Emirati (ADX) Market Analysis & Valuation

Market Valuation and Performance

Has the Emirati Market valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Mon, 22 Jun 2026	د.إ3.8t	د.إ1.2t	د.إ277.6b	11.2x	13.8x	3.1x
Wed, 20 May 2026	د.إ3.6t	د.إ1.2t	د.إ277.8b	10.9x	13x	2.9x
Fri, 17 Apr 2026	د.إ3.7t	د.إ1.2t	د.إ267.5b	11.1x	13.9x	3.1x
Sun, 15 Mar 2026	د.إ3.5t	د.إ1.2t	د.إ265.8b	10.3x	13.3x	3x
Tue, 10 Feb 2026	د.إ4.1t	د.إ1.2t	د.إ255.8b	12.2x	16.1x	3.6x
Thu, 08 Jan 2026	د.إ3.9t	د.إ1.1t	د.إ255.0b	11.9x	15.3x	3.4x
Sat, 06 Dec 2025	د.إ3.9t	د.إ1.1t	د.إ255.2b	11.7x	15.1x	3.4x
Mon, 03 Nov 2025	د.إ3.9t	د.إ1.1t	د.إ246.6b	11.9x	15.9x	3.5x
Wed, 01 Oct 2025	د.إ3.9t	د.إ1.1t	د.إ240.5b	12.2x	16.1x	3.6x
Fri, 29 Aug 2025	د.إ4.0t	د.إ1.1t	د.إ239.3b	13.1x	16.6x	3.7x
Sun, 27 Jul 2025	د.إ4.0t	د.إ1.0t	د.إ242.1b	13.3x	16.6x	3.9x
Tue, 24 Jun 2025	د.إ3.7t	د.إ1.0t	د.إ240.2b	12.2x	15.6x	3.6x
Thu, 22 May 2025	د.إ3.8t	د.إ1.0t	د.إ240.1b	12.7x	15.7x	3.6x
Sat, 19 Apr 2025	د.إ3.7t	د.إ1.0t	د.إ238.0b	12.7x	15.7x	3.7x
Mon, 17 Mar 2025	د.إ3.6t	د.إ998.1b	د.إ237.4b	13.3x	15.4x	3.7x
Wed, 12 Feb 2025	د.إ3.8t	د.إ943.8b	د.إ241.7b	13.4x	15.5x	4x
Fri, 10 Jan 2025	د.إ3.7t	د.إ928.2b	د.إ235.9b	13.4x	15.7x	4x
Sun, 08 Dec 2024	د.إ3.5t	د.إ923.4b	د.إ232.9b	13x	15x	3.8x
Tue, 05 Nov 2024	د.إ3.5t	د.إ879.3b	د.إ235.5b	13x	14.8x	4x
Thu, 03 Oct 2024	د.إ3.5t	د.إ849.5b	د.إ229.1b	13.6x	15.3x	4.1x
Sat, 31 Aug 2024	د.إ3.4t	د.إ834.1b	د.إ228.6b	13.7x	14.7x	4x
Mon, 29 Jul 2024	د.إ3.4t	د.إ793.6b	د.إ217.4b	13.3x	15.6x	4.3x
Wed, 26 Jun 2024	د.إ3.3t	د.إ781.8b	د.إ214.8b	13.3x	15.3x	4.2x
Fri, 24 May 2024	د.إ3.2t	د.إ781.6b	د.إ214.9b	13.1x	15.1x	4.2x
Sun, 21 Apr 2024	د.إ3.3t	د.إ752.4b	د.إ222.1b	14.1x	15.1x	4.5x
Tue, 19 Mar 2024	د.إ3.4t	د.إ738.9b	د.إ221.9b	14.7x	15.4x	4.6x
Thu, 15 Feb 2024	د.إ3.4t	د.إ732.8b	د.إ206.9b	15.2x	16.4x	4.6x
Sat, 13 Jan 2024	د.إ3.5t	د.إ654.5b	د.إ188.1b	15.8x	18.5x	5.3x
Mon, 11 Dec 2023	د.إ3.3t	د.إ653.9b	د.إ188.1b	15.3x	17.6x	5.1x
Wed, 08 Nov 2023	د.إ3.4t	د.إ646.4b	د.إ189.8b	14.9x	17.7x	5.2x
Fri, 06 Oct 2023	د.إ3.5t	د.إ626.7b	د.إ189.7b	15.9x	18.4x	5.6x
Sun, 03 Sep 2023	د.إ3.5t	د.إ616.4b	د.إ187.4b	15.8x	18.6x	5.6x
Tue, 01 Aug 2023	د.إ3.4t	د.إ614.8b	د.إ188.9b	16.7x	18.2x	5.6x
Thu, 29 Jun 2023	د.إ3.4t	د.إ664.1b	د.إ195.4b	16.1x	17.2x	5.1x

