GulfBase GCC Cap Indices
Large Cap3,958 0.85
Med Cap3,943 0.35
Small Cap5,129 0.41
Micro Cap8,650 0.61

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Ticker Price Volume
QNBK 147 119,837
SABIC 95.89 2,447,604
WARBABANK 265 805,745
GFH 0.72
SECO 22.85 669,460
AGLTY 650 2,407,748
MMG 12.55

Air Arabia

Source: NBK Capital

Branching Out

• In 2009, Air Arabia started expanding in the Middle East and North Africa (MENA) region by establishing a new operation in Morocco (Air Arabia Maroc) and laying the groundwork for another operation in Alexandria, Egypt. Due to legal restrictions and the lack of open skies in the MENA region, Air Arabia does not have controlling stakes in the hubs. The company is responsible for managing these newly established airlines; however, they are accounted for using the equity method and are not consolidated.
• Our new 12-month fair value estimate for Air Arabia’s share price is AED 1.15, which is 10% higher than the latest close. Our new recommendation for the stock is “Accumulate”.

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