Stock RAKBANK THE NATIONAL BANK OF RAS AL-KHAIMAH
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Financials The National Bank of Ras Al-Khaimah

Equities

RAKBANK

AEN000601015

Banks

Market Closed - Abu Dhabi Securities Exchange
Other stock markets
 10:28:10 24/04/2024 BST 		5-day change 1st Jan Change
5.1 AED -0.97% Intraday chart for The National Bank of Ras Al-Khaimah -0.97% -3.77%
04-26 Rakbank Posts Higher Q1 Attributable Profit, Net Income MT
04-26 The National Bank of Ras Al-Khaimah (P.S.C.) Reports Earnings Results for the First Quarter Ended March 31, 2024 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 7,962 6,537 7,543 7,878 10,661 10,259 - -
Enterprise Value (EV) 1 7,962 6,537 7,543 7,878 10,661 10,259 10,259 10,259
P/E ratio 7.31 x 13 x 10 x 6.71 x 5.96 x 6 x 5.8 x 5.73 x
Yield 6.32% 3.85% 5% 7.23% - 6.67% 7.65% 8.43%
Capitalization / Revenue 2 x 1.83 x 2.33 x 2.28 x 2.42 x 2.19 x 2.05 x 1.95 x
EV / Revenue 2 x 1.83 x 2.33 x 2.28 x 2.42 x 2.19 x 2.05 x 1.95 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.02 x 0.84 x 0.9 x 0.88 x 0.86 x 0.9 x 0.82 x 0.76 x
Nbr of stocks (in thousands) 2,011,494 2,011,494 2,011,494 2,011,494 2,011,494 2,011,495 - -
Reference price 2 3.958 3.250 3.750 3.917 5.300 5.100 5.100 5.100
Announcement Date 05/02/20 02/02/21 01/02/22 13/02/23 29/01/24 - - -
1AED in Million2AED
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 3,979 3,564 3,230 3,452 4,404 4,682 5,001 5,252
EBITDA - - - - - - - -
EBIT 1 2,408 2,169 1,835 1,967 2,803 2,996 3,199 3,366
Operating Margin 60.53% 60.85% 56.8% 57% 63.64% 63.97% 63.97% 64.09%
Earnings before Tax (EBT) 1 1,095 505.4 758.3 1,163 1,798 1,890 1,965 1,992
Net income 1 1,095 505.4 756.1 1,171 1,784 1,710 1,768 1,793
Net margin 27.53% 14.18% 23.41% 33.92% 40.5% 36.51% 35.35% 34.14%
EPS 2 0.5417 0.2500 0.3750 0.5833 0.8900 0.8500 0.8800 0.8900
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 0.2500 0.1250 0.1875 0.2833 - 0.3400 0.3900 0.4300
Announcement Date 05/02/20 02/02/21 01/02/22 13/02/23 29/01/24 - - -
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 1 792.4 726.9 815 915.1 994.8 1,073 1,116 1,137 1,078 1,174
EBITDA - - - - - - - - - -
EBIT 1 421.3 354.6 447.3 542.3 623.3 684.2 710.5 702.7 705.5 785.8
Operating Margin 53.17% 48.78% 54.88% 59.26% 62.66% 63.75% 63.66% 61.81% 65.44% 66.92%
Earnings before Tax (EBT) 1 - - - - - - - - - 629.3
Net income 1 223.6 220.1 310.5 351.4 286.3 450.3 449.6 451 431.8 574.2
Net margin 28.22% 30.28% 38.09% 38.4% 28.78% 41.96% 40.28% 39.67% 40.06% 48.9%
EPS - - - - - - - - - -
Dividend per Share - - - - - - - - - -
Announcement Date 01/02/22 26/04/22 26/07/22 25/10/22 13/02/23 26/04/23 25/07/23 23/10/23 29/01/24 26/04/24
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) 14.9% 6.5% 9.5% 13.5% 18.4% 16.4% 17% 16%
ROA (Net income/ Total Assets) 2% 0.9% 1.4% 1.88% 2.6% 2.25% 2.1% 2%
Assets 1 54,765 56,156 54,009 62,431 68,598 75,978 84,190 89,650
Book Value Per Share 2 3.880 3.880 4.150 4.470 6.160 5.670 6.210 6.720
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 05/02/20 02/02/21 01/02/22 13/02/23 29/01/24 - - -
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

Ratings for The National Bank of Ras Al-Khaimah

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
3
Last Close Price
5.1 AED
Average target price
6.083 AED
Spread / Average Target
+19.28%
Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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