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 13.8x which is lower than its 3-year average PE of 15.9x.

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	3.05%
Real Estate	9.48%
Utilities	8.54%
Financials	4.36%
Healthcare	4.04%
Tech	2.01%
Telecom	1.96%
Industrials	1.16%
Consumer Discretionary	1.10%
Materials	0.85%
Energy	-1.29%
Consumer Staples	-2.74%

Sector PE

Investors favour the Tech sector the most for future growth which is trading above its 3-year average PE ratio.

The market's confidence is likely because analysts are expecting annual earnings growth of 20.3%, which is higher than its past year's earnings growth of 8.6% per year.

The Real Estate sector is the least preferred by investors for future growth, which is trading below its 3-year average of 8.5x.

Forecasted Growth

Analysts are most optimistic on the Tech sector, expecting annual earnings growth of 20% over the next 5 years.
This is better than its past earnings growth rate of 8.6% per year.

In contrast, the Industrials sector is expected to see its earnings decline by 6.0% per year over the next few years.

Company	Last Price	7D	1Y	Valuation	Sector
TAQA Abu Dhabi National Energy Company PJSC	د.إ2.64	13.3% +د.إ34.9b	-24.1%	PE39.9x	Utilities
EMIRATESNBD Emirates NBD Bank PJSC	د.إ31.18	8.6% +د.إ15.7b	46.0%	PB1.4x	Financials
EMAAR Emaar Properties PJSC	د.إ12.90	10.3% +د.إ10.6b	1.2%	PE6x	Real Estate
ALDAR Aldar Properties PJSC	د.إ8.86	14.5% +د.إ8.8b	9.5%	PE8.8x	Real Estate
ADCB Abu Dhabi Commercial Bank PJSC	د.إ15.06	7.6% +د.إ8.4b	27.6%	PB1.4x	Financials

Company

Last Price

Valuation

Sector

TAQA Abu Dhabi National Energy Company PJSC

د.إ2.64

13.3%
+د.إ34.9b

-24.1%

PE39.9x

Utilities

EMIRATESNBD Emirates NBD Bank PJSC

د.إ31.18

8.6%
+د.إ15.7b

46.0%

PB1.4x

Financials

EMAAR Emaar Properties PJSC

د.إ12.90

10.3%
+د.إ10.6b

1.2%

PE6x

Real Estate

ALDAR Aldar Properties PJSC

د.إ8.86

14.5%
+د.إ8.8b

9.5%

PE8.8x

Real Estate

ADCB Abu Dhabi Commercial Bank PJSC

د.إ15.06

7.6%
+د.إ8.4b

27.6%

PB1.4x

Financials

Emirates NBD Bank PJSC (DFM:EMIRATESNBD) completed the acquisition of 67.17% stake in RBL Bank Limited (NSEI:RBLBANK).

