Stock EMAARDEV EMAAR DEVELOPMENT
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Financials Emaar Development

Equities

EMAARDEV

AEE001901017

Real Estate Development & Operations

Market Closed - Dubai FM
Other stock markets
 06:59:50 2024-04-26 am EDT 		5-day change 1st Jan Change
8.55 AED -0.58% Intraday chart for Emaar Development +1.66% +19.58%
Mar. 21 UAE Property Prices Reach New Heights in February, Morgan Stanley Says MT
Mar. 15 UAE's Emaar Development Reports Improved FY23 Profit, Revenue MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 15,680 11,000 17,480 17,640 28,600 34,200 - -
Enterprise Value (EV) 1 15,211 11,361 15,050 7,169 28,600 9,765 5,726 -2,581
P/E ratio 5.76 x 6.71 x 5.4 x 4.64 x - 5.05 x 5.32 x 4.67 x
Yield 13.3% - - 11.8% - 6.46% 6.53% 6.04%
Capitalization / Revenue 1.23 x 1.13 x 1.12 x 1.53 x 2.4 x 2.3 x 1.96 x 1.65 x
EV / Revenue 1.19 x 1.16 x 0.96 x 0.62 x 2.4 x 0.66 x 0.33 x -0.12 x
EV / EBITDA 4.17 x 5.12 x 3.62 x 1.7 x 3.58 x 1.48 x 0.73 x -0.29 x
EV / FCF -6.4 x 26.6 x 3.59 x 0.83 x - 1.28 x 0.67 x -0.22 x
FCF Yield -15.6% 3.76% 27.9% 120% - 78.2% 149% -445%
Price to Book 1.63 x 0.98 x 1.21 x 0.96 x - 1.28 x 1.13 x 0.91 x
Nbr of stocks (in thousands) 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 - -
Reference price 2 3.920 2.750 4.370 4.410 7.150 8.550 8.550 8.550
Announcement Date 2/13/20 2/14/21 2/14/22 3/17/23 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 12,746 9,758 15,602 11,541 11,921 14,894 17,421 20,738
EBITDA 1 3,645 2,220 4,154 4,224 7,987 6,586 7,893 8,944
EBIT 1 3,594 2,174 4,081 3,954 7,237 7,057 7,963 8,890
Operating Margin 28.2% 22.27% 26.16% 34.26% 60.71% 47.38% 45.71% 42.87%
Earnings before Tax (EBT) 1 3,532 2,056 4,233 4,265 - 8,152 7,112 7,566
Net income 1 2,700 1,657 3,244 3,808 6,629 6,720 6,139 6,813
Net margin 21.18% 16.98% 20.79% 33% 55.61% 45.12% 35.24% 32.85%
EPS 2 0.6800 0.4100 0.8100 0.9500 - 1.692 1.607 1.831
Free Cash Flow 1 -2,377 427.7 4,195 8,613 - 7,632 8,526 11,497
FCF margin -18.65% 4.38% 26.88% 74.63% - 51.24% 48.94% 55.44%
FCF Conversion (EBITDA) - 19.26% 100.97% 203.93% - 115.88% 108.01% 128.54%
FCF Conversion (Net income) - 25.81% 129.29% 226.18% - 113.58% 138.88% 168.74%
Dividend per Share 2 0.5200 - - 0.5200 - 0.5522 0.5580 0.5160
Announcement Date 2/13/20 2/14/21 2/14/22 3/17/23 2/9/24 - - -
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 4,818 3,849 3,998 3,568 3,714 2,057 2,201 2,375 2,080 2,914 4,552 3,318 3,348 3,940 4,875
EBITDA 1 - - - - - 705 954.3 1,140 767.2 2,079 3,544 1,834 2,013 2,186 2,333
EBIT 1 1,234 1,035 948.2 1,181 1,260 639.3 874.5 1,083 764 2,074 3,318 1,731 2,010 2,183 2,330
Operating Margin 25.62% 26.9% 23.72% 33.09% 33.92% 31.08% 39.72% 45.6% 36.73% 71.18% 72.89% 52.16% 60.05% 55.42% 47.8%
Earnings before Tax (EBT) 1 - - - - - - - - - - - 2,023 - - -
Net income 1 1,036 871.6 860.4 1,050 1,140 648 969.8 1,058 1,119 1,882 1,875 1,591 1,718 1,822 1,925
Net margin 21.49% 22.64% 21.52% 29.44% 30.69% 31.5% 44.05% 44.55% 53.78% 64.6% 41.19% 47.95% 51.31% 46.24% 39.5%
EPS 2 - - - - - - - 0.2600 0.2800 0.4700 - 0.3959 0.4294 0.4554 0.4814
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 8/13/20 11/14/21 2/14/22 5/13/22 8/12/22 11/14/22 3/17/23 5/11/23 8/14/23 11/14/23 2/9/24 - - - -
1AED in Million2AED
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 361 - - - - - -
Net Cash position 1 469 - 2,430 10,471 - 24,435 28,474 36,781
Leverage (Debt/EBITDA) - 0.1628 x - - - - - -
Free Cash Flow 1 -2,377 428 4,195 8,613 - 7,632 8,526 11,497
ROE (net income / shareholders' equity) 30.8% 15.9% 25.2% 23.2% - 24.7% 23.9% 24.5%
ROA (Net income/ Total Assets) 8.43% 4.93% 9.29% 9.69% - 12.1% 10.3% 9.2%
Assets 1 32,030 33,595 34,937 39,319 - 55,724 59,432 74,049
Book Value Per Share 2 2.400 2.810 3.620 4.570 - 6.680 7.540 9.400
Cash Flow per Share 2 -0.5900 0.1100 1.050 2.150 - 1.640 2.050 2.540
Capex 1 11.2 0.65 2.93 2.85 - 9.45 10.3 10.5
Capex / Sales 0.09% 0.01% 0.02% 0.02% - 0.06% 0.06% 0.05%
Announcement Date 2/13/20 2/14/21 2/14/22 3/17/23 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 Emaar Development

Trading Rating
Investor Rating
ESG Refinitiv
D+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
11
Last Close Price
8.55 AED
Average target price
9.816 AED
Spread / Average Target
+14.81%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

1st Jan change Capi.
EMAAR DEVELOPMENT Stock Emaar Development
+19.58% 9.31B
MITSUI FUDOSAN CO., LTD. Stock Mitsui Fudosan Co., Ltd.
+36.16% 27.94B
SUN HUNG KAI PROPERTIES LIMITED Stock Sun Hung Kai Properties Limited
-13.74% 26.97B
DLF LIMITED Stock DLF Limited
+25.00% 26.95B
CHINA RESOURCES LAND LIMITED Stock China Resources Land Limited
-0.71% 25.32B
MITSUBISHI ESTATE CO., LTD. Stock Mitsubishi Estate Co., Ltd.
+44.49% 22.58B
EMAAR PROPERTIES Stock Emaar Properties
+2.78% 19.59B
CHINA OVERSEAS LAND & INVESTMENT LTD. Stock China Overseas Land & Investment Ltd.
+1.45% 19.52B
SUMITOMO REALTY & DEVELOPMENT CO., LTD. Stock Sumitomo Realty & Development Co., Ltd.
+28.54% 16.23B
CK ASSET HOLDINGS LIMITED Stock CK Asset Holdings Limited
-14.80% 14.98B
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