Narrative Update • Jul 23
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Qatari (QE) Market Analysis & Valuation
UpdatedJul 25, 2026
DataAggregated Company Financials
Companies53
- 7D-1.1%
- 3M-5.2%
- 1Y-9.4%
- YTD-6.8%
Over the last 7 days, the market has dropped 1.1%, driven by a pullback of 1.8% in the Financials sector. In the last 12 months the market is down 9.4%. Looking forward, earnings are forecast to grow by 8.5% annually.
Market Valuation and Performance
Has the Qatari Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sat, 25 Jul 2026 | ر.ق599.3b | ر.ق206.3b | ر.ق51.0b | 11.7x | 11.8x | 2.9x |
| Mon, 22 Jun 2026 | ر.ق630.1b | ر.ق205.0b | ر.ق50.8b | 12.1x | 12.4x | 3.1x |
| Wed, 20 May 2026 | ر.ق620.3b | ر.ق204.5b | ر.ق50.8b | 11.7x | 12.2x | 3x |
| Fri, 17 Apr 2026 | ر.ق635.9b | ر.ق205.2b | ر.ق51.3b | 11.9x | 12.4x | 3.1x |
| Sun, 15 Mar 2026 | ر.ق617.6b | ر.ق204.3b | ر.ق51.4b | 11.5x | 12x | 3x |
| Tue, 10 Feb 2026 | ر.ق683.4b | ر.ق202.1b | ر.ق50.6b | 13x | 13.5x | 3.4x |
| Thu, 08 Jan 2026 | ر.ق660.8b | ر.ق201.4b | ر.ق50.7b | 12.7x | 13x | 3.3x |
| Sat, 06 Dec 2025 | ر.ق636.9b | ر.ق201.3b | ر.ق50.6b | 12.1x | 12.6x | 3.2x |
| Mon, 03 Nov 2025 | ر.ق649.9b | ر.ق201.9b | ر.ق50.6b | 12.4x | 12.8x | 3.2x |
| Wed, 01 Oct 2025 | ر.ق660.5b | ر.ق199.1b | ر.ق50.3b | 12.5x | 13.1x | 3.3x |
| Fri, 29 Aug 2025 | ر.ق667.9b | ر.ق199.1b | ر.ق50.3b | 12.6x | 13.3x | 3.4x |
| Sun, 27 Jul 2025 | ر.ق661.4b | ر.ق196.1b | ر.ق50.0b | 13.5x | 13.2x | 3.4x |
| Tue, 24 Jun 2025 | ر.ق610.3b | ر.ق196.7b | ر.ق49.6b | 12.3x | 12.3x | 3.1x |
| Thu, 22 May 2025 | ر.ق636.3b | ر.ق196.4b | ر.ق49.5b | 13x | 12.8x | 3.2x |
| Sat, 19 Apr 2025 | ر.ق597.4b | ر.ق196.0b | ر.ق49.0b | 12.4x | 12.2x | 3x |
| Mon, 17 Mar 2025 | ر.ق609.8b | ر.ق195.8b | ر.ق49.0b | 12.9x | 12.4x | 3.1x |
| Wed, 12 Feb 2025 | ر.ق621.8b | ر.ق195.0b | ر.ق48.9b | 13.8x | 12.7x | 3.2x |
| Fri, 10 Jan 2025 | ر.ق614.2b | ر.ق191.7b | ر.ق48.0b | 12.6x | 12.8x | 3.2x |
| Sun, 08 Dec 2024 | ر.ق615.5b | ر.ق191.7b | ر.ق48.0b | 13.1x | 12.8x | 3.2x |
| Tue, 05 Nov 2024 | ر.ق627.3b | ر.ق192.0b | ر.ق48.0b | 13.2x | 13.1x | 3.3x |
| Thu, 03 Oct 2024 | ر.ق621.5b | ر.ق189.8b | ر.ق47.0b | 13.9x | 13.2x | 3.3x |
| Sat, 31 Aug 2024 | ر.ق592.2b | ر.ق190.9b | ر.ق46.9b | 13.1x | 12.6x | 3.1x |
| Mon, 29 Jul 2024 | ر.ق587.1b | ر.ق190.2b | ر.ق46.7b | 13x | 12.6x | 3.1x |
| Wed, 26 Jun 2024 | ر.ق568.7b | ر.ق188.6b | ر.ق46.3b | 13x | 12.3x | 3x |
| Fri, 24 May 2024 | ر.ق553.2b | ر.ق188.7b | ر.ق46.3b | 13.1x | 12x | 2.9x |
| Sun, 21 Apr 2024 | ر.ق570.5b | ر.ق187.0b | ر.ق45.9b | 14x | 12.4x | 3.1x |
