Market valuationreconciles to the workbook
Every figure below recomputes from the drivers on the left. The base case is the valuation as issued; move a slider and the whole page follows, including the cross-checks, the sensitivity grid and the structure comparison.
Headline
Development cost and the operating case
Discounted cash flow
Free cash flow by year (MAD million)
Where the value comes from
A decomposition of the equity value, not an addition to it. The residual already contains the land, the permits and the time saved.
Cross-checks
Sensitivity — equity value (MAD million), occupancy against rates
Structure — sell the appartements, or keep them?
Upside on the guaranteed yield
The base case holds 6%
Anything achieved below that is upside, not a change of assumption.
How much room for error
Basis. Market value of 100% of the equity of Ouazzane Hospitality. Conditions precedent treated as work in progress
and assumed to complete. Two-stage discounting — the project rate while unbuilt, the stabilised WACC thereafter — with a stub
to 31 August 2026. Each duplex counts as one lettable key at a whole-unit rate; key-equivalents and beds are shown alongside
so per-key benchmarks read on a comparable basis.
Limitations. Indicative financial analysis — not a RICS Red Book valuation, not an appraisal by a registered valuer, and not investment, legal or tax advice. Development cost is KEF's market estimate, not a tendered price. No Moroccan hotel capitalisation-rate series is published, so the exit yield is inferred. No ADR series is published for the Tanger-Tétouan-Al Hoceima region. Legal statements are readings of the documents in the file; take Moroccan legal advice before relying on them.
Prepared by Claude (Anthropic) at the instruction of KEF. This page carries the same model as the accompanying workbook and reproduces it to the dirham.
Limitations. Indicative financial analysis — not a RICS Red Book valuation, not an appraisal by a registered valuer, and not investment, legal or tax advice. Development cost is KEF's market estimate, not a tendered price. No Moroccan hotel capitalisation-rate series is published, so the exit yield is inferred. No ADR series is published for the Tanger-Tétouan-Al Hoceima region. Legal statements are readings of the documents in the file; take Moroccan legal advice before relying on them.
Prepared by Claude (Anthropic) at the instruction of KEF. This page carries the same model as the accompanying workbook and reproduces it to the dirham.