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 98,111 - -
Change - 29.49% 35.15% 62.25% 9.34% -21% - -
Enterprise Value (EV) 1 49,921 48,004 48,419 73,209 62,530 35,481 21,384 5,178
Change - -3.84% 0.86% 51.2% -14.59% -43.26% -39.73% -75.78%
P/E 9.4x 7.06x 6x 8.4x 7.06x 5.55x 4.97x 4.12x
PBR 0.65x 0.75x 0.9x 1.33x 1.32x 0.97x 0.86x 0.75x
PEG - 0.1x 0.1x 0.5x 0.2x 12.77x 0.4x 0.2x
Capitalization / Revenue 1.41x 2.08x 2.62x 3.2x 2.51x 1.88x 1.59x 1.35x
EV / Revenue 1.77x 1.93x 1.81x 2.06x 1.26x 0.68x 0.35x 0.07x
EV / EBITDA 6.2x 4.89x 3.02x 3.8x 2.45x 1.43x 0.7x 0.15x
EV / EBIT 7.51x 6.64x 3.82x 4.66x 2.83x 1.56x 0.78x 0.16x
EV / FCF 5.28x 2.74x 2.6x 3.16x 1.98x 1.61x 1.24x 0.31x
FCF Yield 18.9% 36.5% 38.5% 31.7% 50.4% 61.9% 80.5% 323%
Dividend per Share 2 0.15 0.25 0.5 1 1 1 1 1.011
Rate of return 3.07% 4.27% 6.31% 7.78% 7.12% 9.01% 9.01% 9.11%
EPS 2 0.52 0.83 1.32 1.53 1.99 1.999 2.232 2.693
Distribution rate 28.8% 30.1% 37.9% 65.4% 50.3% 50% 44.8% 37.6%
Net sales 1 28,270 24,926 26,750 35,505 49,557 52,140 61,568 72,458
EBITDA 1 8,057 9,816 16,033 19,277 25,561 24,751 30,737 34,134
EBIT 1 6,649 7,228 12,671 15,722 22,102 22,709 27,310 31,798
Net income 1 3,800 6,832 11,630 13,514 17,599 17,645 19,717 23,799
Net Debt 1 9,922 -3,791 -21,584 -40,370 -61,655 -62,630 -76,727 -92,932
Reference price 2 4.89 5.86 7.92 12.85 14.05 11.10 11.10 11.10
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 A 2/14/23 A 2/8/24 A 2/13/25 A 2/12/26 A - - -
1AED in Million2AED
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
5.48x0.66x1.38x9.12% 26.37B
16.63x5.21x14.02x3.04% 47.38B
9.3x1.56x8.16x3.82% 32.18B
18.25x4.03x16.32x1.35% 27.9B
13.89x3.09x14.78x2.52% 25.36B
11.15x2.12x9.92x3.98% 21.12B
7.95x0.88x3.21x2.81% 20.33B
10.79x1.69x14.65x3.5% 19.68B
13.38x6.55x17.49x1.59% 19.4B
17.46x9.69x18.25x4.75% 18.65B
Average 12.43x 3.55x 11.82x 3.65% 25.84B
Weighted average by Cap. 12.73x 3.52x 11.75x 3.63%

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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