Stock EMAAR EMAAR PROPERTIES
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Financials Emaar Properties

Equities

EMAAR

AEE000301011

Real Estate Development & Operations

Market Closed - Dubai FM
Other stock markets
 06:57:57 2024-04-26 am EDT 		5-day change 1st Jan Change
8.14 AED -0.12% Intraday chart for Emaar Properties -1.81% +2.78%
Apr. 21 Emaar Properties Plans Property Repair Program in Dubai Following Floods MT
Apr. 16 Most Gulf markets in red on US rate cut concerns, geopolitical tensions RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 28,782 25,274 39,999 51,795 70,003 71,948 - -
Enterprise Value (EV) 1 45,088 40,364 49,921 48,004 70,003 43,505 37,015 31,650
P/E ratio 4.62 x 9.54 x 9.4 x 7.06 x 6 x 6.5 x 6.39 x 5.62 x
Yield - 2.83% 3.07% 4.27% - 4.7% 4.85% 5.84%
Capitalization / Revenue 1.17 x 1.28 x 1.41 x 2.08 x 2.62 x 2.46 x 2.14 x 2 x
EV / Revenue 1.83 x 2.05 x 1.77 x 1.93 x 2.62 x 1.49 x 1.1 x 0.88 x
EV / EBITDA 5.57 x 10 x 6.2 x 4.89 x 4.37 x 3.24 x 2.4 x 1.8 x
EV / FCF -54 x 29.1 x 5.28 x 2.74 x - 6.83 x 3.3 x 3.19 x
FCF Yield -1.85% 3.44% 18.9% 36.5% - 14.6% 30.3% 31.4%
Price to Book 0.53 x 0.45 x 0.65 x 0.75 x - 0.85 x 0.76 x 0.73 x
Nbr of stocks (in thousands) 7,159,739 7,159,739 8,179,739 8,838,790 8,838,790 8,838,790 - -
Reference price 2 4.020 3.530 4.890 5.860 7.920 8.140 8.140 8.140
Announcement Date 2/12/20 2/14/21 2/14/22 2/14/23 2/8/24 - - -
1AED in Million2AED
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 24,586 19,710 28,270 24,926 26,750 29,247 33,631 35,915
EBITDA 1 8,095 4,023 8,057 9,816 16,033 13,440 15,447 17,588
EBIT 1 8,032 2,579 6,649 7,228 12,671 11,920 13,658 15,268
Operating Margin 32.67% 13.09% 23.52% 29% 47.37% 40.75% 40.61% 42.51%
Earnings before Tax (EBT) 1 7,904 3,293 6,124 8,477 15,062 14,967 14,610 15,688
Net income 1 6,200 2,617 3,800 6,832 11,630 11,051 11,272 12,350
Net margin 25.22% 13.28% 13.44% 27.41% 43.48% 37.78% 33.52% 34.39%
EPS 2 0.8700 0.3700 0.5200 0.8300 1.320 1.253 1.274 1.449
Free Cash Flow 1 -834.5 1,389 9,448 17,539 - 6,368 11,218 9,925
FCF margin -3.39% 7.05% 33.42% 70.36% - 21.77% 33.35% 27.63%
FCF Conversion (EBITDA) - 34.52% 117.26% 178.68% - 47.39% 72.62% 56.43%
FCF Conversion (Net income) - 53.07% 248.62% 256.72% - 57.63% 99.52% 80.36%
Dividend per Share 2 - 0.1000 0.1500 0.2500 - 0.3825 0.3950 0.4750
Announcement Date 2/12/20 2/14/21 2/14/22 2/14/23 2/8/24 - - -
1AED in Million2AED
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 9,032 6,832 8,938 6,635 6,940 5,326 6,025 6,290 5,978 6,102 8,380 6,673 6,841 7,039 8,659
EBITDA 1 - - - - 2,773 2,079 2,268 4,000 2,405 4,409 5,219 3,769 3,729 3,801 4,182
EBIT 1 1,716 1,303 2,431 2,382 2,365 1,704 835.2 2,485 2,029 4,004 4,232 2,731 2,755 2,755 3,766
Operating Margin 19% 19.08% 27.2% 35.89% 34.09% 32% 13.86% 39.51% 33.94% 65.62% 50.51% 40.92% 40.27% 39.13% 43.49%
Earnings before Tax (EBT) 2,165 1,534 1,880 2,702 2,533 1,857 1,385 3,679 2,165 4,167 5,052 - - - -
Net income 1 2,007 1,018 1,222 2,239 2,061 1,490 1,042 3,206 1,740 3,291 3,393 2,678 2,601 2,582 2,825
Net margin 22.22% 14.9% 13.67% 33.74% 29.7% 27.98% 17.29% 50.97% 29.11% 53.93% 40.49% 40.14% 38.01% 36.68% 32.62%
EPS 2 - - - - - - - 0.3600 0.2000 0.3700 0.3900 0.3030 0.2942 0.2921 0.3196
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 8/13/20 11/14/21 2/14/22 5/13/22 8/12/22 11/14/22 2/14/23 5/11/23 8/10/23 11/9/23 2/8/24 - - - -
1AED in Million2AED
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 16,306 15,090 9,922 - - - - -
Net Cash position 1 - - - 3,791 - 28,443 34,933 40,298
Leverage (Debt/EBITDA) 2.014 x 3.751 x 1.231 x - - - - -
Free Cash Flow 1 -835 1,389 9,448 17,539 - 6,369 11,218 9,925
ROE (net income / shareholders' equity) 12.4% 5.68% 6.48% 10.5% - 13.4% 12.2% 13.2%
ROA (Net income/ Total Assets) 5.4% 2.7% 3.17% 5.4% - 8.26% 7.13% 7.14%
Assets 1 114,743 96,833 119,910 126,495 - 133,770 157,987 172,979
Book Value Per Share 2 7.560 7.930 7.540 7.810 - 9.520 10.70 11.20
Cash Flow per Share 2 0.0900 0.3000 1.480 2.300 - 1.790 2.000 2.210
Capex 1 4,294 2,156 2,469 1,403 - 1,392 1,339 1,291
Capex / Sales 17.47% 10.94% 8.73% 5.63% - 4.76% 3.98% 3.59%
Announcement Date 2/12/20 2/14/21 2/14/22 2/14/23 2/8/24 - - -
1AED in Million2AED
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Emaar Properties

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
12
Last Close Price
8.14 AED
Average target price
10.32 AED
Spread / Average Target
+26.79%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

1st Jan change Capi.
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MITSUBISHI ESTATE CO., LTD. Stock Mitsubishi Estate Co., Ltd.
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CHINA OVERSEAS LAND & INVESTMENT LTD. Stock China Overseas Land & Investment Ltd.
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CK ASSET HOLDINGS LIMITED Stock CK Asset Holdings Limited
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HENDERSON LAND DEVELOPMENT COMPANY LIMITED Stock Henderson Land Development Company Limited
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Other Real Estate Development & Operations
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