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 96,343 - -
Change - 29.49% 35.15% 62.25% 9.34% -22.42% - -
Enterprise Value (EV) 1 49,921 48,004 48,419 73,209 62,530 34,058 21,098 6,230
Change - -3.84% 0.86% 51.2% -14.59% -45.53% -38.05% -70.47%
P/E 9.4x 7.06x 6x 8.4x 7.06x 5.42x 4.87x 4.13x
PBR 0.65x 0.75x 0.9x 1.33x 1.32x 0.94x 0.84x 0.74x
PEG - 0.1x 0.1x 0.5x 0.2x 5.19x 0.4x 0.2x
Capitalization / Revenue 1.41x 2.08x 2.62x 3.2x 2.51x 1.85x 1.58x 1.37x
EV / Revenue 1.77x 1.93x 1.81x 2.06x 1.26x 0.65x 0.34x 0.09x
EV / EBITDA 6.2x 4.89x 3.02x 3.8x 2.45x 1.37x 0.69x 0.19x
EV / EBIT 7.51x 6.64x 3.82x 4.66x 2.83x 1.5x 0.78x 0.2x
EV / FCF 5.28x 2.74x 2.6x 3.16x 1.98x 1.55x 1.23x -
FCF Yield 18.9% 36.5% 38.5% 31.7% 50.4% 64.5% 81.6% -
Dividend per Share 2 0.15 0.25 0.5 1 1 1 1 1.035
Rate of return 3.07% 4.27% 6.31% 7.78% 7.12% 9.17% 9.17% 9.5%
EPS 2 0.52 0.83 1.32 1.53 1.99 2.011 2.238 2.639
Distribution rate 28.8% 30.1% 37.9% 65.4% 50.3% 49.7% 44.7% 39.2%
Net sales 1 28,270 24,926 26,750 35,505 49,557 52,200 61,154 70,307
EBITDA 1 8,057 9,816 16,033 19,277 25,561 24,844 30,417 33,310
EBIT 1 6,649 7,228 12,671 15,722 22,102 22,779 27,153 31,088
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 -62,285 -75,245 -90,112
Reference price 2 4.89 5.86 7.92 12.85 14.05 10.90 10.90 10.90
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
5.45x0.65x1.36x9.17% 26.23B
14.04x4.51x12.17x3.61% 39.98B
17.8x3.94x15.85x1.38% 28.22B
7.88x1.42x7.8x4.49% 26.51B
13.78x3.08x14.74x2.54% 26.13B
10.63x2.15x9.15x3.95% 21.37B
7.85x0.87x3.17x2.85% 20.08B
13.11x6.41x16.85x1.66% 19.31B
37.44x13.73x34.11x3.16% 18.14B
16.71x9.32x17.68x4.95% 17.91B
Average 14.47x 4.61x 13.29x 3.78% 24.39B
Weighted average by Cap. 13.91x 4.22x 12.63x 3.81%

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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  4. Valuation Emaar Properties
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