Major Estimate Revision • May 18
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from د.إ51.5b to د.إ50.2b. EPS estimate also fell from د.إ2.00 per share to د.إ1.79 per share. Net income forecast to shrink 11% next year vs 4.0% decline forecast for Real Estate industry in United Arab Emirates. Consensus price target broadly unchanged at د.إ17.77. Share price fell 5.7% to د.إ11.66 over the past week. New Risk • May 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.7% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.1% average weekly change). Announcement • May 13
Emirates Power Investment LLC acquired 22.27% stake in Emaar Properties PJSC (DFM:EMAAR) from Investment Corporation Of Dubai Service Company L.L.C. Emirates Power Investment LLC acquired 22.27% stake in Emaar Properties PJSC (DFM:EMAAR) from Investment Corporation Of Dubai Service Company L.L.C on May 11, 2026. Emirates Power Investment LLC now owns 22.2723 % of the total issued shares of Emaar Properties PJSC (EMAAR), and the Investment Corporation of Dubai no longer holds any shares of Emaar Properties PJSC (EMAAR). Dubai Holding group total shareholding in Emaar Properties has increased to 29.73%
Emirates Power Investment LLC completed the acquisition of 22.27% stake in Emaar Properties PJSC (DFM:EMAAR) from Investment Corporation Of Dubai Service Company L.L.C on May 11, 2026. Reported Earnings • May 12
First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2026 results: EPS: د.إ0.57 (up from د.إ0.42 in 1Q 2025). Revenue: د.إ12.4b (up 23% from 1Q 2025). Net income: د.إ5.00b (up 35% from 1Q 2025). Profit margin: 40% (up from 37% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) exceeded analyst estimates by 3.8%. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Real Estate industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 27% per year whereas the company’s share price has increased by 26% per year. Major Estimate Revision • Apr 28
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from د.إ52.4b to د.إ51.5b. EPS estimate also fell from د.إ2.25 per share to د.إ2.00 per share. Net income forecast to shrink 5.0% next year vs 1.0% growth forecast for Real Estate industry in United Arab Emirates . Consensus price target down from د.إ18.54 to د.إ17.92. Share price was steady at د.إ12.50 over the past week. Major Estimate Revision • Apr 08
Consensus revenue estimates decrease by 10% The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from د.إ58.2b to د.إ52.2b. EPS estimate unchanged from د.إ2.34 per share at last update. Real Estate industry in United Arab Emirates expected to see average net income growth of 6.7% next year. Consensus price target broadly unchanged at د.إ18.78. Share price was steady at د.إ12.18 over the past week. Major Estimate Revision • Apr 07
Consensus revenue estimates decrease by 10% The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from د.إ58.2b to د.إ52.2b. EPS estimate unchanged from د.إ2.34 per share at last update. Real Estate industry in United Arab Emirates expected to see average net income growth of 6.7% next year. Consensus price target broadly unchanged at د.إ18.78. Share price fell 6.0% to د.إ11.00 over the past week. New Risk • Mar 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Emirian stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.5% average weekly change). Buy Or Sell Opportunity • Mar 10
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.2% to د.إ12.85. The fair value is estimated to be د.إ16.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 28%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to د.إ13.30, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Real Estate industry in United Arab Emirates. Total returns to shareholders of 200% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at د.إ16.53 per share. Announcement • Feb 19
Emaar Properties PJSC, Annual General Meeting, Mar 25, 2026 Emaar Properties PJSC, Annual General Meeting, Mar 25, 2026, at 16:00 Arabian Standard Time. Location: dubai United Arab Emirates Major Estimate Revision • Feb 19
Consensus revenue estimates increase by 11% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from د.إ55.2b to د.إ61.3b. EPS estimate increased from د.إ2.12 to د.إ2.51 per share. Net income forecast to grow 26% next year vs 22% growth forecast for Real Estate industry in United Arab Emirates. Consensus price target broadly unchanged at د.إ19.41. Share price was steady at د.إ16.25 over the past week. Declared Dividend • Feb 14
Dividend of د.إ1.00 announced Dividend of د.إ1.00 is the same as last year. Ex-date: 3rd April 2026 Payment date: 1st January 1970 Dividend yield will be 6.1%, which is higher than the industry average of 4.1%. Sustainability & Growth Dividend is covered by both earnings (50% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 27% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 13
