Financials Emaar Misr for Development Company (S.A.E.)

Equities

End-of-day quote Egyptian Exchange Other stock markets 18:00:00 2024-04-23 EDT			5-day change	1st Jan Change
4.87 ^EGP	-5.44%		-10.81%	+30.21%

03-03	Emaar Misr for Development Company (S.A.E.) Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Emaar Misr for Development Company (S.A.E.) Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	13,226	10,735	13,497	14,041	16,940	22,058	-
Enterprise Value (EV) ¹	902.9	-22.59	2,000	14,041	16,940	8,549	10,123
P/E ratio	8.34 x	6.97 x	3.43 x	-	2.42 x	3.29 x	3.45 x
Yield	-	-	-	-	-	-	-
Capitalization / Revenue	2.42 x	2.29 x	1.22 x	0.95 x	1.12 x	1.42 x	1.39 x
EV / Revenue	0.17 x	-0 x	0.18 x	0.95 x	1.12 x	0.55 x	0.64 x
EV / EBITDA	1,464,226 x	-24,577 x	-	-	-	-	-
EV / FCF	-0.53 x	0.01 x	11 x	-	-	12.3 x	93.7 x
FCF Yield	-190%	12,651%	9.07%	-	-	8.14%	1.07%
Price to Book	0.83 x	0.61 x	0.6 x	-	-	0.53 x	0.46 x
Nbr of stocks (in thousands)	4,529,338	4,529,338	4,529,338	4,529,338	4,529,338	4,529,338	-
Reference price ²	2.920	2.370	2.980	3.100	3.740	4.870	4.870
Announcement Date	20-03-02	21-03-07	22-03-07	23-03-07	24-03-03	-	-

¹EGP in Million²EGP

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	5,468	4,684	11,081	14,736	15,096	15,574	15,875
EBITDA	616.6	918.9	-	-	-	-	-
EBIT ¹	430.8	695.3	4,359	-	5,624	5,099	5,783
Operating Margin	7.88%	14.85%	39.34%	-	37.26%	32.74%	36.43%
Earnings before Tax (EBT) ¹	2,359	2,120	5,332	-	8,963	8,668	8,261
Net income ¹	1,739	1,678	4,120	6,563	7,013	6,718	6,402
Net margin	31.81%	35.84%	37.18%	44.54%	46.46%	43.14%	40.33%
EPS ²	0.3500	0.3400	0.8700	-	1.548	1.480	1.410
Free Cash Flow ¹	-1,712	-2,857	181.4	-	-	696	108
FCF margin	-31.31%	-61.01%	1.64%	-	-	4.47%	0.68%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	4.4%	-	-	10.36%	1.69%
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	20-03-02	21-03-07	22-03-07	23-03-07	24-03-03	-	-

¹EGP in Million²EGP

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	-	-	-	-
Net Cash position ¹	12,323	10,757	11,497	-	-	13,509	11,935
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-1,712	-2,857	181	-	-	696	108
ROE (net income / shareholders' equity)	11.6%	10%	20.3%	-	-	17.6%	14.3%
ROA (Net income/ Total Assets)	4.41%	3.67%	-	-	-	-	-
Assets ¹	39,398	45,771	-	-	-	-	-
Book Value Per Share ²	3.510	3.880	4.930	-	-	9.190	10.60
Cash Flow per Share	-	-	-	-	-	-	-
Capex	800	828	-	-	-	-	-
Capex / Sales	14.64%	17.68%	-	-	-	-	-
Announcement Date	20-03-02	21-03-07	22-03-07	23-03-07	24-03-03	-	-

¹EGP in Million²EGP

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

D+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.87 EGP

Average target price

5.58 EGP

Spread / Average Target

+14.58%

	1st Jan change	Capi.
EMAAR MISR FOR DEVELOPMENT COMPANY (S.A.E.)	+30.21%	461M
MITSUI FUDOSAN CO., LTD.	+36.16%	27.94B
SUN HUNG KAI PROPERTIES LIMITED	-13.74%	26.97B
DLF LIMITED	+25.00%	26.95B
CHINA RESOURCES LAND LIMITED	-0.71%	25.32B
MITSUBISHI ESTATE CO., LTD.	+44.49%	22.58B
EMAAR PROPERTIES	+2.78%	19.59B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+1.45%	19.52B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+28.54%	16.23B
CK ASSET HOLDINGS LIMITED	-14.80%	14.98B