Company Valuation: Emaar Properties

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 39,999 51,795 70,003 113,578 124,185 97,227 - -
Change - 29.49% 35.15% 62.25% 9.34% -21.71% - -
Enterprise Value (EV) 1 49,921 48,004 48,419 73,209 62,530 30,799 16,852 -4,025
Change - -3.84% 0.86% 51.2% -14.59% -50.75% -45.28% -123.88%
P/E 9.4x 7.06x 6x 8.4x 7.06x 5.54x 5.01x 4.18x
PBR 0.65x 0.75x 0.9x 1.33x 1.32x 0.95x 0.85x 0.73x
PEG - 0.1x 0.1x 0.5x 0.2x -40.68x 0.5x 0.2x
Capitalization / Revenue 1.41x 2.08x 2.62x 3.2x 2.51x 1.84x 1.59x 1.4x
EV / Revenue 1.77x 1.93x 1.81x 2.06x 1.26x 0.58x 0.28x -0.06x
EV / EBITDA 6.2x 4.89x 3.02x 3.8x 2.45x 1.2x 0.54x -0.12x
EV / EBIT 7.51x 6.64x 3.82x 4.66x 2.83x 1.32x 0.62x -0.12x
EV / FCF 5.28x 2.74x 2.6x 3.16x 1.98x 1.09x 0.84x -0.24x
FCF Yield 18.9% 36.5% 38.5% 31.7% 50.4% 91.7% 119% -415%
Dividend per Share 2 0.15 0.25 0.5 1 1 1 1 1.012
Rate of return 3.07% 4.27% 6.31% 7.78% 7.12% 9.09% 9.09% 9.2%
EPS 2 0.52 0.83 1.32 1.53 1.99 1.987 2.195 2.633
Distribution rate 28.8% 30.1% 37.9% 65.4% 50.3% 50.3% 45.6% 38.5%
Net sales 1 28,270 24,926 26,750 35,505 49,557 52,765 61,200 69,453
EBITDA 1 8,057 9,816 16,033 19,277 25,561 25,617 31,196 34,860
EBIT 1 6,649 7,228 12,671 15,722 22,102 23,386 27,358 32,334
Net income 1 3,800 6,832 11,630 13,514 17,599 17,418 19,391 23,274
Net Debt 1 9,922 -3,791 -21,584 -40,370 -61,655 -66,428 -80,375 -101,252
Reference price 2 4.89 5.86 7.92 12.85 14.05 11.00 11.00 11.00
Nbr of stocks (in thousands) 8,179,739 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 in Million2AED
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
16x5.02x13.52x3.17% 45.53B
8.59x1.49x7.62x4.11% 30.19B
19.43x4.08x16.67x1.28% 29.4B
14.43x3.12x14.95x2.44% 26.35B
9.06x2.34x7.19x3.85% 21.35B
14.46x6.71x17.95x1.47% 20.88B
7.79x0.86x3.14x2.87% 19.93B
10.35x1.66x14.35x3.65% 18.86B
35.85x13.18x34.05x3.29% 17.37B
Average 15.10x 4.27x 14.38x 2.9% 25.54B
Weighted average by Cap. 14.82x 4.10x 13.85x 2.9%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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  5. Valuation Emaar Properties