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: د.إ1.99 (up from د.إ1.53 in FY 2024). Revenue: د.إ49.6b (up 40% from FY 2024). Net income: د.إ17.6b (up 30% from FY 2024). Profit margin: 36% (down from 38% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 9.4%. Earnings per share (EPS) also surpassed analyst estimates by 10%. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Real Estate industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 11
Emaar Properties PJSC to Report Fiscal Year 2025 Results on Feb 12, 2026 Emaar Properties PJSC announced that they will report fiscal year 2025 results on Feb 12, 2026 Major Estimate Revision • Nov 13
Consensus revenue estimates increase by 11% The consensus outlook for revenues in fiscal year 2025 has improved. 2025 revenue forecast increased from د.إ43.0b to د.إ47.6b. EPS estimate increased from د.إ1.70 to د.إ1.83 per share. Net income forecast to grow 6.2% next year vs 9.0% growth forecast for Real Estate industry in United Arab Emirates. Consensus price target broadly unchanged at د.إ18.35. Share price was steady at د.إ13.80 over the past week. Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: د.إ0.50 (vs د.إ0.36 in 3Q 2024) Third quarter 2025 results: EPS: د.إ0.50 (up from د.إ0.36 in 3Q 2024). Revenue: د.إ13.3b (up 41% from 3Q 2024). Net income: د.إ4.37b (up 37% from 3Q 2024). Profit margin: 33% (down from 34% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Real Estate industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 27% per year whereas the company’s share price has increased by 29% per year. Board Change • Sep 15
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Non-Executive & Independent Director Buti Obaid Al Mulla was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 07
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: د.إ0.38 (up from د.إ0.27 in 2Q 2024). Revenue: د.إ9.74b (up 27% from 2Q 2024). Net income: د.إ3.37b (up 39% from 2Q 2024). Profit margin: 35% (up from 32% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.6%. Earnings per share (EPS) also missed analyst estimates by 14%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Real Estate industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 01
Emaar Properties PJSC to Report Q2, 2025 Results on Aug 06, 2025 Emaar Properties PJSC announced that they will report Q2, 2025 results After-Market on Aug 06, 2025 Major Estimate Revision • May 21
Consensus revenue estimates increase by 10% The consensus outlook for revenues in fiscal year 2025 has improved. 2025 revenue forecast increased from د.إ41.7b to د.إ46.0b. EPS estimate increased from د.إ1.66 to د.إ1.90 per share. Net income forecast to grow 18% next year vs 18% growth forecast for Real Estate industry in United Arab Emirates. Consensus price target up from د.إ15.84 to د.إ16.16. Share price rose 3.0% to د.إ13.60 over the past week. Reported Earnings • May 16
First quarter 2025 earnings: EPS misses analyst expectations First quarter 2025 results: EPS: د.إ0.42 (up from د.إ0.33 in 1Q 2024). Revenue: د.إ10.1b (up 50% from 1Q 2024). Net income: د.إ3.71b (up 27% from 1Q 2024). Profit margin: 37% (down from 43% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.1%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Real Estate industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 31% per year. Major Estimate Revision • May 10
Consensus EPS estimates increase by 12%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from د.إ41.3b to د.إ40.4b. EPS estimate rose from د.إ1.66 to د.إ1.86. Net income forecast to grow 14% next year vs 14% growth forecast for Real Estate industry in United Arab Emirates. Consensus price target broadly unchanged at د.إ15.89. Share price was steady at د.إ13.35 over the past week. Buy Or Sell Opportunity • Mar 04
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 47% to د.إ14.15. The fair value is estimated to be د.إ11.71, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Earnings per share has grown by 29%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 4.4% per annum over the same time period. Announcement • Feb 28
Emaar Properties PJSC, Annual General Meeting, Mar 25, 2025 Emaar Properties PJSC, Annual General Meeting, Mar 25, 2025, at 09:30 Arabian Standard Time. Reported Earnings • Feb 14
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: د.إ1.53 (up from د.إ1.32 in FY 2023). Revenue: د.إ35.5b (up 33% from FY 2023). Net income: د.إ13.5b (up 16% from FY 2023). Profit margin: 38% (down from 44% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 8.9%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Real Estate industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 12
Emaar Properties PJSC to Report Fiscal Year 2024 Results on Feb 14, 2025 Emaar Properties PJSC announced that they will report fiscal year 2024 results on Feb 14, 2025 Price Target Changed • Jan 27
