Aamal Company - At the core of Qatar's economic growth

Aamal Company is a highly diversified conglomerate in Qatar operating across four business segments: Trading and Distribution, Industrial Manufacturing, Property and Managed Services. The company offers exposure to Qatar's forecast strong economic growth in the medium term, especially in the key non-hydrocarbon sectors, due to an increase in government spending to diversify the country away from its dependence on liquefied natural gas (LNG) exports. Aamal trades at a 26% discount relative to peers in the Middle East and North Africa (MENA) region on an FY25e EV/EBITDA basis and at a 43% discount on an FY25e P/E basis. We initiate coverage with a valuation of QAR1.22 per share, approximately c 40% above the current share price.

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