Narrative Update • Apr 25
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Emirati (ADX) Market Analysis & Valuation
UpdatedMay 14, 2026
DataAggregated Company Financials
Companies153
- 7D-2.2%
- 3M-11.7%
- 1Y-1.4%
- YTD-6.5%
Over the last 7 days, the market has dropped 2.2%, driven by losses in every sector, especially the Financials sector. In the last 12 months the market has been flat overall. Looking forward, earnings are forecast to grow by 5.3% annually.
Market Valuation and Performance
Has the Emirati Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Thu, 14 May 2026 | د.إ3.6t | د.إ1.2t | د.إ277.8b | 11.2x | 13.1x | 3x |
| Sat, 11 Apr 2026 | د.إ3.7t | د.إ1.2t | د.إ267.5b | 10.7x | 13.7x | 3.1x |
| Mon, 09 Mar 2026 | د.إ3.7t | د.إ1.2t | د.إ266.4b | 10.6x | 14x | 3.2x |
| Wed, 04 Feb 2026 | د.إ4.0t | د.إ1.1t | د.إ257.7b | 12.2x | 15.7x | 3.5x |
| Fri, 02 Jan 2026 | د.إ3.9t | د.إ1.1t | د.إ255.0b | 11.8x | 15.2x | 3.4x |
| Sun, 30 Nov 2025 | د.إ3.8t | د.إ1.1t | د.إ255.2b | 11.8x | 14.7x | 3.3x |
| Tue, 28 Oct 2025 | د.إ3.9t | د.إ1.1t | د.إ243.8b | 12.4x | 16.2x | 3.6x |
| Thu, 25 Sep 2025 | د.إ3.9t | د.إ1.1t | د.إ240.5b | 12.6x | 16x | 3.6x |
| Sat, 23 Aug 2025 | د.إ4.0t | د.إ1.1t | د.إ239.3b | 13.3x | 16.7x | 3.7x |
| Mon, 21 Jul 2025 | د.إ4.0t | د.إ1.0t | د.إ240.8b | 13.1x | 16.6x | 3.8x |
| Wed, 18 Jun 2025 | د.إ3.8t | د.إ1.0t | د.إ240.3b | 12.1x | 15.6x | 3.6x |
| Fri, 16 May 2025 | د.إ3.9t | د.إ1.0t | د.إ239.8b | 12.8x | 16.2x | 3.7x |
| Sun, 13 Apr 2025 | د.إ3.7t | د.إ1.0t | د.إ237.9b | 12.6x | 15.4x | 3.7x |
| Tue, 11 Mar 2025 | د.إ3.6t | د.إ997.6b | د.إ236.9b | 13x | 15.3x | 3.6x |
| Thu, 06 Feb 2025 | د.إ3.7t | د.إ939.4b | د.إ240.6b | 13.3x | 15.5x | 4x |
| Sat, 04 Jan 2025 | د.إ3.7t | د.إ928.2b | د.إ235.9b | 13.5x | 15.5x | 3.9x |
| Mon, 02 Dec 2024 | د.إ3.5t | د.إ922.6b | د.إ232.5b | 13.1x | 14.9x | 3.8x |
| Wed, 30 Oct 2024 | د.إ3.5t | د.إ864.3b | د.إ232.2b | 13.6x | 15x | 4x |
| Fri, 27 Sep 2024 | د.إ3.5t | د.إ849.5b | د.إ229.1b | 13.6x | 15.4x | 4.1x |
| Sun, 25 Aug 2024 | د.إ3.4t | د.إ834.1b | د.إ228.6b | 13.6x | 14.9x | 4.1x |
| Tue, 23 Jul 2024 | د.إ3.4t | د.إ790.6b | د.إ217.8b | 13.5x | 15.5x | 4.3x |
| Thu, 20 Jun 2024 | د.إ3.3t | د.إ781.8b | د.إ214.8b | 13.2x | 15.2x | 4.2x |
| Sat, 18 May 2024 | د.إ3.3t | د.إ781.4b | د.إ213.8b | 13.3x | 15.5x | 4.2x |
| Mon, 15 Apr 2024 | د.إ3.4t | د.إ735.4b | د.إ221.0b | 14.1x | 15.3x | 4.6x |
| Wed, 13 Mar 2024 | د.إ3.4t | د.إ738.2b | د.إ221.1b | 14.8x | 15.4x | 4.6x |
| Fri, 09 Feb 2024 | د.إ3.4t | د.إ654.7b | د.إ183.6b | 15.8x | 18.4x | 5.2x |
| Sun, 07 Jan 2024 | د.إ3.5t | د.إ653.9b | د.إ188.1b | 15.5x | 18.4x | 5.3x |
