Stock ALDAR ALDAR PROPERTIES
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Financials Aldar Properties

Equities

ALDAR

AEA002001013

Real Estate Development & Operations

Market Closed - Abu Dhabi Securities Exchange
Other stock markets
 06:55:00 2024-05-31 am EDT 		5-day change 1st Jan Change
5.5 AED +1.29% Intraday chart for Aldar Properties -3.68% +2.80%
May. 22 Aldar Properties, Dubai South to Develop Build-to-Suit Facility in Dubai MT
May. 09 Aldar Properties' Athlon Development Generates AED4 Billion in Sales MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 16,983 24,767 31,372 34,831 42,065 43,244 - -
Enterprise Value (EV) 1 19,444 27,275 30,892 32,579 42,426 39,999 36,592 33,362
P/E ratio 8.57 x 12.8 x 13.5 x 12 x 11 x 10.2 x 7.8 x 5.92 x
Yield 6.71% 4.6% 3.76% 3.61% 3.18% 3.59% 3.94% 4.2%
Capitalization / Revenue 2.38 x 2.95 x 3.66 x 3.11 x 2.97 x 2.09 x 1.77 x 1.59 x
EV / Revenue 2.72 x 3.25 x 3.6 x 2.91 x 3 x 1.94 x 1.5 x 1.23 x
EV / EBITDA 8.47 x 11.1 x 10.4 x 8.89 x 8.32 x 6.26 x 4.92 x 4.14 x
EV / FCF 18 x 22.1 x 5.67 x -23.9 x 31.2 x 18 x 7.58 x 6.12 x
FCF Yield 5.55% 4.53% 17.6% -4.18% 3.21% 5.57% 13.2% 16.3%
Price to Book 0.68 x 0.97 x 1.17 x 1.15 x 1.28 x 1.38 x 1.22 x 0.99 x
Nbr of stocks (in thousands) 7,862,630 7,862,630 7,862,630 7,862,630 7,862,630 7,862,630 - -
Reference price 2 2.160 3.150 3.990 4.430 5.350 5.500 5.500 5.500
Announcement Date 2/12/20 2/14/21 2/9/22 2/9/23 2/9/24 - - -
1AED in Million2AED
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 7,148 8,392 8,576 11,200 14,161 20,665 24,475 27,163
EBITDA 1 2,296 2,464 2,966 3,664 5,100 6,392 7,433 8,066
EBIT 1 2,028 2,196 2,716 3,321 3,977 5,618 6,816 7,520
Operating Margin 28.37% 26.17% 31.67% 29.66% 28.08% 27.19% 27.85% 27.68%
Earnings before Tax (EBT) 1 1,925 1,932 2,333 3,183 4,528 4,761 5,937 8,122
Net income 1 1,984 1,932 2,316 2,944 3,922 4,493 5,609 7,208
Net margin 27.76% 23.02% 27% 26.29% 27.7% 21.74% 22.92% 26.54%
EPS 2 0.2520 0.2460 0.2950 0.3680 0.4860 0.5392 0.7053 0.9293
Free Cash Flow 1 1,079 1,235 5,448 -1,361 1,361 2,228 4,826 5,450
FCF margin 15.09% 14.72% 63.52% -12.15% 9.61% 10.78% 19.72% 20.06%
FCF Conversion (EBITDA) 46.97% 50.14% 183.67% - 26.69% 34.86% 64.93% 67.57%
FCF Conversion (Net income) 54.36% 63.92% 235.26% - 34.7% 49.59% 86.04% 75.61%
Dividend per Share 2 0.1450 0.1450 0.1500 0.1600 0.1700 0.1976 0.2167 0.2312
Announcement Date 2/12/20 2/14/21 2/9/22 2/9/23 2/9/24 - - -
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 3,764 2,256 2,683 2,669 2,713 3,134 3,066 3,240 3,458 4,400 5,616 5,122 5,252 6,015 6,218
EBITDA 1 1,255 - - 963.2 889.1 907 955 1,191 - 1,600 1,708 1,380 1,550 1,806 1,896
EBIT 1 1,123 784.9 780 797.1 803.6 804.5 844 1,080 945.2 1,107 1,571 1,448 1,428 1,604 1,759
Operating Margin 29.83% 34.79% 29.07% 29.86% 29.61% 25.67% 27.53% 33.34% 27.33% 25.17% 27.97% 28.28% 27.2% 26.67% 28.29%
Earnings before Tax (EBT) - - - - 612.9 1,017 - 1,288 - 1,449 1,637 - - - -
Net income 1 783.5 779.6 667.9 804 556.7 915.9 836 1,198 794.2 1,204 1,317 972.6 1,142 1,350 1,415
Net margin 20.81% 34.56% 24.89% 30.12% 20.52% 29.22% 27.27% 36.98% 22.97% 27.37% 23.45% 18.99% 21.74% 22.45% 22.76%
EPS 2 - 0.1000 - 0.1020 0.0640 0.1170 0.0860 0.1460 0.0980 0.1500 0.1610 0.1418 0.1376 0.1509 0.1800
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 8/12/20 2/9/22 4/27/22 7/28/22 10/27/22 2/9/23 5/3/23 7/31/23 10/30/23 2/9/24 4/29/24 - - - -
1AED in Million2AED
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 2,461 2,507 - - 361 - - -
Net Cash position 1 - - 480 2,253 - 3,245 6,652 9,882
Leverage (Debt/EBITDA) 1.072 x 1.018 x - - 0.0708 x - - -
Free Cash Flow 1 1,079 1,235 5,448 -1,361 1,361 2,228 4,826 5,450
ROE (net income / shareholders' equity) 8.11% 7.66% 8.79% 10.3% 12.4% 13.5% 15.1% 15.6%
ROA (Net income/ Total Assets) 4.97% 4.74% 5.49% 5.31% 5.85% 4.96% 5.72% -
Assets 1 39,903 40,750 42,189 55,410 67,067 90,580 98,128 -
Book Value Per Share 2 3.160 3.260 3.420 3.840 4.180 3.980 4.490 5.560
Cash Flow per Share 2 0.1700 0.1800 0.7400 0.7900 0.4600 1.260 0.7000 0.9500
Capex 1 241 179 353 7,544 2,229 2,102 1,739 1,558
Capex / Sales 3.37% 2.13% 4.11% 67.36% 15.74% 10.17% 7.11% 5.73%
Announcement Date 2/12/20 2/14/21 2/9/22 2/9/23 2/9/24 - - -
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 Aldar Properties

Trading Rating
Investor Rating
ESG Refinitiv
A
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
8
Last Close Price
5.5 AED
Average target price
6.491 AED
Spread / Average Target
+18.02%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Other Real Estate Development & Operations
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