Anghami SPAC Presentation Deck
SIGNIFICANT VALUE CREATION FOR INVESTORS
EV/ Sales
Spotify trades at
167% premium to
Anghami on
EV/Sales 23F
EV/ GP
Spotify trades at
263% premium
to Anghami on
EV/GP 23F
EV/ Subs
Spotify trades at
859% premium
to Anghami on
EV/Subscriber
23F
10X
8X
6X
4X
2X
OX
25X
20X
15X
10X
5X
OX
800X
650X
500X
350X
200X
50X
2021
4.5
5.4
8.2 8.3
00
AN SP TM NE
74
25
17.6
14
il
AN SP TM NE
20.9
331.7
556.4
I
AN SP TM NE
1,094
10X
8X
6X
4X
2X
ox
25X
20X
15X
10X
5X
OX
800X
650X
500X
350X
200X
50X
2022
7 7.1
500
AN SP TM NE
2.5
6.7
4.5
14.7
21.1
16.8
AN SP TM NE
983
445.1
287
TO
44
AN SP TM NE
Note: All enterprise values as of 23 Feb 2021
Source: Credit Suisse research, Morgan Stanley research; Thomson One, Management projections
First full year after investment
10X
8X
6X
4X
2X
ox
25X
20X
15X
10X
5X
OX
2023
800X
650X
500X
350X
200X
50X
6
000
AN SP TM NE
1.5
18
12.7
14
000
AN SP TM NE
3.6
6.2
255
349.5
898
26.7
AN SP TM NE
AN
SP
TM
NE
Anghami
Spotify
Tencent
Music
38
Entertainment
NetflixView entire presentation