Stock ALDAR ALDAR PROPERTIES
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Financials Aldar Properties

Equities

ALDAR

AEA002001013

Real Estate Development & Operations

Market Closed - Abu Dhabi Securities Exchange
Other stock markets
 06:55:11 2024-06-13 EDT 		5-day change 1st Jan Change
5.83 AED 0.00% Intraday chart for Aldar Properties +2.28% +8.97%
06-10 Construction on Kuehne+Nagel's New Fulfilment, Distribution Center Begins in Dubai MT
06-05 MIDEAST STOCKS-Gulf markets end mixed; Egypt slips RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 16,983 24,767 31,372 34,831 42,065 45,839 - -
Enterprise Value (EV) 1 19,444 27,275 30,892 32,579 42,426 42,594 39,187 35,957
P/E ratio 8.57 x 12.8 x 13.5 x 12 x 11 x 10.1 x 8.01 x 6.39 x
Yield 6.71% 4.6% 3.76% 3.61% 3.18% 3.39% 3.72% 3.97%
Capitalization / Revenue 2.38 x 2.95 x 3.66 x 3.11 x 2.97 x 2.21 x 1.85 x 1.66 x
EV / Revenue 2.72 x 3.25 x 3.6 x 2.91 x 3 x 2.05 x 1.58 x 1.31 x
EV / EBITDA 8.47 x 11.1 x 10.4 x 8.89 x 8.32 x 6.68 x 5.23 x 4.42 x
EV / FCF 18 x 22.1 x 5.67 x -23.9 x 31.2 x 19.1 x 8.12 x 6.6 x
FCF Yield 5.55% 4.53% 17.6% -4.18% 3.21% 5.23% 12.3% 15.2%
Price to Book 0.68 x 0.97 x 1.17 x 1.15 x 1.28 x 1.46 x 1.3 x 1.05 x
Nbr of stocks (in thousands) 7,862,630 7,862,630 7,862,630 7,862,630 7,862,630 7,862,630 - -
Reference price 2 2.160 3.150 3.990 4.430 5.350 5.830 5.830 5.830
Announcement Date 20-02-12 21-02-14 22-02-09 23-02-09 24-02-09 - - -
1AED in Million2AED
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 7,148 8,392 8,576 11,200 14,161 20,740 24,803 27,542
EBITDA 1 2,296 2,464 2,966 3,664 5,100 6,372 7,495 8,134
EBIT 1 2,028 2,196 2,716 3,321 3,977 5,646 6,915 7,600
Operating Margin 28.37% 26.17% 31.67% 29.66% 28.08% 27.22% 27.88% 27.59%
Earnings before Tax (EBT) 1 1,925 1,932 2,333 3,183 4,528 4,761 5,937 8,122
Net income 1 1,984 1,932 2,316 2,944 3,922 4,599 5,744 7,133
Net margin 27.76% 23.02% 27% 26.29% 27.7% 22.17% 23.16% 25.9%
EPS 2 0.2520 0.2460 0.2950 0.3680 0.4860 0.5798 0.7282 0.9129
Free Cash Flow 1 1,079 1,235 5,448 -1,361 1,361 2,228 4,826 5,450
FCF margin 15.09% 14.72% 63.52% -12.15% 9.61% 10.74% 19.46% 19.79%
FCF Conversion (EBITDA) 46.97% 50.14% 183.67% - 26.69% 34.96% 64.39% 67%
FCF Conversion (Net income) 54.36% 63.92% 235.26% - 34.7% 48.45% 84.02% 76.4%
Dividend per Share 2 0.1450 0.1450 0.1500 0.1600 0.1700 0.1976 0.2167 0.2312
Announcement Date 20-02-12 21-02-14 22-02-09 23-02-09 24-02-09 - - -
1AED in Million2AED
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 3,764 2,256 2,683 2,669 2,713 3,134 3,066 3,240 3,458 4,400 5,616 5,122 5,252 6,015 6,218
EBITDA 1 1,255 - - 963.2 889.1 907 955 1,191 - 1,600 1,708 1,380 1,550 1,806 1,896
EBIT 1 1,123 784.9 780 797.1 803.6 804.5 844 1,080 945.2 1,107 1,571 1,448 1,428 1,604 1,759
Operating Margin 29.83% 34.79% 29.07% 29.86% 29.61% 25.67% 27.53% 33.34% 27.33% 25.17% 27.97% 28.28% 27.2% 26.67% 28.29%
Earnings before Tax (EBT) - - - - 612.9 1,017 - 1,288 - 1,449 1,637 - - - -
Net income 1 783.5 779.6 667.9 804 556.7 915.9 836 1,198 794.2 1,204 1,317 972.6 1,142 1,350 1,415
Net margin 20.81% 34.56% 24.89% 30.12% 20.52% 29.22% 27.27% 36.98% 22.97% 27.37% 23.45% 18.99% 21.74% 22.45% 22.76%
EPS 2 - 0.1000 - 0.1020 0.0640 0.1170 0.0860 0.1460 0.0980 0.1500 0.1610 0.1418 0.1376 0.1509 0.1800
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 20-08-12 22-02-09 22-04-27 22-07-28 22-10-27 23-02-09 23-05-03 23-07-31 23-10-30 24-02-09 24-04-29 - - - -
1AED in Million2AED
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 2,461 2,507 - - 361 - - -
Net Cash position 1 - - 480 2,253 - 3,245 6,652 9,882
Leverage (Debt/EBITDA) 1.072 x 1.018 x - - 0.0708 x - - -
Free Cash Flow 1 1,079 1,235 5,448 -1,361 1,361 2,228 4,826 5,450
ROE (net income / shareholders' equity) 8.11% 7.66% 8.79% 10.3% 12.4% 14.1% 15.6% 15.9%
ROA (Net income/ Total Assets) 4.97% 4.74% 5.49% 5.31% 5.85% 6.23% 7.11% 8.6%
Assets 1 39,903 40,750 42,189 55,410 67,067 73,815 80,811 82,943
Book Value Per Share 2 3.160 3.260 3.420 3.840 4.180 3.980 4.490 5.560
Cash Flow per Share 2 0.1700 0.1800 0.7400 0.7900 0.4600 1.260 0.7000 0.9500
Capex 1 241 179 353 7,544 2,229 2,576 2,010 1,888
Capex / Sales 3.37% 2.13% 4.11% 67.36% 15.74% 12.42% 8.1% 6.86%
Announcement Date 20-02-12 21-02-14 22-02-09 23-02-09 24-02-09 - - -
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 Aldar Properties

Trading Rating
Investor Rating
ESG Refinitiv
A
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
9
Last Close Price
5.83 AED
Average target price
6.526 AED
Spread / Average Target
+11.93%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

1st Jan change Capi.
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Other Real Estate Development & Operations
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