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
 06:57:49 2024-05-24 am EDT 		5-day change 1st Jan Change
7.82 AED -1.64% Intraday chart for Emaar Properties +3.30% -1.26%
May. 14 Emaar Properties Posts Lower Q1 Attributable Profit; Revenue Up MT
Apr. 21 Emaar Properties Plans Property Repair Program in Dubai Following Floods 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 69,119 - -
Enterprise Value (EV) 1 45,088 40,364 49,921 48,004 70,003 42,958 34,405 28,934
P/E ratio 4.62 x 9.54 x 9.4 x 7.06 x 6 x 6.62 x 6.04 x 5.4 x
Yield - 2.83% 3.07% 4.27% - 6.39% 5.12% 5.37%
Capitalization / Revenue 1.17 x 1.28 x 1.41 x 2.08 x 2.62 x 2.32 x 2.09 x 1.87 x
EV / Revenue 1.83 x 2.05 x 1.77 x 1.93 x 2.62 x 1.44 x 1.04 x 0.78 x
EV / EBITDA 5.57 x 10 x 6.2 x 4.89 x 4.37 x 2.7 x 2.2 x 1.63 x
EV / FCF -54 x 29.1 x 5.28 x 2.74 x - 3.92 x 3.64 x 2.92 x
FCF Yield -1.85% 3.44% 18.9% 36.5% - 25.5% 27.4% 34.3%
Price to Book 0.53 x 0.45 x 0.65 x 0.75 x - 0.82 x 0.75 x 0.7 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 7.820 7.820 7.820
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 29,856 33,129 37,053
EBITDA 1 8,095 4,023 8,057 9,816 16,033 15,932 15,671 17,788
EBIT 1 8,032 2,579 6,649 7,228 12,671 14,299 13,835 15,539
Operating Margin 32.67% 13.09% 23.52% 29% 47.37% 47.89% 41.76% 41.94%
Earnings before Tax (EBT) 1 7,904 3,293 6,124 8,477 15,062 16,132 14,775 15,688
Net income 1 6,200 2,617 3,800 6,832 11,630 11,195 11,580 12,475
Net margin 25.22% 13.28% 13.44% 27.41% 43.48% 37.5% 34.96% 33.67%
EPS 2 0.8700 0.3700 0.5200 0.8300 1.320 1.181 1.294 1.449
Free Cash Flow 1 -834.5 1,389 9,448 17,539 - 10,966 9,442 9,925
FCF margin -3.39% 7.05% 33.42% 70.36% - 36.73% 28.5% 26.78%
FCF Conversion (EBITDA) - 34.52% 117.26% 178.68% - 68.83% 60.25% 55.79%
FCF Conversion (Net income) - 53.07% 248.62% 256.72% - 97.95% 81.54% 79.56%
Dividend per Share 2 - 0.1000 0.1500 0.2500 - 0.5000 0.4000 0.4200
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 - 26,161 34,715 40,185
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 9,442 9,925
ROE (net income / shareholders' equity) 12.4% 5.68% 6.48% 10.5% - 13.9% 12.7% 13.3%
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 - 135,518 156,716 174,732
Book Value Per Share 2 7.560 7.930 7.540 7.810 - 9.520 10.40 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 - 1,208 1,306 1,291
Capex / Sales 17.47% 10.94% 8.73% 5.63% - 4.05% 3.94% 3.48%
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
7.82 AED
Average target price
10.4 AED
Spread / Average Target
+32.97%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

1st Jan change Capi.
EMAAR PROPERTIES Stock Emaar Properties
-1.26% 18.82B
CHINA RESOURCES LAND LIMITED Stock China Resources Land Limited
+9.11% 27.88B
SUN HUNG KAI PROPERTIES LIMITED Stock Sun Hung Kai Properties Limited
-8.64% 27.03B
MITSUI FUDOSAN CO., LTD. Stock Mitsui Fudosan Co., Ltd.
+21.67% 25.04B
DLF LIMITED Stock DLF Limited
+15.66% 25.04B
CHINA OVERSEAS LAND & INVESTMENT LTD. Stock China Overseas Land & Investment Ltd.
+13.66% 21.91B
MITSUBISHI ESTATE CO., LTD. Stock Mitsubishi Estate Co., Ltd.
+30.80% 20.51B
POLY DEVELOPMENTS AND HOLDINGS GROUP CO., LTD. Stock Poly Developments and Holdings Group Co., Ltd.
+7.27% 17.4B
HENDERSON LAND DEVELOPMENT COMPANY LIMITED Stock Henderson Land Development Company Limited
+5.61% 15.74B
MACROTECH DEVELOPERS LIMITED Stock Macrotech Developers Limited
+30.51% 15.99B
Other Real Estate Development & Operations
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