Projected Income Statement: Emaar Properties

Forecast Balance Sheet: Emaar Properties

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 9,922 -3,791 -21,584 -40,370 -61,655 -62,285 -75,245 -90,112
Change - -138.21% -469.35% -87.04% -52.72% -1.02% -20.81% -19.76%
Announcement Date 2/14/22 2/14/23 2/8/24 2/13/25 2/12/26 - - -
1AED in Million
Estimates

Cash Flow Forecast: Emaar Properties

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 2,469 1,403 1,173 1,281 1,949 2,780 2,486 2,444
Change - -43.17% -16.41% 9.17% 52.21% 42.6% -10.56% -1.7%
Free Cash Flow (FCF) 1 9,448 17,539 18,658 23,201 31,509 21,975 17,222 -
Change - 85.64% 6.38% 24.35% 35.81% -30.26% -21.63% -100%
Announcement Date 2/14/22 2/14/23 2/8/24 2/13/25 2/12/26 - - -
1AED in Million
Estimates

Forecast Financial Ratios: Emaar Properties

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 28.5% 39.38% 59.94% 54.29% 51.58% 47.67% 49.53% 47.35%
EBIT Margin (%) 23.52% 29% 47.37% 44.28% 44.6% 43.75% 44.43% 44.25%
EBT Margin (%) 21.66% 34.01% 56.31% 53.23% 51.77% 43.78% 50.3% 51.06%
Net margin (%) 13.44% 27.41% 43.48% 38.06% 35.51% 34.02% 32.64% 34.15%
FCF margin (%) 33.42% 70.36% 69.75% 65.35% 63.58% 42.08% 28.22% -
FCF / Net Income (%) 248.62% 256.72% 160.43% 171.68% 179.04% 123.7% 86.46% -

Profitability

        
ROA 3.17% 5.4% 8.56% 9.02% 10.15% 12.3% 11.54% 11.62%
ROE 6.48% 10.45% 15.85% 16.57% 19.59% 17.91% 18.94% 18.68%

Financial Health

        
Leverage (Debt/EBITDA) 1.23x - - - - - - -
Debt / Free cash flow 1.05x - - - - - - -

Capital Intensity

        
CAPEX / Current Assets (%) 8.73% 5.63% 4.38% 3.61% 3.93% 5.32% 4.07% 3.51%
CAPEX / EBITDA (%) 30.64% 14.29% 7.32% 6.64% 7.63% 11.17% 8.22% 7.41%
CAPEX / FCF (%) 26.13% 8% 6.29% 5.52% 6.19% 12.65% 14.43% -

Items per share

        
Cash flow per share 1 1.479 2.304 2.244 2.77 3.785 3.268 3.847 3.708
Change - 55.77% -2.62% 23.45% 36.67% -13.66% 17.71% -3.63%
Dividend per Share 1 0.15 0.25 0.5 1 1 1 1 1.035
Change - 66.67% 100% 100% 0% 0% 0% 3.5%
Book Value Per Share 1 7.542 7.81 8.794 9.665 10.67 11.61 12.98 14.76
Change - 3.55% 12.59% 9.91% 10.36% 8.86% 11.81% 13.67%
EPS 1 0.52 0.83 1.32 1.53 1.99 2.022 2.258 2.643
Change - 59.62% 59.04% 15.91% 30.07% 1.59% 11.69% 17.06%
Nbr of stocks (in thousands) 8,179,739 8,838,790 8,838,790 8,838,790 8,838,790 8,838,790 8,838,790 8,838,790
Announcement Date 2/14/22 2/14/23 2/8/24 2/13/25 2/12/26 - - -
1AED
Estimates
2026 *2027 *
P/E 5.71x 5.11x
PBR 0.99x 0.89x
EV / Sales 0.76x 0.44x
Yield 8.67% 8.67%

EPS & Dividend



Y-o-Y evolution of P/E

 

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
A
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
16
Last Close Price
11.54AED
Average target price
16.51AED
Spread / Average Target
+43.09%

Quarterly revenue - Rate of surprise

  1. Stock Market
  2. Stocks
  3. EMAAR Stock
  4. Stock
  5. Financials Emaar Properties
-40%: Exceptional extension
d
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