Emirates NBD Bank PJSC

DFM:EMIRATESNBD Stock Report

Market Cap: د.إ127.3b

Emirates NBD Bank PJSC Valuation

Is EMIRATESNBD undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of EMIRATESNBD when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: EMIRATESNBD (AED20.15) is trading above our estimate of fair value (AED13.34)

Significantly Below Fair Value: EMIRATESNBD is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for EMIRATESNBD?

Key metric: As EMIRATESNBD is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for EMIRATESNBD. This is calculated by dividing EMIRATESNBD's market cap by their current earnings.
What is EMIRATESNBD's PE Ratio?
PE Ratio5.7x
Earningsد.إ22.50b
Market Capد.إ127.28b

Price to Earnings Ratio vs Peers

How does EMIRATESNBD's PE Ratio compare to its peers?

The above table shows the PE ratio for EMIRATESNBD vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average9.7x
FAB First Abu Dhabi Bank P.J.S.C
9x1.9%د.إ146.0b
ADCB Abu Dhabi Commercial Bank PJSC
8.6x2.6%د.إ75.1b
ADIB Abu Dhabi Islamic Bank PJSC
9.1x4.2%د.إ49.4b
EIB Emirates Islamic Bank PJSC
12.1xn/aد.إ35.9b
EMIRATESNBD Emirates NBD Bank PJSC
5.7x-4.3%د.إ127.3b

Price-To-Earnings vs Peers: EMIRATESNBD is good value based on its Price-To-Earnings Ratio (5.7x) compared to the peer average (9.7x).

Price to Earnings Ratio vs Industry

How does EMIRATESNBD's PE Ratio compare vs other companies in the Asian Banks Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
EMIRATESNBD 5.7xIndustry Avg. 8.8xNo. of Companies75PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: EMIRATESNBD is good value based on its Price-To-Earnings Ratio (5.7x) compared to the Asian Banks industry average (8.8x).

Price to Earnings Ratio vs Fair Ratio

What is EMIRATESNBD's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

EMIRATESNBD PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio5.7x
Fair PE Ratio7.3x

Price-To-Earnings vs Fair Ratio: EMIRATESNBD is good value based on its Price-To-Earnings Ratio (5.7x) compared to the estimated Fair Price-To-Earnings Ratio (7.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst EMIRATESNBD forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentد.إ20.15
د.إ23.80
+18.1%
10.4%د.إ28.50د.إ19.50n/a15
Dec ’25د.إ20.00
د.إ23.53
+17.7%
10.7%د.إ28.50د.إ19.50n/a15
Nov ’25د.إ19.35
د.إ23.53
+21.6%
10.7%د.إ28.50د.إ19.50n/a15
Oct ’25د.إ20.20
د.إ23.37
+15.7%
11.2%د.إ28.60د.إ19.50n/a15
Sep ’25د.إ19.70
د.إ23.37
+18.6%
11.2%د.إ28.60د.إ19.50n/a15
Aug ’25د.إ19.30
د.إ23.17
+20.0%
10.1%د.إ27.50د.إ19.50n/a15
Jul ’25د.إ16.40
د.إ22.53
+37.4%
10.2%د.إ27.50د.إ19.50n/a15
Jun ’25د.إ15.55
د.إ22.46
+44.4%
10.4%د.إ27.50د.إ19.50n/a15
May ’25د.إ16.90
د.إ22.32
+32.1%
10.8%د.إ27.50د.إ19.50n/a14
Apr ’25د.إ17.45
د.إ22.40
+28.4%
10.7%د.إ27.20د.إ19.50n/a14
Mar ’25د.إ17.25
د.إ21.82
+26.5%
11.1%د.إ27.20د.إ17.30n/a13
Feb ’25د.إ17.80
د.إ21.61
+21.4%
11.0%د.إ27.20د.إ17.30n/a13
Jan ’25د.إ17.30
د.إ21.02
+21.5%
9.9%د.إ24.60د.إ17.30n/a13
Dec ’24د.إ17.50
د.إ21.18
+21.0%
9.4%د.إ24.60د.إ17.30د.إ20.0013
Nov ’24د.إ17.25
د.إ20.73
+20.2%
10.7%د.إ24.60د.إ17.30د.إ19.3512
Oct ’24د.إ17.80
د.إ20.05
+12.6%
8.1%د.إ24.00د.إ18.10د.إ20.2010
Sep ’24د.إ16.70
د.إ19.55
+17.1%
10.9%د.إ24.00د.إ16.00د.إ19.7010
Aug ’24د.إ17.10
د.إ18.61
+8.8%
11.2%د.إ24.00د.إ16.00د.إ19.3012
Jul ’24د.إ14.85
د.إ17.09
+15.1%
13.9%د.إ19.70د.إ9.60د.إ16.4014
Jun ’24د.إ13.65
د.إ17.04
+24.8%
14.0%د.إ19.70د.إ9.60د.إ15.5514
May ’24د.إ13.95
د.إ16.68
+19.6%
13.6%د.إ19.00د.إ9.60د.إ16.9014
Apr ’24د.إ13.15
د.إ16.98
+29.2%
14.7%د.إ20.70د.إ9.60د.إ17.4513
Mar ’24د.إ13.60
د.إ16.87
+24.0%
15.2%د.إ20.70د.إ9.60د.إ17.2512
Feb ’24د.إ13.25
د.إ16.46
+24.2%
15.1%د.إ20.70د.إ9.60د.إ17.8012
Jan ’24د.إ13.00
د.إ16.51
+27.0%
15.1%د.إ20.80د.إ9.60د.إ17.3012
Dec ’23د.إ13.25
د.إ17.17
+29.6%
6.9%د.إ19.80د.إ15.00د.إ17.5011

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/18 23:12
End of Day Share Price 2024/12/18 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Emirates NBD Bank PJSC is covered by 27 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Ranya GnabaAlphaMena
Jaap MeijerArqaam Capital Research Offshore S.A.L.
Monette DossBeltone Financial