Emirates NBD Bank PJSC

DFM:EMIRATESNBD Stock Report

Market Cap: د.إ155.4b

Emirates NBD Bank PJSC Valuation

Is EMIRATESNBD undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of EMIRATESNBD when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

د.إ5.21
Fair Value
372.4% overvalued intrinsic discount
16
Number of Analysts

Below Fair Value: EMIRATESNBD (AED24.6) is trading above our estimate of fair value (AED5.21)

Significantly Below Fair Value: EMIRATESNBD is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for EMIRATESNBD?

Key metric: As EMIRATESNBD is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for EMIRATESNBD. This is calculated by dividing EMIRATESNBD's market cap by their current earnings.
What is EMIRATESNBD's PE Ratio?
PE Ratio7.3x
Earningsد.إ21.19b
Market Capد.إ155.39b

Price to Earnings Ratio vs Peers

How does EMIRATESNBD's PE Ratio compare to its peers?

The above table shows the PE ratio for EMIRATESNBD vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average10.9x
FAB First Abu Dhabi Bank P.J.S.C
9.5x3.57%د.إ175.7b
ADCB Abu Dhabi Commercial Bank PJSC
11.7x10.32%د.إ108.7b
ADIB Abu Dhabi Islamic Bank PJSC
13.7x7.51%د.إ80.3b
DIB Dubai Islamic Bank P.J.S.C
8.8x2.00%د.إ68.3b
EMIRATESNBD Emirates NBD Bank PJSC
7.3x4.38%د.إ155.4b

Price-To-Earnings vs Peers: EMIRATESNBD is good value based on its Price-To-Earnings Ratio (7.3x) compared to the peer average (10.9x).

Price to Earnings Ratio vs Industry

How does EMIRATESNBD's PE Ratio compare vs other companies in the Asian Banks Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
EMIRATESNBD 7.3xIndustry Avg. 9.6xNo. of Companies69PE0612182430+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: EMIRATESNBD is good value based on its Price-To-Earnings Ratio (7.3x) compared to the Asian Banks industry average (9.6x).

Price to Earnings Ratio vs Fair Ratio

What is EMIRATESNBD's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

EMIRATESNBD PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio7.3x
Fair PE Ratio9.8x

Price-To-Earnings vs Fair Ratio: EMIRATESNBD is good value based on its Price-To-Earnings Ratio (7.3x) compared to the estimated Fair Price-To-Earnings Ratio (9.8x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst EMIRATESNBD forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentد.إ24.60
د.إ28.68
+16.58%
7.10%د.إ32.60د.إ25.50n/a16
Sep ’26د.إ24.50
د.إ28.67
+17.03%
7.09%د.إ32.60د.إ25.50n/a16
Aug ’26د.إ26.10
د.إ27.25
+4.39%
6.32%د.إ30.00د.إ23.30n/a16
Jul ’26د.إ23.05
د.إ25.31
+9.80%
8.17%د.إ28.50د.إ20.20n/a16
Jun ’26د.إ22.40
د.إ25.30
+12.93%
8.44%د.إ28.50د.إ20.20n/a15
May ’26د.إ20.55
د.إ25.25
+22.89%
10.31%د.إ30.60د.إ20.20n/a14
Apr ’26د.إ20.20
د.إ25.44
+25.94%
10.10%د.إ30.60د.إ20.20n/a14
Mar ’26د.إ22.10
د.إ25.44
+15.11%
10.10%د.إ30.60د.إ20.20n/a14
Feb ’26د.إ20.85
د.إ24.84
+19.15%
9.01%د.إ28.50د.إ20.20n/a14
Jan ’26د.إ21.45
د.إ23.80
+10.96%
10.41%د.إ28.50د.إ19.50n/a15
Dec ’25د.إ20.00
د.إ23.53
+17.67%
10.72%د.إ28.50د.إ19.50n/a15
Nov ’25د.إ19.35
د.إ23.53
+21.58%
10.70%د.إ28.50د.إ19.50n/a15
Oct ’25د.إ20.20
د.إ23.37
+15.68%
11.24%د.إ28.60د.إ19.50د.إ25.0015
Sep ’25د.إ19.70
د.إ23.37
+18.61%
11.24%د.إ28.60د.إ19.50د.إ24.5015
Aug ’25د.إ19.30
د.إ23.17
+20.03%
10.06%د.إ27.50د.إ19.50د.إ26.1015
Jul ’25د.إ16.40
د.إ22.53
+37.36%
10.21%د.إ27.50د.إ19.50د.إ23.0515
Jun ’25د.إ15.55
د.إ22.46
+44.44%
10.37%د.إ27.50د.إ19.50د.إ22.4015
May ’25د.إ16.90
د.إ22.32
+32.06%
10.77%د.إ27.50د.إ19.50د.إ20.5514
Apr ’25د.إ17.45
د.إ22.40
+28.37%
10.73%د.إ27.20د.إ19.50د.إ20.2014
Mar ’25د.إ17.25
د.إ21.82
+26.51%
11.12%د.إ27.20د.إ17.30د.إ22.1013
Feb ’25د.إ17.80
د.إ21.61
+21.39%
11.01%د.إ27.20د.إ17.30د.إ20.8513
Jan ’25د.إ17.30
د.إ21.02
+21.52%
9.86%د.إ24.60د.إ17.30د.إ21.4513
Dec ’24د.إ17.50
د.إ21.18
+21.01%
9.40%د.إ24.60د.إ17.30د.إ20.0013
Nov ’24د.إ17.25
د.إ20.73
+20.16%
10.66%د.إ24.60د.إ17.30د.إ19.3512
Oct ’24د.إ17.80
د.إ20.05
+12.64%
8.14%د.إ24.00د.إ18.10د.إ20.2010
د.إ28.68
Fair Value
14.2% undervalued intrinsic discount
16
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/10/04 16:56
End of Day Share Price 2025/10/03 00:00
Earnings2025/06/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Emirates NBD Bank PJSC is covered by 30 analysts. 13 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Ranya GnabaAlphaMena
Kais KriaaAlphaMena
Jaap MeijerArqaam Capital Research Offshore S.A.L.