Price target increased by 7.8% to د.إ13.93 Up from د.إ12.92, the current price target is an average from 11 analysts. New target price is 6.7% above last closing price of د.إ13.05. Stock is up 75% over the past year. The company is forecast to post earnings per share of د.إ1.32 for next year compared to د.إ1.32 last year. New Risk • Dec 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Emirian stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.6% average weekly change). Price Target Changed • Dec 17
Price target increased by 9.2% to د.إ12.49 Up from د.إ11.43, the current price target is an average from 11 analysts. New target price is approximately in line with last closing price of د.إ12.65. Stock is up 67% over the past year. The company is forecast to post earnings per share of د.إ1.33 for next year compared to د.إ1.32 last year. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to د.إ11.00, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Real Estate industry in United Arab Emirates. Total returns to shareholders of 163% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at د.إ20.62 per share. Buy Or Sell Opportunity • Nov 19
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to د.إ9.67. The fair value is estimated to be د.إ8.01, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 33%. For the next 3 years, revenue is forecast to grow by 7.6% per annum. Earnings are also forecast to grow by 3.4% per annum over the same time period. Reported Earnings • Nov 12
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: د.إ0.36 (down from د.إ0.37 in 3Q 2023). Revenue: د.إ9.38b (up 54% from 3Q 2023). Net income: د.إ3.18b (down 3.3% from 3Q 2023). Profit margin: 34% (down from 54% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 27%. Earnings per share (EPS) also surpassed analyst estimates by 27%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Real Estate industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: د.إ0.27 (vs د.إ0.20 in 2Q 2023) Second quarter 2024 results: EPS: د.إ0.27 (up from د.إ0.20 in 2Q 2023). Revenue: د.إ7.68b (up 28% from 2Q 2023). Net income: د.إ2.42b (up 39% from 2Q 2023). Profit margin: 32% (up from 29% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Real Estate industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: د.إ0.33 (down from د.إ0.36 in 1Q 2023). Revenue: د.إ6.72b (up 6.9% from 1Q 2023). Net income: د.إ2.92b (down 8.9% from 1Q 2023). Profit margin: 43% (down from 51% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.4%. Earnings per share (EPS) exceeded analyst estimates by 8.9%. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Real Estate industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Announcement • Mar 26
Emaar Properties PJSC, Annual General Meeting, Apr 22, 2024 Emaar Properties PJSC, Annual General Meeting, Apr 22, 2024, at 12:00 Coordinated Universal Time. Location: Sky View Hotel, Skyview Ballroom Emirate of Dubai United Arab Emirates Agenda: To consider and approve the report of the Board of Directors on the activities and financial position of the Company for the fiscal year ending 31 December 2023; to consider and approve the Auditors' report for the fiscal year ending 31 December 2023; to consider and approve the distribution of dividends; to consider and approve the remuneration policy; to consider and approve the election of board of directors; and to consider and approve any other matters. Reported Earnings • Mar 17
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: د.إ1.32 (up from د.إ0.83 in FY 2022). Revenue: د.إ26.7b (up 7.3% from FY 2022). Net income: د.إ11.6b (up 70% from FY 2022). Profit margin: 44% (up from 27% in FY 2022). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 6.9%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Real Estate industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Feb 28
Consensus EPS estimates increase by 29% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from د.إ28.4b to د.إ28.7b. EPS estimate increased from د.إ1.03 to د.إ1.32 per share. Net income forecast to grow 0.6% next year vs 3.6% growth forecast for Real Estate industry in United Arab Emirates. Consensus price target broadly unchanged at د.إ9.63. Share price was steady at د.إ8.09 over the past week. Reported Earnings • Feb 11
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: د.إ1.32 (up from د.إ0.83 in FY 2022). Revenue: د.إ26.8b (up 7.3% from FY 2022). Net income: د.إ11.6b (up 70% from FY 2022). Profit margin: 44% (up from 27% in FY 2022). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 6.9%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Real Estate industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Nov 21