| Tue, 05 Dec 2023 | د.إ3.3t | د.إ649.5b | د.إ187.3b | 15.5x | 17.8x | 5.1x |
| Thu, 02 Nov 2023 | د.إ3.3t | د.إ645.2b | د.إ189.4b | 14.9x | 17.4x | 5.1x |
| Sat, 30 Sep 2023 | د.إ3.5t | د.إ626.9b | د.إ189.7b | 16.2x | 18.4x | 5.6x |
| Mon, 28 Aug 2023 | د.إ3.5t | د.إ616.2b | د.إ187.4b | 16.1x | 18.5x | 5.6x |
| Wed, 26 Jul 2023 | د.إ3.4t | د.إ604.0b | د.إ182.7b | 16.4x | 18.8x | 5.7x |
| Fri, 23 Jun 2023 | د.إ3.3t | د.إ664.3b | د.إ195.4b | 15.7x | 17x | 5x |
| Sun, 21 May 2023 | د.إ3.3t | د.إ663.8b | د.إ195.2b | 15.5x | 16.7x | 4.9x |
Price to Earnings Ratio
16.7x
Current Market PE
- Investors are pessimistic on the Emirian market, indicating that they anticipate earnings will not grow as fast as they have historically.
- The market is trading at a PE ratio of 13.1x which is lower than its 3-year average PE of 16.0x.
Past Earnings Growth
- The earnings for Emirian listed companies have grown 12% per year over the last three years.
- Revenues for these companies have grown 23% per year.
- This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.
Sector Trends
Which sectors have driven the changes within the Emirati Market?
| AE Market | -2.22% | |
| Industrials | -1.13% | |
| Telecom | -1.20% | |
| Materials | -1.41% | |
| Utilities | -1.70% | |
| Financials | -2.82% | |
| Energy | -3.14% | |
| Consumer Discretionary | -3.32% | |
| Healthcare | -3.82% | |
| Real Estate | -4.22% | |
| Tech | -5.12% | |
| Consumer Staples | -6.96% | |
Sector PE
- Investors favour the Utilities sector the most for future growth even though it's trading below its 3-year average PE ratio of 27.5x.
- Analysts are expecting annual earnings growth of 4.7%, which is lower than the prior year's growth of 9.0% per year.
Forecasted Growth
- Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 25% over the next 5 years.
- This is better than its past earnings growth rate of 19% per year.
- In contrast, the Industrials sector is expected to see its earnings decline by 5.3% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | Sector | |
|---|---|---|---|---|---|---|
| DU Emirates Integrated Telecommunications Company PJSC | د.إ11.16 | 3.7% +د.إ1.8b | 29.8% | PE16.8x | Telecom | |
| DEWA Dubai Electricity and Water Authority (PJSC) | د.إ2.76 | 1.1% +د.إ1.5b | 3.0% | PE15.8x | Utilities | |
| MASQ Mashreqbank PSC | د.إ241.00 | 2.4% +د.إ1.1b | 0.4% | PB1.2x | Financials | |
| PARKIN Parkin Company P.J.S.C | د.إ5.49 | 5.6% +د.إ869.4m | -9.1% | PE26.3x | Industrials | |
| EMPOWER Emirates Central Cooling Systems | د.إ1.59 | 3.9% +د.إ600.0m | 0.6% | PE16x | Utilities |