Emirates NBD Bank PJSC (DFM:EMIRATESNBD) proposed to acquire 67.17% stake in RBL Bank Limited (NSEI:RBLBANK) for approximately INR 120 billion on October 18, 2025. A cash consideration of INR 116.36 billion valued at INR 280 per share will be paid by Emirates NBD Bank PJSC. As part of consideration, INR 116.36 billion is paid towards common equity of RBL Bank Limited. In a related transaction, Emirates NBD Bank PJSC will acquire stake in RBL Bank Limited through a preferential issue. Emirates NBD Bank PJSC has adequate and firm financial resources to fulfil its obligations under the Open Offer. The transaction is subject to approval by Reserve Bank of India, Competition Commission of India, SEBI and Central Bank of UAE and Department for Promotion of Industry and Internal Trade. The deal is also subject to statutory approvals. The transaction has been approved by the Reserve Bank of India. The Board of Directors of RBL Bank Limited formed a special committee for the transaction. The offer is expected to close on December 26, 2025. The Competition Commission of India has approved the deal. As of April 1, 2026, Emirates NBD Bank (P.J.S.C) has received the approval of the Reserve Bank of India by way of its letter dated April 1, 2026, to acquire an aggregate of up to 74% of the paid-up share capital of the Bank. The Board of Directors has approved the convening of an extraordinary general meeting of the shareholders of the Bank on May 4, 2026 (“EGM”) along with the notice convening the meeting to be issued to the shareholders for seeking their approval for amendment to the Articles. As per the announcement dated May 15, 2026 Government of India, Ministry of Finance dated May 14, 2026, inter alia, approving the Investor’s proposed acquisition in the Bank in excess of 49% and up to 74% of the total paid-up equity share capital of the Bank. As of May 22, 2026, the expected completion of the transaction is on June 12, 2026. As of May 25, 2026, the deal has been unanimously recommended by the committee of independent directors of RBL Bank Limited. As of June 1, 2026 Equity Shares, constituting 0.00% of the Offer Size, have been tendered in the Open Offer Escrow Demat Account namely “MIIPL RBL BANK LTD OPEN OFFER ESCROW DEMAT ACCOUNT” opened with Ventura Securities Limited. The above mentioned number of the Equity Shares tendered by the Public Shareholders may differ from the number of the Equity Shares which will be accepted by the Acquirer in the Open Offer. Nilay Bang of J.P. Morgan India Private Limited acted as the manager to the offer for Emirates NBD Bank PJSC. J.P. Morgan India Private Limited, Ernst & Young LLP, Investment Banking Arm and NeoStrat Advisors LLP acted as financials advisors to Emirates NBD Bank PJSC. Veena Sivaramakrishnan, Anirban Bhattacharya, Dhananjai Charan, Harman Singh Sandhu, Aman Singh Sethi, Yogesh Chande, Pallavi Shroff, Raghubir Menon and Navruz Vakil of Shardul Amarchand Mangaldas & Co acted as legal advisor to Emirates NBD Bank PJSC. AZB & Partners acted as legal advisor to RBL Bank Limited. Pradnya Karanjekar of MUFG Intime India Private Limited is acting as the registrar to Emirates NBD Bank PJSC. Emirates NBD Bank PJSC (DFM:EMIRATESNBD) completed the acquisition of 67.17% stake in RBL Bank Limited (NSEI:RBLBANK) on June 18, 2026. Along with open offer investment through preferential issue of shares has also been completed. Following the completion of the transaction, Emirates NBD holds 60% of the expanded share capital of RBL Bank.

Emirati (ADX) Market Analysis & Valuation

Market Valuation and Performance

Sector Trends

Top Stock Gainers and Losers

Market Insights

Watt's left in the overcrowded power trade?

Latest News

Emirates NBD Bank PJSC (DFM:EMIRATESNBD) completed the acquisition of 67.17% stake in RBL Bank Limited (NSEI:RBLBANK).

Now 21% overvalued after recent price rise

Investor sentiment improves as stock rises 15%

ADNOCDRILL: Upcoming Interim Dividend And Fair Value Outlook Will Shape Returns

Investor sentiment improves as stock rises 15%

New minor risk - Dividend sustainability

New minor risk - Share price stability

Now 21% undervalued

Digital Saturation And Provisioning Will Shape A Cautious Outlook On Future Earnings

New minor risk - Share price stability

Dubai Electricity and Water Authority (PJSC) Just Beat Earnings Expectations: Here's What Analysts Think Will Happen Next

First quarter 2026 earnings released: EPS: د.إ0.22 (vs د.إ0.042 in 1Q 2025)

Analysts Have Made A Financial Statement On Emirates Integrated Telecommunications Company PJSC's (DFM:DU) First-Quarter Report

First quarter 2026 earnings released: EPS: د.إ0.43 (vs د.إ0.44 in 1Q 2025)

First quarter 2026 earnings released: EPS: د.إ0.008 (vs د.إ0.011 in 1Q 2025)

Upcoming dividend of د.إ0.043 per share