Consensus EPS estimates increase by 21% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from د.إ23.3b to د.إ24.3b. EPS estimate increased from د.إ0.988 to د.إ1.20 per share. Net income forecast to shrink 18% next year vs 0.2% decline forecast for Real Estate industry in United Arab Emirates. Consensus price target broadly unchanged at د.إ8.70. Share price rose 2.7% to د.إ7.13 over the past week. Reported Earnings • Nov 11
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: د.إ0.37 (up from د.إ0.18 in 3Q 2022). Revenue: د.إ6.10b (up 15% from 3Q 2022). Net income: د.إ3.29b (up 121% from 3Q 2022). Profit margin: 54% (up from 28% in 3Q 2022). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 9.1%. Earnings per share (EPS) also surpassed analyst estimates by 143%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Real Estate industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 39% per year whereas the company’s share price has increased by 35% per year. Major Estimate Revision • Aug 23
Consensus revenue estimates decrease by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from د.إ24.9b to د.إ22.2b. EPS estimate unchanged from د.إ0.95 per share at last update. Real Estate industry in United Arab Emirates expected to see average net income growth of 19% next year. Consensus price target broadly unchanged at د.إ8.03. Share price rose 2.9% to د.إ7.01 over the past week. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: د.إ0.20 (vs د.إ0.25 in 2Q 2022) Second quarter 2023 results: EPS: د.إ0.20 (down from د.إ0.25 in 2Q 2022). Revenue: د.إ5.98b (down 14% from 2Q 2022). Net income: د.إ1.74b (down 16% from 2Q 2022). Profit margin: 29% (in line with 2Q 2022). Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Real Estate industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 12
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: د.إ0.36 (up from د.إ0.27 in 1Q 2022). Revenue: د.إ6.29b (down 5.2% from 1Q 2022). Net income: د.إ3.21b (up 43% from 1Q 2022). Profit margin: 51% (up from 34% in 1Q 2022). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 4.7%. Earnings per share (EPS) also surpassed analyst estimates by 129%. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Real Estate industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 18
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: د.إ0.83 (up from د.إ0.52 in FY 2021). Revenue: د.إ24.9b (down 12% from FY 2021). Net income: د.إ6.83b (up 80% from FY 2021). Profit margin: 27% (up from 13% in FY 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) also missed analyst estimates by 5.9%. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Real Estate industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Dec 09
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from د.إ0.86 to د.إ0.97. Revenue forecast steady at د.إ25.6b. Net income forecast to grow 7.8% next year vs 9.8% growth forecast for Real Estate industry in United Arab Emirates. Consensus price target broadly unchanged at د.إ7.33. Share price was steady at د.إ6.11 over the past week. Major Estimate Revision • Nov 23
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from د.إ28.5b to د.إ25.4b. EPS estimate unchanged from د.إ0.86 per share at last update. Real Estate industry in United Arab Emirates expected to see average net income growth of 9.6% next year. Consensus price target broadly unchanged at د.إ7.28. Share price was steady at د.إ6.08 over the past week. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: د.إ0.18 (vs د.إ0.14 in 3Q 2021) Third quarter 2022 results: EPS: د.إ0.18 (up from د.إ0.14 in 3Q 2021). Revenue: د.إ5.33b (down 22% from 3Q 2021). Net income: د.إ1.49b (up 46% from 3Q 2021). Profit margin: 28% (up from 15% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Real Estate industry in United Arab Emirates. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Non-Executive & Independent Director Buti Obaid Al Mulla was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Oct 05
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from د.إ0.69 to د.إ0.86. Revenue forecast steady at د.إ28.3b. Net income forecast to grow 1.3% next year vs 0.3% growth forecast for Real Estate industry in United Arab Emirates. Consensus price target up from د.إ6.86 to د.إ7.15. Share price was steady at د.إ5.95 over the past week. Major Estimate Revision • Sep 24
