Garhitz Financial Model: Solo DCF Valuation on a Dubai-Based Agro-Import Firm

Vaibhavkirithik built this model independently, outside any professional engagement, as a way to develop full-cycle valuation skills. He came across Garhitz, a Dubai-based firm that had grown from a small food store into a diversified agro-import and export business, and decided to use it as his modeling subject.

He started by gathering five years of financial statements from the company's website, covering 2021 to 2025. To reduce manual data entry, he used AI to extract line-item financial figures from the income statement, balance sheet, and cash flow statement, then cross-checked every extracted figure against the source documents before proceeding.

With the historical data validated, he built the three-statement model in Excel. He developed his own assumptions for revenue growth, EBITDA margins, and expense trajectories based on research into the company and its sector. He forecasted six years forward, from 2026 to 2031, building out the income statement first, then the balance sheet, then the cash flow statement.

Using the completed forecast, he constructed a DCF valuation model: calculating working capital, estimating terminal value, discounting cash flows, and arriving at an enterprise value and implied share price. The full model ran from raw historical data through to a concluded valuation, with every assumption documented and every output cross-checked.

The project gave him end-to-end ownership of a valuation process that he had previously only contributed to in parts.