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Qatari (QE) Market Analysis & Valuation

UpdatedDec 20, 2025
DataAggregated Company Financials
Companies53
  • 7D-2.3%
  • 3M-5.9%
  • 1Y2.8%
  • YTD3.2%

Over the last 7 days, the market has dropped 2.3%, driven by pullbacks in every sector, especially the Financials sector. Overall the market has been flat in the last year. Earnings are forecast to grow by 8.0% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 20 Dec 2025ر.ق634.8bر.ق201.3bر.ق50.6b12.1x12.5x3.2x
Mon, 17 Nov 2025ر.ق647.1bر.ق201.3bر.ق50.6b12.3x12.8x3.2x
Wed, 15 Oct 2025ر.ق640.6bر.ق199.7bر.ق50.3b12.4x12.7x3.2x
Fri, 12 Sep 2025ر.ق659.7bر.ق199.1bر.ق50.3b12.5x13.1x3.3x
Sun, 10 Aug 2025ر.ق673.7bر.ق199.0bر.ق50.3b13.8x13.4x3.4x
Tue, 08 Jul 2025ر.ق638.1bر.ق196.6bر.ق49.6b13.2x12.9x3.2x
Thu, 05 Jun 2025ر.ق624.1bر.ق196.4bر.ق49.5b12.8x12.6x3.2x
Sat, 03 May 2025ر.ق607.6bر.ق196.3bر.ق48.9b12.1x12.4x3.1x
Mon, 31 Mar 2025ر.ق600.4bر.ق195.8bر.ق49.1b12.8x12.2x3.1x
Wed, 26 Feb 2025ر.ق620.3bر.ق195.8bر.ق49.1b13.8x12.6x3.2x
Fri, 24 Jan 2025ر.ق623.9bر.ق191.5bر.ق48.5b13.8x12.9x3.3x
Sun, 22 Dec 2024ر.ق619.4bر.ق191.7bر.ق48.0b13.2x12.9x3.2x
Tue, 19 Nov 2024ر.ق620.0bر.ق191.7bر.ق48.0b13.3x12.9x3.2x
Thu, 17 Oct 2024ر.ق631.9bر.ق190.0bر.ق47.4b13.6x13.3x3.3x
Sat, 14 Sep 2024ر.ق602.6bر.ق190.9bر.ق46.9b13.3x12.8x3.2x
Mon, 12 Aug 2024ر.ق575.3bر.ق190.5bر.ق46.5b12.9x12.4x3x
Wed, 10 Jul 2024ر.ق587.2bر.ق189.6bر.ق46.6b13.1x12.6x3.1x
Fri, 07 Jun 2024ر.ق552.9bر.ق188.6bر.ق46.3b12.9x11.9x2.9x
Sun, 05 May 2024ر.ق552.4bر.ق188.5bر.ق45.8b13.2x12.1x2.9x
Tue, 02 Apr 2024ر.ق572.5bر.ق184.7bر.ق45.6b13.6x12.6x3.1x
Thu, 29 Feb 2024ر.ق604.3bر.ق184.2bر.ق46.3b13.7x13.1x3.3x
Sat, 27 Jan 2024ر.ق601.2bر.ق186.5bر.ق45.7b14.3x13.1x3.2x
Mon, 25 Dec 2023ر.ق602.2bر.ق185.6bر.ق45.2b14x13.3x3.2x
Wed, 22 Nov 2023ر.ق596.0bر.ق185.6bر.ق45.2b14.4x13.2x3.2x
Fri, 20 Oct 2023ر.ق579.0bر.ق185.6bر.ق45.5b13.4x12.7x3.1x
Sun, 17 Sep 2023ر.ق605.8bر.ق185.0bر.ق45.5b14.3x13.3x3.3x
Tue, 15 Aug 2023ر.ق629.4bر.ق183.6bر.ق45.4b14.5x13.9x3.4x
Thu, 13 Jul 2023ر.ق599.9bر.ق185.9bر.ق46.6b13.9x12.9x3.2x
Sat, 10 Jun 2023ر.ق599.6bر.ق185.9bر.ق45.9b14.6x13.1x3.2x
Mon, 08 May 2023ر.ق624.9bر.ق187.3bر.ق48.3b13.9x12.9x3.3x
Wed, 05 Apr 2023ر.ق603.3bر.ق175.0bر.ق46.8b13.5x12.9x3.4x
Fri, 03 Mar 2023ر.ق611.5bر.ق185.6bر.ق47.5b13.7x12.9x3.3x
Sun, 29 Jan 2023ر.ق630.7bر.ق186.9bر.ق49.0b14.9x12.9x3.4x
Tue, 27 Dec 2022ر.ق621.4bر.ق183.0bر.ق48.0b14.4x13x3.4x
Price to Earnings Ratio

