Company Valuation: Emaar Development

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 17,480 17,640 28,600 54,800 60,600 76,800 - -
Change - 0.92% 62.13% 91.61% 10.58% 26.73% - -
Enterprise Value (EV) 1 15,050 7,169 10,182 31,234 60,600 28,744 18,388 76,800
Change - -52.36% 42.02% 206.76% 94.02% -52.57% -36.03% 317.67%
P/E ratio 5.4x 4.64x 4.31x 7.17x 5.35x 5.46x 5.2x 6.25x
PBR 1.21x 0.96x 1.25x 1.93x - 1.64x 1.31x 0.97x
PEG - 0.3x 0.1x 0.5x 0.1x 0.2x 1.04x -0.4x
Capitalization / Revenue 1.12x 1.53x 2.4x 2.86x 2.2x 2.01x 1.92x 1.94x
EV / Revenue 0.96x 0.62x 0.85x 1.63x 2.2x 0.75x 0.46x 1.94x
EV / EBITDA 3.62x 1.7x 1.27x 3.31x 4.23x 1.33x 0.98x 5.27x
EV / EBIT 3.69x 1.81x 1.41x 3.45x 4.51x 1.53x 1.01x 5.28x
EV / FCF 3.59x 0.83x 1.04x 2.85x - 2.25x 1.2x 4.79x
FCF Yield 27.9% 120% 95.8% 35% - 44.5% 83.5% 20.9%
Dividend per Share 2 - 0.52 0.5205 0.68 - 1.07 1.254 1
Rate of return - 11.8% 7.28% 4.96% - 5.57% 6.53% 5.21%
EPS 2 0.81 0.95 1.66 1.91 2.83 3.515 3.691 3.07
Distribution rate - 54.7% 31.4% 35.6% - 30.4% 34% 32.6%
Net sales 1 15,602 11,541 11,921 19,147 27,486 38,223 39,908 39,544
EBITDA 1 4,154 4,224 7,987 9,423 14,331 21,652 18,791 14,559
EBIT 1 4,081 3,954 7,237 9,047 13,432 18,771 18,148 14,551
Net income 1 3,244 3,808 6,629 7,633 11,316 15,244 14,312 12,291
Net Debt 1 -2,430 -10,471 -18,418 -23,566 - -48,056 -58,412 -
Reference price 2 4.37 4.41 7.15 13.70 15.15 19.20 19.20 19.20
Nbr of stocks (in thousands) 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 - -
Announcement Date 14/02/22 17/03/23 09/02/24 14/02/25 12/02/26 - - -
1AED in Million2AED
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
6.26x0.89x1.89x5.3% 20.91B
95.35x - - - 46.28B
8.21x18.23x22.38x4.82% 26.28B
12.84x4.32x10.76x-.--% 17.27B
19.1x - - 5.57% 10.32B
10.51x1.04x8.62x1.77% 8.19B
-1.86x1.35x-28.44x-.--% 8.12B
5.45x15.61x22.15x4.41% 5.94B
12.2x0.56x7.33x3.84% 4.8B
26x - - - 4.45B
Average 19.40x 6.00x 6.38x 3.21% 15.26B
Weighted average by Cap. 35.76x 7.51x 8.96x 3.48%

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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