution — the last large pre-IPO equalization to shareholders, comprising AED 210 M cash in four 2024 installments plus AED 183.86 M in-kind (investment properties AED 158.85 M + property & equipment AED 25.01 M) declared August 2024, with legal transfer completed October 2024. FY2025 reverted to the IPO-committed cash dividend policy: two AED 0.065/share (6.5 fils) cash installments totaling AED 130 M, or ~91% of FY2025 net profit — consistent with the minimum 80% payout commitment. Post year-end, the Board declared an additional AED 0.065/share (AED 65 M) on 5 February 2026. Forward projections assume the user's payout slider applied uniformly year-by-year.

Dividend Per Share — Historical & Projected

Actual DPS (FY24–FY25) transitioning to projected DPS at your payout slider

Peer Multiples — Deep Dive

4-tier blended peer methodology · P/E 40% + EV/EBITDA 40% + Div Yield 20%.

Multiples Fair Value

Per share

— AED

vs market AED 1.49: —

Forward Projections (context)

Multiples apply to Year 1 forecast net profit and EBITDA.

AED '000	FY2024	FY2025	FY2026E	FY2027E	FY2028E	FY2029E	FY2030E

Peer Multiples Cross-Check

Blended across 4 tiers: regional peers, global IT integrators, local indices & global industry.

Peer / Benchmark	Market	P/E	EV/EBITDA	Div Yield	Tier Weight
Tier 1 — GCC IT Peers (20%)
Arabian Internet & Comm. (SOLUTIONS)	Tadawul 7202	17.2×	~14×	3.4%
Elm Company	Tadawul 7203	22.7×	~13×	1.5%
Presight AI Holding	ADX PRESIGHT	29.7×	~22×	0.0%
Tier 1 median		23.0×	16.0×	2.5%	20%
Tier 2 — Global IT Integrators (30%)
Accenture	NYSE ACN	20.6×	11.9×	1.9%
Tata Consultancy Services	NSE TCS	17.4×	12.1×	3.0%
Infosys	NSE INFY	18.1×	12.5×	3.0%
Wipro	NSE WIPRO	16.2×	~8×	5.5%
HCL Technologies	NSE HCLTECH	23.0×	14.0×	~3%
Tier 2 median		19.0×	12.0×	3.0%	30%
Tier 3 — Local Broad Indices (20%)
FTSE ADX General	ADX	~14×	~10×	~4%
Tadawul All Share (TASI)	Tadawul	16.3×	~10×	~4%
DFM General Index	DFM	~15×	~10×	~4%
Tier 3 median		15.5×	10.0×	4.0%	20%
Tier 4 — Global Industry Medians · Damodaran NYU Stern (30%)
Technology & Telecom sector	Global (~4,189 cos)	~22×	14.5×	~2%
IT Consulting sub-industry	Global	~20×	~13×	~2.5%
Tier 4 median		20.0×	13.0×	2.5%	30%
Blended Peer Multiple		19.4×	12.7×	3.0%
Alpha Data — at AED 1.49 market	ADX	10.4×	7.9×	8.7%

Methodology — what these multiples are and why we weight them this way: The peer group for Alpha Data does not have obvious direct matches listed on ADX or DFM, so we blend four tiers to produce a triangulated view rather than over-rely on any single imperfect comparable.

Tier 1 — GCC IT peers (20% weight). Three Saudi- and Abu Dhabi-listed IT companies: Arabian Internet & Communications (SOLUTIONS) is the closest business-model match (pure IT system integrator); Elm Company is a PIF-owned digital services provider; Presight AI is an ADX-listed AI/analytics company. We hold this tier at low weight because it is a small sample, the companies differ in size and sub-segment (integration vs outsourcing vs AI analytics), and none is a clean comparable.

Tier 2 — Global IT integrators (30% weight). Accenture and the four major Indian IT services companies (TCS, Infosys, Wipro, HCL) run the same business model as Alpha Data at much larger scale: build-and-integrate IT solutions, multi-year enterprise contracts, services-led revenue. These are the most sectorally relevant peers, regardless of geography.

Tier 3 — Local broad-market indices (20% weight). FTSE ADX General, Saudi TASI and DFM General anchor valuation to what a GCC-listed equity typically trades at, reflecting local cost of capital, investor base, and liquidity conditions. Low weight reflects that broad indices are dominated by banks, energy and real-estate — not directly comparable to an IT company.

Tier 4 — Global industry medians, Damodaran / NYU Stern (30% weight). Professor Aswath Damodaran publishes global industry multiples aggregated across ~4,000+ technology and telecom companies, including IT consulting sub-industry. This tier provides statistical robustness and avoids idiosyncratic bias from any single name.

Sub-weighting within the method: P/E 40% + EV/EBITDA 40% + Dividend Yield 20%. EV/EBITDA is given equal weight to P/E because Alpha Data runs a fully unleveraged, net-cash balance sheet (cash ∼AED 101M, no bank borrowings). EV/EBITDA explicitly accounts for this — it would be missed if only P/E were used. The dividend yield anchor is normalized at the 80% IPO-commitment payout to isolate dividend capacity from any particular year's distribution choice. Illiquidity discount is applied at the equity-value level (Damodaran DLOM convention), so regional peer valuations scale down with the same illiquidity slider that affects the DCF and DDM — ensuring methodological consistency.

Implied Price by Multiple

What each multiple individually suggests for Alpha Data's fair value

Alpha Data vs Peer Tiers — P/E

Implied P/E at current market vs blended & per-tier medians

Peer notes & disclaimers:

• Peer data freshness. All peer multiples collected from public sources (StockAnalysis.com, Investing.com, TradingView, Simply Wall St, Damodaran NYU Stern industry data) in Q1-Q2 2026. Multiples move materially over short periods; these are point-in-time snapshots.

• EV/EBITDA estimation for peers. Where EV/EBITDA was not directly published (some Tier 1 peers), the value is estimated using mcap + reported debt − reported cash, divided by latest TTM EBITDA. "~" prefix indicates an approximate figure; exact values for Tier 2 (Accenture, TCS, Infosys, Wipro, HCL) are published metrics.

• Al Moammar Information Systems (MIS, Tadawul 7200) was considered as a Saudi IT system-integrator peer but excluded from Tier 1 — its current P/E of ~56× is distorted by a 2023 earnings collapse (net income dropped −85%), making it statistically unrepresentative of the peer group.

• Space42 (ADX, formerly Bayanat AI) was considered as an ADX tech peer but excluded — since its 2024 merger with Yahsat it is a satellite / SpaceTech company, not a comparable IT integrator.

• Size mismatch. Alpha Data's market cap (~AED 1.5bn) is materially below Tier 2 peers (Accenture ~USD 121bn, TCS ~USD 140bn). We do not apply an explicit small-cap discount to peer multiples because the existing illiquidity discount slider (applied at equity-value level) already captures this dimension. Moving the illiquidity slider therefore moves the effective peer multiple implicitly.

• Forward-looking nature. Multiples applied to Year 1 forecast net profit and EBITDA, consistent with typical sell-side use. P/E and EV/EBITDA are payout-independent; dividend yield is normalized at 80% IPO-committed payout.