| Tue, 19 Mar 2024 | ر.ق590.8b | ر.ق184.9b | ر.ق45.4b | 13.8x | 13x | 3.2x |
| Thu, 15 Feb 2024 | ر.ق587.0b | ر.ق185.9b | ر.ق45.8b | 13.9x | 12.8x | 3.2x |
| Sat, 13 Jan 2024 | ر.ق610.0b | ر.ق185.6b | ر.ق45.2b | 14.4x | 13.5x | 3.3x |
| Mon, 11 Dec 2023 | ر.ق578.0b | ر.ق185.6b | ر.ق45.2b | 13.8x | 12.8x | 3.1x |
| Wed, 08 Nov 2023 | ر.ق592.6b | ر.ق187.3b | ر.ق45.6b | 14.3x | 13x | 3.2x |
| Fri, 06 Oct 2023 | ر.ق602.3b | ر.ق183.6b | ر.ق45.2b | 13.9x | 13.3x | 3.3x |
| Sun, 03 Sep 2023 | ر.ق602.6b | ر.ق185.0b | ر.ق45.5b | 13.7x | 13.2x | 3.3x |
| Tue, 01 Aug 2023 | ر.ق642.7b | ر.ق186.3b | ر.ق46.9b | 15x | 13.7x | 3.4x |
Price to Earnings Ratio
13.7x
Current Market PE
- Investors are relatively neutral on the Qatari market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
- The market is trading close to its 3-year average PE ratio of 12.7x.
Past Earnings Growth
- The earnings for Qatari listed companies have grown 2.8% per year over the last three years.
- Revenues for these companies have grown 3.6% 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 Qatari Market?
| QA Market | -1.13% | |
| Telecom | 2.41% | |
| Industrials | 0.50% | |
| Materials | -0.94% | |
| Utilities | -1.50% | |
| Financials | -1.83% | |
| Real Estate | -2.08% | |
| Energy | -2.96% | |
| Consumer Staples | -3.23% | |
| Consumer Discretionary | -3.45% | |
| Healthcare | -3.69% | |
| Tech | -3.94% | |
Sector PE
- Investors favour the Tech sector the most for future growth even though it's trading below its 3-year average PE ratio of 34.0x.
- It looks like investors are confident that earnings will grow faster in the future than they have historically.
- The Consumer Discretionary sector is the least preferred by investors for future growth, which is trading below its 3-year average of 13.7x.
Forecasted Growth
- Analysts are most optimistic on the Energy sector, expecting annual earnings growth of 13% over the next 5 years.
- This is better than its past earnings decline of 2.7% per year.
- In contrast, the Materials industry is expected to see its earnings growth to stay flat 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 | |
|---|---|---|---|---|---|---|
| ORDS Ooredoo Q.P.S.C | ر.ق13.40 | 1.9% +ر.ق800.8m | 4.6% | PE11x | Telecom | |
| IQCD Industries Qatar Q.P.S.C | ر.ق10.97 | 1.0% +ر.ق665.5m | -16.3% | PE16.4x | Industrials | |
| QIBK Qatar Islamic Bank (Q.P.S.C.) | ر.ق21.60 | 1.3% +ر.ق638.0m | -13.3% | PB1.5x | Financials | |
| VFQS Vodafone Qatar P.Q.S.C | ر.ق2.68 | 4.5% +ر.ق490.3m | 11.8% | PE15.3x | Telecom | |
| ABQK Ahli Bank Q.P.S.C | ر.ق4.07 | 2.5% +ر.ق252.6m | 8.7% | PB1.4x | Financials |