Borouge Valuation

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

Valuation Score

4/6

Valuation Score 4/6

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 BOROUGE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BOROUGE (AED2.43) is trading below our estimate of fair value (AED2.52)

Significantly Below Fair Value: BOROUGE is trading below fair value, but not by a significant amount.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for BOROUGE. This is calculated by dividing BOROUGE's market cap by their current earnings.
What is BOROUGE's PE Ratio?
PE Ratio	16.8x
Earnings	US$1.18b
Market Cap	US$19.88b

BOROUGE key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	3.9x
Enterprise Value/EBITDA	9.5x
PEG Ratio	3x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for BOROUGE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	97.3x
FERTIGLB Fertiglobe	25.6x	15.5%	د.إ20.2b
WLK Westlake	173.1x	54.6%	US$16.8b
LYB LyondellBasell Industries	12.7x	10.9%	US$27.2b
A051910 LG Chem	177.7x	74.2%	₩22.7t
BOROUGE Borouge	16.8x	5.7%	د.إ73.0b

Price-To-Earnings vs Peers: BOROUGE is good value based on its Price-To-Earnings Ratio (16.8x) compared to the peer average (97.3x).

Price to Earnings Ratio vs Industry

How does BOROUGE's PE Ratio compare vs other companies in the Asian Chemicals Industry?

24 Companies	Price / Earnings	Estimated Growth	Market Cap

24 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: BOROUGE is good value based on its Price-To-Earnings Ratio (16.8x) compared to the Asian Chemicals industry average (22.8x).

Price to Earnings Ratio vs Fair Ratio

What is BOROUGE'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.

BOROUGE PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	16.8x
Fair PE Ratio	20.3x

Price-To-Earnings vs Fair Ratio: BOROUGE is good value based on its Price-To-Earnings Ratio (16.8x) compared to the estimated Fair Price-To-Earnings Ratio (20.3x).

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 BOROUGE forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	د.إ2.43	د.إ2.81 +15.7%	8.9%	د.إ3.30	د.إ2.50	n/a	9
Nov ’25	د.إ2.54	د.إ2.82 +11.1%	8.4%	د.إ3.30	د.إ2.50	n/a	9
Oct ’25	د.إ2.48	د.إ2.82 +13.7%	8.4%	د.إ3.30	د.إ2.50	n/a	9
Sep ’25	د.إ2.52	د.إ2.82 +11.9%	8.4%	د.إ3.30	د.إ2.50	n/a	9
Aug ’25	د.إ2.45	د.إ2.83 +15.3%	8.8%	د.إ3.34	د.إ2.50	n/a	9
Jul ’25	د.إ2.37	د.إ2.83 +19.5%	8.6%	د.إ3.34	د.إ2.50	n/a	9
Jun ’25	د.إ2.37	د.إ2.84 +19.9%	8.6%	د.إ3.34	د.إ2.50	n/a	9
May ’25	د.إ2.47	د.إ2.84 +15.1%	8.6%	د.إ3.34	د.إ2.50	n/a	9
Apr ’25	د.إ2.49	د.إ2.86 +14.9%	7.6%	د.إ3.34	د.إ2.60	n/a	9
Mar ’25	د.إ2.45	د.إ2.87 +17.2%	7.2%	د.إ3.34	د.إ2.65	n/a	9
Feb ’25	د.إ2.41	د.إ2.88 +19.7%	6.5%	د.إ3.34	د.إ2.65	n/a	10
Jan ’25	د.إ2.47	د.إ2.88 +16.7%	6.6%	د.إ3.34	د.إ2.65	n/a	10
Dec ’24	د.إ2.51	د.إ2.91 +16.1%	7.4%	د.إ3.34	د.إ2.65	n/a	10
Nov ’24	د.إ2.51	د.إ2.93 +16.7%	7.6%	د.إ3.34	د.إ2.65	د.إ2.54	10
Oct ’24	د.إ2.64	د.إ2.95 +11.8%	8.0%	د.إ3.34	د.إ2.65	د.إ2.48	10
Sep ’24	د.إ2.74	د.إ2.95 +7.7%	8.0%	د.إ3.34	د.إ2.65	د.إ2.52	10
Aug ’24	د.إ2.73	د.إ2.98 +9.3%	7.3%	د.إ3.34	د.إ2.65	د.إ2.45	10
Jul ’24	د.إ2.64	د.إ2.99 +13.4%	6.9%	د.إ3.34	د.إ2.69	د.إ2.37	11
Jun ’24	د.إ2.60	د.إ3.03 +16.6%	6.6%	د.إ3.34	د.إ2.70	د.إ2.37	10
May ’24	د.إ2.65	د.إ3.02 +14.0%	6.8%	د.إ3.34	د.إ2.70	د.إ2.47	8
Apr ’24	د.إ2.57	د.إ3.07 +19.5%	8.1%	د.إ3.44	د.إ2.65	د.إ2.49	8
Mar ’24	د.إ2.54	د.إ3.05 +20.0%	11.2%	د.إ3.44	د.إ2.50	د.إ2.45	8
Feb ’24	د.إ2.64	د.إ3.06 +15.8%	11.1%	د.إ3.44	د.إ2.50	د.إ2.41	8
Jan ’24	د.إ2.53	د.إ3.08 +21.6%	10.7%	د.إ3.44	د.إ2.50	د.إ2.47	8
Dec ’23	د.إ2.68	د.إ3.09 +15.3%	10.9%	د.إ3.44	د.إ2.50	د.إ2.51	8
Nov ’23	د.إ2.66	د.إ3.15 +18.3%	8.6%	د.إ3.44	د.إ2.60	د.إ2.51	8

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