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from د.إ27.7b to د.إ28.1b. EPS estimate fell from د.إ0.77 to د.إ0.69 per share. Net income forecast to shrink 13% next year vs 0.3% growth forecast for Real Estate industry in United Arab Emirates . Consensus price target broadly unchanged at د.إ6.86. Share price fell 3.6% to د.إ6.22 over the past week. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: د.إ0.25 (vs د.إ0.13 in 2Q 2021) Second quarter 2022 results: EPS: د.إ0.25 (up from د.إ0.13 in 2Q 2021). Revenue: د.إ6.94b (up 6.7% from 2Q 2021). Net income: د.إ2.06b (up 128% from 2Q 2021). Profit margin: 30% (up from 14% in 2Q 2021). The increase in margin was primarily driven by lower expenses. Over the next year, revenue is expected to shrink by 7.9% compared to a 3.8% growth forecast for the Real Estate industry in United Arab Emirates. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Buying Opportunity • Jul 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be د.إ6.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 27%. Revenue is forecast to decline by 5.4% in 2 years. Earnings is forecast to grow by 13% in the next 2 years. Buying Opportunity • Jul 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be د.إ6.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 27%. Revenue is forecast to decline by 4.4% in 2 years. Earnings is forecast to grow by 16% in the next 2 years. Major Estimate Revision • Jun 29
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from د.إ0.41 to د.إ0.64. Revenue forecast steady at د.إ27.0b. Net income forecast to grow 9.2% next year vs 10% growth forecast for Real Estate industry in United Arab Emirates. Consensus price target broadly unchanged at د.إ7.03. Share price was steady at د.إ5.24 over the past week. Buying Opportunity • Jun 13
Now 21% undervalued Over the last 90 days, the stock is up 5.0%. The fair value is estimated to be د.إ6.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 27%. Revenue is forecast to decline by 5.8% in 2 years. Earnings is forecast to grow by 0.6% in the next 2 years. Buying Opportunity • May 26
Now 21% undervalued Over the last 90 days, the stock is up 9.7%. The fair value is estimated to be د.إ6.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 27%. Revenue is forecast to decline by 5.8% in 2 years. Earnings is forecast to grow by 0.6% in the next 2 years. Reported Earnings • May 14
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: د.إ0.27 (up from د.إ0.09 in 1Q 2021). Revenue: د.إ6.64b (up 11% from 1Q 2021). Net income: د.إ2.24b (up 241% from 1Q 2021). Profit margin: 34% (up from 11% in 1Q 2021). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 8.2%. Earnings per share (EPS) exceeded analyst estimates by 29%. Over the next year, revenue is expected to shrink by 3.6% compared to a 17% growth forecast for the industry in United Arab Emirates. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Board Change • Apr 27
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Non-Executive & Independent Director Buti Obaid Al Mulla was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Mar 31
Consensus revenue estimates fall by 13% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from د.إ30.8b to د.إ26.6b. EPS estimate fell from د.إ0.71 to د.إ0.62 per share. Net income forecast to grow 35% next year vs 18% growth forecast for Real Estate industry in United Arab Emirates. Consensus price target up from د.إ6.23 to د.إ6.42. Share price rose 11% to د.إ6.05 over the past week. Major Estimate Revision • Feb 25
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from د.إ25.8b to د.إ33.1b. EPS estimate unchanged from د.إ0.58 at last update. Real Estate industry in United Arab Emirates expected to see average net income growth of 32% next year. Consensus price target up from د.إ6.08 to د.إ6.23. Share price fell 2.7% to د.إ4.96 over the past week. Major Estimate Revision • Dec 14
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from د.إ24.5b to د.إ24.8b. EPS estimate fell from د.إ0.46 to د.إ0.40 per share. Net income forecast to grow 29% next year vs 18% growth forecast for Real Estate industry in United Arab Emirates. Consensus price target up from د.إ5.74 to د.إ6.03. Share price was steady at د.إ4.99 over the past week. Announcement • Nov 22
Emaar Properties PJSC (DFM:EMAAR) completed the acquisition of remaining 15% stake in Emaar Malls PJSC (DFM:EMAARMALLS) Emaar Properties PJSC (DFM:EMAAR) agreed to acquire the remaining 15% stake in Emaar Malls PJSC (DFM:EMAARMALLS) for AED 3.6 billion on March 2, 2021. The proposed merger is intended to be affected as a statutory merger with Emaar Malls shareholders (excluding Emaar Properties) receiving 0.51 Emaar Properties shares for each Emaar Malls share. On the effective date of the merger, the total issued share capital of Emaar Properties will be 8.179738158 billion shares with Emaar Malls' shareholders holding approximately 12.5% of the enlarged share capital of Emaar Properties and Emaar Properties' shareholders holding approximately 87.5%. On the effective date of the merger, Emaar Malls will be dissolved as a legal entity. Following which, the business of Emaar Malls will be reconstituted as Emaar Malls Management LLC, a wholly owned subsidiary of Emaar Properties, which will continue to develop and hold a portfolio of premium shopping malls and retail assets, and Emaar Properties will continue to be listed on the Dubai Financial Market. The members of the Emaar Properties Board will continue their current board appointments following the transaction.
