Financials Commercial Bank of Dubai

Equities

CBD

AEC000201017

Banks

Market Closed - Dubai FM 11:55:03 26/04/2024 BST 5-day change 1st Jan Change
6.75 AED -3.57% Intraday chart for Commercial Bank of Dubai +0.75% +32.09%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 11,211 11,043 12,192 13,537 15,254 20,150 - -
Enterprise Value (EV) 1 11,211 11,043 12,192 13,537 15,254 20,150 20,150 20,150
P/E ratio - - - - - - - -
Yield 5.18% - 5.95% 5.39% - 6.52% 6% 5.93%
Capitalization / Revenue 3.7 x 3.71 x 3.83 x 3.55 x 3.09 x 3.85 x 3.78 x 3.52 x
EV / Revenue 3.7 x 3.71 x 3.83 x 3.55 x 3.09 x 3.85 x 3.78 x 3.52 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.1 x 0.85 x 0.9 x 0.98 x - 1.34 x 1.29 x 1.12 x
Nbr of stocks (in thousands) 2,985,192 2,985,192 2,985,192 2,985,192 2,985,192 2,985,192 - -
Reference price 2 3.756 3.699 4.084 4.535 5.110 6.750 6.750 6.750
Announcement Date 06/02/20 10/02/21 09/02/22 01/02/23 31/01/24 - - -
1AED in Million2AED
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 3,033 2,978 3,183 3,812 4,938 5,236 5,332 5,718
EBITDA - - - - - - - -
EBIT 1 2,148 2,165 2,329 2,824 3,727 3,939 3,968 4,272
Operating Margin 70.82% 72.69% 73.18% 74.08% 75.47% 75.24% 74.43% 74.71%
Earnings before Tax (EBT) - - - - - - - -
Net income 1 - - - - - 2,871 2,879 2,899
Net margin - - - - - 54.84% 53.99% 50.7%
EPS - - - - - - - -
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 0.1944 - 0.2430 0.2446 - 0.4400 0.4050 0.4000
Announcement Date 06/02/20 10/02/21 09/02/22 01/02/23 31/01/24 - - -
1AED in Million2AED
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1
Net sales 1 794.9 858.9 875.1 985.9 1,092 1,237 1,224 1,255 1,222 1,372
EBITDA - - - - - - - - - -
EBIT 1 558 626.1 637.3 733 827.8 948 936.4 956.3 886 1,057
Operating Margin 70.2% 72.9% 72.83% 74.35% 75.78% 76.64% 76.5% 76.23% 72.51% 77.04%
Earnings before Tax (EBT) - - - - - - - - - -
Net income - - - - - - - - 714.5 -
Net margin - - - - - - - - 58.47% -
EPS - - - - - - - - - -
Dividend per Share - - - - - - - - - -
Announcement Date 09/02/22 27/04/22 27/07/22 26/10/22 01/02/23 03/05/23 12/07/23 25/10/23 31/01/24 24/04/24
1AED in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 14.6% 9.67% 10.9% 13.3% - 19.4% 16.9% 16%
ROA (Net income/ Total Assets) 1.75% 1.21% 1.37% 1.59% - 2.13% 1.8% 1.8%
Assets 1 - - - - - 134,578 159,944 161,056
Book Value Per Share 2 3.420 4.340 4.540 4.650 - 5.020 5.240 6.040
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 06/02/20 10/02/21 09/02/22 01/02/23 31/01/24 - - -
1AED in Million2AED
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
3
Last Close Price
6.75 AED
Average target price
6.787 AED
Spread / Average Target
+0.54%
Consensus

Quarterly revenue - Rate of surprise

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