13x


Total Market Cap: ر.ق621.4bTotal Earnings: ر.ق48.0bTotal Revenue: ر.ق183.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Qatari Market Price to Earnings3Y Average 12.8x202320242025
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 12.8x.
Past Earnings Growth
  • The earnings for Qatari listed companies have remained mostly flat over the last three years.
  • Meanwhile revenues have grown 3.2% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.

Sector Trends

Which sectors have driven the changes within the Qatari Market?

QA Market-2.27%
Tech-0.21%
Consumer Discretionary-0.30%
Consumer Staples-0.35%
Utilities-1.45%
Healthcare-1.47%
Real Estate-1.81%
Telecom-2.16%
Energy-2.27%
Financials-2.29%
Materials-2.51%
Industrials-2.76%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading close to its 3-year average PE ratio of 34.1x.
    • It looks like investors are confident that earnings will grow faster in the future than they have historically.
  • The Financials sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 11.3x.
Forecasted Growth
  • Analysts are most optimistic on the Utilities sector, expecting annual earnings growth of 11% over the next 5 years.
  • This is better than its past earnings decline of 24% per year.
  • In contrast, the Industrials sector is expected to see its earnings grow by 4.1% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
CBQK Commercial Bank (P.S.Q.C.)ر.ق4.242.7%
+ر.ق457.3m		-1.4%PB0.6xFinancials
IGRD Estithmar Holding Q.P.S.Cر.ق3.781.9%
+ر.ق262.1m		127.5%PE17.8xIndustrials
QATI Qatar Insurance Company Q.S.P.Cر.ق2.051.4%
+ر.ق91.5m		-8.0%PE10.9xFinancials
DHBK Doha Bank Q.P.S.Cر.ق2.800.8%
+ر.ق71.3m		40.0%PB0.6xFinancials
MERS Al Meera Consumer Goods Company Q.P.S.Cر.ق14.651.5%
+ر.ق45.3m		1.0%PE17.7xConsumer Staples
See more

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QATI
ر.ق2.05
Qatar Insurance Company Q.S.P.C
7D
1.4%
1Y
-8.0%
CBQK
ر.ق4.24
Commercial Bank (P.S.Q.C.)
7D
2.7%
1Y
-1.4%

CBQK: Lower Risk Profile May Still Lead To Overstretched Earnings Multiple

Analysts have raised their price target on Commercial Bank (P.S.Q.C.) from QAR 3.36 to approximately QAR 3.42. This reflects increased confidence in higher revenue growth and a lower perceived risk profile, despite slightly softer long term profit margin assumptions and valuation multiples.
DHBK
ر.ق2.80
Doha Bank Q.P.S.C
7D
0.8%
1Y
40.0%

DHBK: Future Performance Will Reflect Stable Margins And Slightly Adjusted Risk Expectations

Analysts have nudged their price target for Doha Bank Q.P.S.C. slightly higher to QAR 2.97, reflecting modest tweaks to the discount rate and long term valuation assumptions while leaving growth and margin expectations largely unchanged. Valuation Changes Fair Value Estimate maintained at approximately QAR 2.97 per share, with no material change in the intrinsic value calculation.
QGTS
ر.ق4.37
Qatar Gas Transport Company Limited (Nakilat) (QPSC)
7D
-3.0%
1Y
6.3%

Returns At Qatar Gas Transport Company Limited (Nakilat) (QPSC) (DSM:QGTS) Appear To Be Weighed Down