The transaction is subject to the approval of the merger by vote of shareholders who own at least 75% of the shares represented at quorate general meetings of Emaar Properties and Emaar Malls, receipt of final approval and/or final written confirmation of no objection from the Securities and Commodities Authority, expiry of the creditor objection period as set out in the shareholder circular with no objections being raised by the creditors, and the approval of the merger and the reorganization envisaged as part of the transaction at a meeting of the holders of the trust certificates issued by EMG Sukuk Limited due 2024. The Boards of Emaar Properties and Emaar Malls have unanimously approved and recommend the transaction. As of September 6, 2021, the Securities & Commodities Authority approved the transaction. The general meeting is scheduled to be held on October 10, 2021. On or around 16 March 2021, Emaar Properties and Emaar Malls intends to publish a shareholder circular in advance of the general meetings of each of Emaar Properties and Emaar Malls to obtain shareholders’ approval. As of October 11, 2021, the shareholders of the shareholders of Emaar Properties approved the transaction. Emaar Properties expects to complete the acquisition by the year-end 2021. As of September 6, 2021, the effective date of the transaction is on November 15, 2021. As of November 11, 2021, all of the conditions for the transaction has been met and November 21, 2021 has been set for share swap. As of November 17, 2021, Dubai Financial Market announced the suspension of shares of Emaar Malls PJSC on stock exchange.
Morgan Stanley & Co International plc (DIFC branch) acted as financial advisor and fairness opinion provider; and Linklaters LLP acted as legal advisor to Emaar Properties. Credit Suisse International acted as financial advisor and fairness opinion provider; and Ibrahim & Partners acted as legal advisor to Emaar Malls. EY Consulting LLC acted as independent valuer appointed jointly by Emaar Properties and Emaar Malls. Allen & Overy LLP acted as legal advisor to Credit Suisse International. KPMG Lower Gulf Limited acted as accountant to both Emaar Properties PJSC and Emaar Malls PJSC.
Emaar Properties PJSC (DFM:EMAAR) completed the acquisition of remaining 15% stake in Emaar Malls PJSC (DFM:EMAARMALLS) on November 22, 2021. The Securities & Commodities Authority (SCA) has approved the delisting of Emaar Malls from the Dubai Financial Market (DFM) and the capital increase of Emaar Properties to prepare for the merger. Major Estimate Revision • Aug 18
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from د.إ21.8b to د.إ25.6b. EPS estimate fell from د.إ0.48 to د.إ0.40. Net income forecast to grow 53% next year vs 9.2% growth forecast for Real Estate industry in United Arab Emirates. Consensus price target broadly unchanged at د.إ5.06. Share price was steady at د.إ4.05 over the past week. Reported Earnings • Aug 14
Second quarter 2021 earnings released: EPS د.إ0.13 (vs د.إ0.17 in 2Q 2020) The company reported a decent second quarter result with improved revenues, although earnings and profit margins were weaker. Second quarter 2021 results: Revenue: د.إ6.51b (up 103% from 2Q 2020). Net income: د.إ903.6m (down 25% from 2Q 2020). Profit margin: 14% (down from 37% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Jun 18
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from د.إ0.45 to د.إ0.50. Revenue forecast steady at د.إ21.4b. Net income forecast to grow 40% next year vs 34% growth forecast for Real Estate industry in United Arab Emirates. Consensus price target up from د.إ4.54 to د.إ4.75. Share price was steady at د.إ4.11 over the past week.