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
 06:57:10 2024-06-07 am EDT 		5-day change 1st Jan Change
7.4 AED 0.00% Intraday chart for Emaar Properties -3.39% -6.57%
May. 15 Emaar Properties PJSC Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
May. 14 Emaar Properties Posts Lower Q1 Attributable Profit; Revenue Up MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 28,782 25,274 39,999 51,795 70,003 65,407 - -
Enterprise Value (EV) 1 45,088 40,364 49,921 48,004 70,003 36,732 30,245 24,377
P/E ratio 4.62 x 9.54 x 9.4 x 7.06 x 6 x 5.85 x 5.82 x 5.26 x
Yield - 2.83% 3.07% 4.27% - 6.82% 5.66% 6.02%
Capitalization / Revenue 1.17 x 1.28 x 1.41 x 2.08 x 2.62 x 2.15 x 1.99 x 1.79 x
EV / Revenue 1.83 x 2.05 x 1.77 x 1.93 x 2.62 x 1.21 x 0.92 x 0.67 x
EV / EBITDA 5.57 x 10 x 6.2 x 4.89 x 4.37 x 2.38 x 1.92 x 1.37 x
EV / FCF -54 x 29.1 x 5.28 x 2.74 x - 3.35 x 2.91 x 2.6 x
FCF Yield -1.85% 3.44% 18.9% 36.5% - 29.9% 34.3% 38.5%
Price to Book 0.53 x 0.45 x 0.65 x 0.75 x - 0.79 x 0.72 x 0.67 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 7.400 7.400 7.400
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 30,449 32,891 36,613
EBITDA 1 8,095 4,023 8,057 9,816 16,033 15,463 15,718 17,808
EBIT 1 8,032 2,579 6,649 7,228 12,671 13,914 13,880 15,562
Operating Margin 32.67% 13.09% 23.52% 29% 47.37% 45.7% 42.2% 42.5%
Earnings before Tax (EBT) 1 7,904 3,293 6,124 8,477 15,062 15,698 14,788 15,695
Net income 1 6,200 2,617 3,800 6,832 11,630 11,142 11,347 12,139
Net margin 25.22% 13.28% 13.44% 27.41% 43.48% 36.59% 34.5% 33.15%
EPS 2 0.8700 0.3700 0.5200 0.8300 1.320 1.266 1.271 1.407
Free Cash Flow 1 -834.5 1,389 9,448 17,539 - 10,966 10,380 9,379
FCF margin -3.39% 7.05% 33.42% 70.36% - 36.01% 31.56% 25.62%
FCF Conversion (EBITDA) - 34.52% 117.26% 178.68% - 70.92% 66.04% 52.66%
FCF Conversion (Net income) - 53.07% 248.62% 256.72% - 98.42% 91.48% 77.26%
Dividend per Share 2 - 0.1000 0.1500 0.2500 - 0.5050 0.4188 0.4458
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 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 2025 Q1
Net sales 1 9,032 8,938 6,635 6,940 5,326 6,025 6,290 5,978 6,102 8,380 6,723 8,113 8,493 9,479 9,031
EBITDA 1 - - - 2,773 2,079 2,268 4,000 2,405 4,409 5,219 4,374 3,881 3,998 4,682 4,299
EBIT 1 1,716 2,431 2,382 2,365 1,704 835.2 2,485 2,029 4,004 4,232 3,030 3,483 3,591 4,267 3,875
Operating Margin 19% 27.2% 35.89% 34.09% 32% 13.86% 39.51% 33.94% 65.62% 50.51% 45.07% 42.94% 42.28% 45.01% 42.91%
Earnings before Tax (EBT) 2,165 1,880 2,702 2,533 1,857 1,385 3,679 2,165 4,167 5,052 4,265 - - - -
Net income 1 2,007 1,222 2,239 2,061 1,490 1,042 3,206 1,740 3,291 3,393 2,921 2,681 2,687 3,178 2,875
Net margin 22.22% 13.67% 33.74% 29.7% 27.98% 17.29% 50.97% 29.11% 53.93% 40.49% 43.45% 33.05% 31.64% 33.53% 31.83%
EPS 2 - - - - - - 0.3600 0.2000 0.3700 0.3900 0.3300 0.3033 0.3040 0.3596 0.3252
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 8/13/20 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 5/14/24 - - - -
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 - 28,675 35,162 41,030
Leverage (Debt/EBITDA) 2.014 x 3.751 x 1.231 x - - - - -
Free Cash Flow 1 -835 1,389 9,448 17,539 - 10,966 10,380 9,379
ROE (net income / shareholders' equity) 12.4% 5.68% 6.48% 10.5% - 13.8% 12.5% 13.1%
ROA (Net income/ Total Assets) 5.4% 2.7% 3.17% 5.4% - 8.26% 7.39% 7.14%
Assets 1 114,743 96,833 119,910 126,495 - 134,878 153,555 170,025
Book Value Per Share 2 7.560 7.930 7.540 7.810 - 9.340 10.30 11.00
Cash Flow per Share 2 0.0900 0.3000 1.480 2.300 - 1.500 1.800 1.990
Capex 1 4,294 2,156 2,469 1,403 - 1,515 1,286 1,269
Capex / Sales 17.47% 10.94% 8.73% 5.63% - 4.98% 3.91% 3.47%
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
11
Last Close Price
7.4 AED
Average target price
10.43 AED
Spread / Average Target
+40.88%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

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