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 -66,428 -80,375 -101,252
Change - -138.21% -469.35% -87.04% -52.72% -7.74% -21% -25.97%
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 2,205 2,369 2,464
Change - -43.17% -16.41% 9.17% 52.21% 13.13% 7.41% 4.02%
Free Cash Flow (FCF) 1 9,448 17,539 18,658 23,201 31,509 28,250 20,072 16,710
Change - 85.64% 6.38% 24.35% 35.81% -10.34% -28.95% -16.75%
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% 48.55% 50.97% 50.19%
EBIT Margin (%) 23.52% 29% 47.37% 44.28% 44.6% 44.32% 44.7% 46.56%
EBT Margin (%) 21.66% 34.01% 56.31% 53.23% 51.77% 49.44% 50.99% 52.17%
Net margin (%) 13.44% 27.41% 43.48% 38.06% 35.51% 33.01% 31.68% 33.51%
FCF margin (%) 33.42% 70.36% 69.75% 65.35% 63.58% 53.54% 32.8% 24.06%
FCF / Net Income (%) 248.62% 256.72% 160.43% 171.68% 179.04% 162.19% 103.51% 71.8%

Profitability

        
ROA 3.17% 5.4% 8.56% 9.02% 10.15% 9.65% 9.98% 10.23%
ROE 6.48% 10.45% 15.85% 16.57% 19.59% 17.95% 18.36% 18.28%

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% 4.18% 3.87% 3.55%
CAPEX / EBITDA (%) 30.64% 14.29% 7.32% 6.64% 7.63% 8.61% 7.59% 7.07%
CAPEX / FCF (%) 26.13% 8% 6.29% 5.52% 6.19% 7.81% 11.8% 14.74%

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 1.012
Change - 66.67% 100% 100% 0% 0% 0% 1.25%
Book Value Per Share 1 7.542 7.81 8.794 9.665 10.67 11.53 13.01 15.14
Change - 3.55% 12.59% 9.91% 10.36% 8.11% 12.78% 16.45%
EPS 1 0.52 0.83 1.32 1.53 1.99 1.987 2.195 2.633
Change - 59.62% 59.04% 15.91% 30.07% -0.14% 10.47% 19.93%
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 5.54x 5.01x
PBR 0.95x 0.85x
EV / Sales 0.58x 0.28x
Yield 9.09% 9.09%

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
15
Last Close Price
11.00AED
Average target price
16.80AED
Spread / Average Target
+52.73%

Quarterly revenue - Rate of surprise

  1. Stock Market
  2. Stocks
  3. EMAAR Stock
  4. Stock
  5. Financials Emaar Properties