Emirati Undervalued over 20% based on DCF

ADNOC Gas

Market Cap: د.إ244.0b

Engages in the processing of associated and non-associated gas from onshore oil and gas productions and transmission of related products in the United Arab Emirates.

Emaar Properties PJSC

Market Cap: د.إ103.9b

Engages in the property investment, development, and development management business in the United Arab Emirates and internationally.

Alpha Dhabi Holding PJSC

Market Cap: د.إ71.1b

Engages in the construction, healthcare, real estate, and hospitality businesses in the United Arab Emirates and internationally.

Mashreqbank PSC

Market Cap: د.إ42.3b

Provides various banking and financial services to individuals and corporates.

ADNOC Logistics & Services

Market Cap: د.إ38.5b

Operates as an integrated energy maritime logistics company worldwide.

Pure Health Holding PJSC

Market Cap: د.إ23.2b

Operates healthcare platform to provides health care services in the United Arab Emirates, the United State, the United Kingdom, Greece, and Cyprus.

Talabat Holding

Market Cap: د.إ18.0b

Operates as an on-demand online food ordering, delivery, takeaway and groceries, and convenience retail marketplace in the United Arab Emirates, Kuwait, Qatar, Bahrain, Egypt, Oman, Jordan, Iraq, and internationally.

Emirates Central Cooling Systems

Market Cap: د.إ15.2b

Provides district cooling services in the United Arab Emirates.

Dubai Residential REIT

Market Cap: د.إ14.8b

A Shariah-compliant, income-generating, closed-end real estate investment trust, and the GCC’s largest (in terms of Gross Asset Value) and first pure-play residential leasing REIT, managed by DHAM REIT Management.

National Central Cooling Company PJSC

Market Cap: د.إ7.6b

Supplies chilled water in the United Arab Emirates, Saudi Arabia, Egypt, Oman, Bahrain, India, and internationally.

Space42

Market Cap: د.إ6.4b

Operates as an artificial intelligence (AI) powered SpaceTech company in the United Arab Emirates, Asia, Africa, Europe, North America, and internationally.

Dana Gas PJSC

Market Cap: د.إ6.1b

Engages in the exploration, production, ownership, transportation, processing, distribution, marketing, and sale of natural gas and petroleum related products in the United Arab Emirates, Iraq, and Egypt.

Dubai Taxi Company P.J.S.C

Market Cap: د.إ5.4b

A taxi company, provides passenger transportation services for individuals and businesses in the United Arab Emirates.

Abu Dhabi National Hotels Company PJSC

Market Cap: د.إ5.0b

Owns and manages hotels in the United Arab Emirates.

Spinneys 1961 Holding

Market Cap: د.إ4.4b

Through its subsidiaries, engages in the operation of supermarkets under the Spinneys, Waitrose, and Al Fair brands in the United Arab Emirates, the Sultanate of Oman, the Kingdom of Saudi Arabia, and internationally.

Emirates Driving Company P.J.S.C

Market Cap: د.إ3.3b

Manages and develops motor vehicles driving training in the United Arab Emirates.

Taaleem Holdings PJSC

Market Cap: د.إ3.0b

Provides and invests in education services in the United Arab Emirates.

Agthia Group PJSC

Market Cap: د.إ3.0b

Operates in the food and beverages industry in the United Arab Emirates and internationally.

Anan Investment Holding PJSC

Market Cap: د.إ2.4b

Engages in developing, investing, and managing real estate properties in the United Arab Emirates.

Gulf Pharmaceutical Industries P.S.C

Market Cap: د.إ1.2b

Manufactures and sells medicines, drugs, and various other types of pharmaceutical, cosmetic, and medical compounds in United Arab Emirates, other GCC countries, and internationally.

Abu Dhabi National Takaful Company PSC

Market Cap: د.إ509.3m

Provides takaful insurance solutions in the United Arab Emirates and internationally.