GulfBase GCC Cap Indices
Large Cap4,040 1.47
Med Cap3,813 1.12
Small Cap4,857 0.75
Micro Cap8,140 0.78

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Ticker Price Volume
QNBK 127 470,450
ETISALAT 17.15 1,265,926
GFH 0.6
DAMAC 3.04 4,480,836
DSI 0.38 56,023,969

Air Arabia Co.

Source: NBK Capital

No Major Changes

We maintain our “Buy” recommendation and fair value for Air Arabia’s stock price of AED 1.00 per shares, as we did not change our long-term outlook for the company. Although Air Arabia’s performance in 3Q2010 was below our expectations, we continue to see strength in the company’s income-generating capability. Moreover, we fell that the current market price is low considering that cash and investments alone account for AED 0.60 per shares, which translate into an adjusted forward 2010 P/E ratio of 7.4x (upon stripping cash and investments from the price and interest income from the EPS).

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