Company Valuation: Emaar Properties

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 39,999 51,795 70,003 113,578 124,185 97,227 - -
Change - 29.49% 35.15% 62.25% 9.34% -21.71% - -
Enterprise Value (EV) 1 49,921 48,004 48,419 73,209 62,530 34,597 20,500 4,294
Change - -3.84% 0.86% 51.2% -14.59% -44.67% -40.75% -79.05%
P/E 9.4x 7.06x 6x 8.4x 7.06x 5.5x 4.93x 4.09x
PBR 0.65x 0.75x 0.9x 1.33x 1.32x 0.96x 0.85x 0.74x
PEG - 0.1x 0.1x 0.5x 0.2x 12.65x 0.4x 0.2x
Capitalization / Revenue 1.41x 2.08x 2.62x 3.2x 2.51x 1.86x 1.58x 1.34x
EV / Revenue 1.77x 1.93x 1.81x 2.06x 1.26x 0.66x 0.33x 0.06x
EV / EBITDA 6.2x 4.89x 3.02x 3.8x 2.45x 1.4x 0.67x 0.13x
EV / EBIT 7.51x 6.64x 3.82x 4.66x 2.83x 1.52x 0.75x 0.14x
EV / FCF 5.28x 2.74x 2.6x 3.16x 1.98x 1.57x 1.19x -
FCF Yield 18.9% 36.5% 38.5% 31.7% 50.4% 63.5% 84% -
Dividend per Share 2 0.15 0.25 0.5 1 1 1 1 1.011
Rate of return 3.07% 4.27% 6.31% 7.78% 7.12% 9.09% 9.09% 9.19%
EPS 2 0.52 0.83 1.32 1.53 1.99 1.999 2.232 2.693
Distribution rate 28.8% 30.1% 37.9% 65.4% 50.3% 50% 44.8% 37.6%
Net sales 1 28,270 24,926 26,750 35,505 49,557 52,140 61,568 72,458
EBITDA 1 8,057 9,816 16,033 19,277 25,561 24,751 30,737 34,134
EBIT 1 6,649 7,228 12,671 15,722 22,102 22,709 27,310 31,798
Net income 1 3,800 6,832 11,630 13,514 17,599 17,645 19,717 23,799
Net Debt 1 9,922 -3,791 -21,584 -40,370 -61,655 -62,630 -76,727 -92,932
Reference price 2 4.89 5.86 7.92 12.85 14.05 11.00 11.00 11.00
Nbr of stocks (in thousands) 8,179,739 8,838,790 8,838,790 8,838,790 8,838,790 8,838,790 - -
Announcement Date 14/02/22 14/02/23 08/02/24 13/02/25 12/02/26 - - -
1AED in Million2AED
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
15.82x5x13.46x3.2% 45.05B
8.73x1.51x7.87x4.07% 30.18B
18.8x4.1x16.57x1.3% 28.78B
5.5x0.66x1.4x9.09% 26.47B
14.25x3.13x14.96x2.46% 25.91B
8.16x0.9x3.29x2.74% 20.87B
10.81x2.05x9.59x4.11% 20.47B
13.59x6.57x17.49x1.57% 19.61B
10.46x1.52x12.68x3.63% 19.29B
Average 11.79x 2.83x 10.81x 3.58% 26.29B
Weighted average by Cap. 12.22x 2.99x 10.98x 3.6%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  3. EMAAR Stock
  4. Stock
  5. Valuation Emaar Properties