Emaar Properties PJSC

DFM:EMAAR Stock Report

Market Cap: د.إ114.0b

Emaar Properties PJSC Valuation

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

Valuation Score

5/6

Valuation Score 5/6

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

Below Fair Value: EMAAR (AED12.9) is trading below our estimate of fair value (AED23.77)

Significantly Below Fair Value: EMAAR is trading below fair value by more than 20%.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for EMAAR. This is calculated by dividing EMAAR's market cap by their current earnings.
What is EMAAR's PE Ratio?
PE Ratio9.6x
Earningsد.إ11.92b
Market Capد.إ114.02b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for EMAAR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average10.1x
EMAARDEV Emaar Development PJSC
7x14.1%د.إ50.0b
DEYAAR Deyaar Development PJSC
7.6x11.6%د.إ4.1b
RAKPROP RAK Properties PJSC
14.2xn/aد.إ3.1b
ALDAR Aldar Properties PJSC
11.7x13.6%د.إ59.0b
EMAAR Emaar Properties PJSC
9.6x7.5%د.إ114.0b

Price-To-Earnings vs Peers: EMAAR is good value based on its Price-To-Earnings Ratio (9.6x) compared to the peer average (10.1x).

Price to Earnings Ratio vs Industry

How does EMAAR's PE Ratio compare vs other companies in the Asian Real Estate Industry?

51 CompaniesPrice / EarningsEstimated GrowthMarket Cap
EMAAR 9.6xIndustry Avg. 15.0xNo. of Companies134PE01224364860+
51 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: EMAAR is good value based on its Price-To-Earnings Ratio (9.6x) compared to the Asian Real Estate industry average (15x).

Price to Earnings Ratio vs Fair Ratio

What is EMAAR'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.

EMAAR PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio9.6x
Fair PE Ratio9.6x

Price-To-Earnings vs Fair Ratio: EMAAR is good value based on its Price-To-Earnings Ratio (9.6x) compared to the estimated Fair Price-To-Earnings Ratio (9.6x).

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 EMAAR forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentد.إ12.90
د.إ12.79
-0.9%
17.2%د.إ18.00د.إ10.48n/a11
Dec ’25د.إ9.55
د.إ11.43
+19.7%
11.1%د.إ14.80د.إ9.50n/a11
Nov ’25د.إ8.84
د.إ11.29
+27.7%
9.7%د.إ13.90د.إ9.50n/a10
Oct ’25د.إ8.61
د.إ11.14
+29.4%
10.7%د.إ13.90د.إ9.50n/a10
Sep ’25د.إ8.44
د.إ10.92
+29.4%
9.9%د.إ13.50د.إ9.50n/a9
Aug ’25د.إ8.60
د.إ10.60
+23.2%
8.1%د.إ12.30د.إ9.50n/a9
Jul ’25د.إ8.23
د.إ10.44
+26.9%
9.4%د.إ12.30د.إ8.65n/a11
Jun ’25د.إ7.66
د.إ10.43
+36.1%
9.4%د.إ12.30د.إ8.65n/a11
May ’25د.إ7.71
د.إ10.37
+34.5%
8.3%د.إ11.80د.إ8.65n/a12
Apr ’25د.إ8.37
د.إ9.80
+17.1%
12.0%د.إ11.80د.إ7.68n/a12
Mar ’25د.إ8.29
د.إ9.64
+16.3%
11.0%د.إ11.02د.إ7.68n/a12
Feb ’25د.إ7.54
د.إ9.45
+25.3%
10.8%د.إ11.02د.إ7.68n/a12
Jan ’25د.إ7.92
د.إ9.36
+18.1%
11.6%د.إ11.02د.إ7.27n/a12
Dec ’24د.إ7.55
د.إ9.09
+20.4%
13.9%د.إ11.02د.إ7.27د.إ9.5512
Nov ’24د.إ6.67
د.إ8.81
+32.1%
11.6%د.إ11.00د.إ7.27د.إ8.8412
Oct ’24د.إ8.04
د.إ8.36
+3.9%
8.9%د.إ9.50د.إ7.27د.إ8.6111
Sep ’24د.إ7.08
د.إ8.18
+15.6%
9.1%د.إ9.50د.إ7.27د.إ8.4411
Aug ’24د.إ7.01
د.إ7.83
+11.7%
8.9%د.إ9.26د.إ6.90د.إ8.6012
Jul ’24د.إ6.41
د.إ7.62
+18.9%
6.0%د.إ8.57د.إ6.90د.إ8.2313
Jun ’24د.إ6.06
د.إ7.59
+25.2%
6.0%د.إ8.57د.إ6.90د.إ7.6612
May ’24د.إ5.91
د.إ7.50
+26.9%
5.9%د.إ8.39د.إ6.90د.إ7.7110
Apr ’24د.إ5.60
د.إ7.49
+33.7%
6.2%د.إ8.39د.إ6.90د.إ8.379
Mar ’24د.إ5.65
د.إ7.42
+31.3%
4.8%د.إ8.12د.إ6.90د.إ8.299
Feb ’24د.إ5.64
د.إ7.39
+31.0%
4.7%د.إ8.12د.إ6.90د.إ7.5410
Jan ’24د.إ5.86
د.إ7.46
+27.2%
5.2%د.إ8.12د.إ6.90د.إ7.9210
Dec ’23د.إ6.08
د.إ7.52
+23.7%
5.4%د.إ8.07د.إ6.90د.إ7.5510

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/21 22:07
End of Day Share Price 2024/12/20 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

Emaar Properties PJSC is covered by 30 analysts. 11 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Talha Nazar ul HaqueAljazira Capital Company
Kais KriaaAlphaMena
Rim Ben Salah GharbiAlphaMena