Client Name

Tricap Investments

Faculty Advisor

Dr. Mujeeb U Rehman Bhayo

SBS Thought Leadership Areas

Investment Decision Making

SBS Thought Leadership Area Justification

Our Experiential Learning Project (ELP) kind of lines up with the “Investment Decision Making” thought leadership area, because we applied strict real-world valuation methods to institutional asset allocation, plus cross-border capital placement. By building five-year Discounted Cash Flow (DCF) models and doing Weighted Average Cost of Capital (WACC) analyses, the work produced evidence-based investment recommendations for major GCC entities, and it also pointed out meaningful valuation gaps plus some structural upswings in companies like TECOM Group , DEWA, and Talabat. On top of that, the project improves investment decision-making in a more advanced sense by looking closely at corporate governance, and portfolio concentration risks across twenty international holding companies. We also mapped why market values can drift away from Net Asset Values (NAV), and how that mismatch tends to show up in practice. And when you add a thorough macroeconomic and capital market risk assessment tied to Uzbekistan’s open-market transition , the ELP ends up offering a broad method for institutional investors who need to handle different asset classes, varying regulatory settings, and a mix of risk-return profiles.

Aligned SDGs

GOAL 8: Decent Work and Economic Growth

Aligned SDGs Justification

Our Experiential Learning Project (ELP) kind of connects with SDG 8 , by looking at the financial and strategic engines behind sustainable economic growth, and also the employment infrastructure. Basically, our review shows how TECOM Group handles ten separate industrial as well as knowledge business parks and in practice that helps build new jobs and also pushes commercial momentum in Dubai. On top of that, the project’s wider macroeconomic look at Uzbekistan points to how the country’s aimed reforms, trade liberalization , and shift toward an open-market approach have really worked—bringing about a 6.5% real GDP increase. That result then forms a steadier setting for decent work, and for longer-term economic development.

NDA

No

Abstract

This Experiential Learning Project for Tricap Investments LLC, sort of reviews certain corporate and macroeconomic entities through Discounted Cash Flow and Comparable Company Analysis. Overall the work suggests there is strong potential upside for three big Middle Eastern companies, in a pretty clear way. First, TECOM Group PJSC, basically a Dubai business district operator, shows a 94% occupancy rate and a 77% EBITDA margin. On that basis its estimated intrinsic value lands around AED 9.29 per share, meaning a 135% premium compared with its current market level. Then there’s Dubai Electricity and Water Authority, the emirate utility monopoly. It comes out at AED 5.89 per share, which implies roughly 96% upside. The utility reportedly generated AED 31 billion in revenue during 2024, and also commits to a minimum yearly dividend of AED 6.2 billion, stretching through 2027. Also Talabat Group PJSC, a major quick-commerce player across MENA, shows a very different picture, with a 181% discount. Here the valuation is AED 2.36 versus a market price of AED 0.838. The support for this comes from a $9.4 billion Gross Merchandise Volume. Beyond that, the report looks at global holding companies using Net Asset Value, spotlighting SoftBank at a 58.6% discount, Investor AB showing an 18.6% premium, and SK Square with a massive 203% year-to-date growth. Lastly, there is a macroeconomic review focused on Uzbekistan, describing its fast shift toward a market economy. With real GDP growth at 6.5% in 2024, the country is aiming to double its GDP to $240 billion by 2030, driven by capital market reforms and expectations around WTO accession. All of this is based strictly on public data , and it does not count as investment advice.

Document Type

Restricted Access

Document Name for Citation

Experiential Learning Project

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