Dec 17
Returns At Qatar Gas Transport Company Limited (Nakilat) (QPSC) (DSM:QGTS) Appear To Be Weighed Down
MPHC
ر.ق1.12
Mesaieed Petrochemical Holding Company Q.P.S.C
7D
-3.4%
1Y
-26.9%
QIBK
ر.ق23.86
Qatar Islamic Bank (Q.P.S.C.)
7D
-3.0%
1Y
14.4%

QIBK: Slightly Lower Discount Rate Will Support Stable Earnings Outlook

Analysts have trimmed their price target on Qatar Islamic Bank (Q.P.S.C.) slightly to QAR 26.23, reflecting fine-tuned assumptions around the bank's discount rate and valuation multiples, while keeping core earnings expectations largely unchanged. Valuation Changes Fair Value Estimate, unchanged at QAR 26.23 per share, indicating no revision to the intrinsic value assessment.
IQCD
ر.ق11.80
Industries Qatar Q.P.S.C
7D
-4.0%
1Y
-8.5%

Risks To Shareholder Returns Are Elevated At These Prices For Industries Qatar Q.P.S.C. (DSM:IQCD)

Dec 15
Risks To Shareholder Returns Are Elevated At These Prices For Industries Qatar Q.P.S.C. (DSM:IQCD)
IGRD
ر.ق3.78
Estithmar Holding Q.P.S.C
7D
1.9%
1Y
127.5%

Here's Why We Think Estithmar Holding Q.P.S.C (DSM:IGRD) Might Deserve Your Attention Today

Dec 10
Here's Why We Think Estithmar Holding Q.P.S.C (DSM:IGRD) Might Deserve Your Attention Today
QNBK
ر.ق18.35
Qatar National Bank (Q.P.S.C.)
7D
-3.1%
1Y
6.4%

QNBK Digital-First Expansion In Egypt And Saudi Arabia Will Drive Stronger Outlook

Analysts have nudged their price target for Qatar National Bank (Q.P.S.C.) slightly higher to QAR 21.66, citing a steady outlook for revenue, profit margins, and valuation multiples that supports maintaining the bank's fair value assessment. What's in the News Qatar National Bank issued earnings guidance for 2025, warning that a 1% full year decline in interest rates could reduce net interest income by QAR 600 million to QAR 800 million if no mitigating actions are taken (corporate guidance).
ORDS
ر.ق13.03
Ooredoo Q.P.S.C
7D
-1.7%
1Y
12.6%

ORDS: Expanding Telecom API Partnerships Will Drive Stronger Future Profit Margins

Analysts have modestly raised their price target on Ooredoo Q.P.S.C. from QAR 16.14 to QAR 16.61, reflecting slightly higher expectations for revenue growth and profit margins, even with a marginal uptick in the assumed discount rate. What's in the News Ooredoo Group entered a new collaboration with Aduna to make its standardized telecom APIs available to banks, fintechs, e commerce platforms, and digital service providers across MENA and globally via a single platform, supporting secure cross border digital transactions and simplified integrations (Key Developments).
WDAM
ر.ق1.53
Widam Food Company Q.P.S.C
7D
12.8%
1Y
-39.4%

Widam Food Company Q.P.S.C.'s (DSM:WDAM) Share Price Not Quite Adding Up

Nov 24
Widam Food Company Q.P.S.C.'s (DSM:WDAM) Share Price Not Quite Adding Up
MERS
ر.ق14.65
Al Meera Consumer Goods Company Q.P.S.C
7D
1.5%
1Y
1.0%
DUBK
ر.ق3.47
Dukhan Bank Q.P.S.C
7D
-2.6%
1Y
-2.8%
ZHCD
ر.ق13.93
Zad Holding Company Q.P.S.C
7D
0.4%
1Y
1.6%
ERES
ر.ق1.09
Ezdan Holding Group Q.P.S.C
7D
-1.5%
1Y
-5.1%

Ezdan Holding Group Q.P.S.C. (DSM:ERES) Not Flying Under The Radar

Oct 21
Ezdan Holding Group Q.P.S.C. (DSM:ERES) Not Flying Under The Radar
AHCS
ر.ق0.84
Aamal Company Q.P.S.C
7D
0.7%
1Y
-4.8%