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 70,003 113,578 124,185 103,414 - -
Change - 29.49% 35.15% 62.25% 9.34% -16.73% - -
Enterprise Value (EV) 1 49,921 48,004 48,419 73,209 62,530 35,224 18,572 -7,894
Change - -3.84% 0.86% 51.2% -14.59% -43.67% -47.28% -142.51%
P/E Ratio 9.4x 7.06x 6x 8.4x 7.06x 5.94x 5.49x 5.33x
PBR 0.65x 0.75x 0.9x 1.33x 1.32x 0.99x 0.88x 0.76x
PEG - 0.1x 0.1x 0.5x 0.2x -5.88x 0.66x 1.85x
Capitalization / Revenue 1.41x 2.08x 2.62x 3.2x 2.51x 1.96x 1.76x 1.7x
EV / Revenue 1.77x 1.93x 1.81x 2.06x 1.26x 0.67x 0.32x -0.13x
EV / EBITDA 6.2x 4.89x 3.02x 3.8x 2.45x 1.35x 0.62x -0.25x
EV / EBIT 7.51x 6.64x 3.82x 4.66x 2.83x 1.58x 0.73x -0.27x
EV / FCF 5.28x 2.74x 2.6x 3.16x 1.98x 1.2x 0.77x -0.41x
FCF Yield 18.9% 36.5% 38.5% 31.7% 50.4% 83% 130% -242%
Dividend per Share 2 0.15 0.25 0.5 1 1 1 1 1.017
Rate of return 3.07% 4.27% 6.31% 7.78% 7.12% 8.55% 8.55% 8.69%
EPS 2 0.52 0.83 1.32 1.53 1.99 1.97 2.133 2.194
Distribution rate 28.8% 30.1% 37.9% 65.4% 50.3% 50.8% 46.9% 46.3%
Net sales 1 28,270 24,926 26,750 35,505 49,557 52,708 58,753 60,861
EBITDA 1 8,057 9,816 16,033 19,277 25,561 26,009 29,818 31,707
EBIT 1 6,649 7,228 12,671 15,722 22,102 22,327 25,448 29,141
Net income 1 3,800 6,832 11,630 13,514 17,599 17,411 18,838 19,392
Net Debt 1 9,922 -3,791 -21,584 -40,370 -61,655 -68,189 -84,842 -111,308
Reference price 2 4.89 5.86 7.92 12.85 14.05 11.70 11.70 11.70
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 Ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
15x4.68x12.82x3.34% 43.27B
9.42x1.56x7.8x3.78% 33.93B
23.03x4.45x18.7x1.1% 31.6B
15.71x3.2x15.81x2.23% 26.43B
11.85x1.78x15.16x3.19% 21.92B
9.46x2.28x7.85x3.93% 20.67B
15.48x6.71x19.02x1.23% 20.58B
14.73x0.94x6.21x2.53% 20.45B
Average 14.33x 3.20x 12.92x 2.67% 27.35B
Weighted average by Cap. 14.56x 3.31x 12.98x 2.72%

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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