Emaar Development PJSC Valuation

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

Below Fair Value: EMAARDEV (AED10.95) is trading below our estimate of fair value (AED28.15)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for EMAARDEV. This is calculated by dividing EMAARDEV's market cap by their current earnings.
What is EMAARDEV's PE Ratio?
PE Ratio	6.1x
Earnings	د.إ7.14b
Market Cap	د.إ43.80b

EMAARDEV 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	1.5x
Enterprise Value/EBITDA	2.8x
PEG Ratio	1.3x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for EMAARDEV 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	10.5x
EMAAR Emaar Properties PJSC	7x	3.4%	د.إ83.3b
DEYAAR Deyaar Development PJSC	7.5x	11.6%	د.إ4.0b
RAKPROP RAK Properties PJSC	15.3x	n/a	د.إ3.3b
ALDAR Aldar Properties PJSC	12.1x	13.6%	د.إ61.0b
EMAARDEV Emaar Development PJSC	6.1x	4.6%	د.إ43.8b

Price-To-Earnings vs Peers: EMAARDEV is good value based on its Price-To-Earnings Ratio (6.1x) compared to the peer average (10.5x).

Price to Earnings Ratio vs Industry

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

48 Companies	Price / Earnings	Estimated Growth	Market Cap

48 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: EMAARDEV is good value based on its Price-To-Earnings Ratio (6.1x) compared to the Asian Real Estate industry average (14.9x).

Price to Earnings Ratio vs Fair Ratio

What is EMAARDEV'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.

EMAARDEV PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	6.1x
Fair PE Ratio	8.2x

Price-To-Earnings vs Fair Ratio: EMAARDEV is good value based on its Price-To-Earnings Ratio (6.1x) compared to the estimated Fair Price-To-Earnings Ratio (8.2x).

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 EMAARDEV 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.إ10.95	د.إ11.33 +3.5%	10.8%	د.إ13.50	د.إ9.42	n/a	10
Nov ’25	د.إ9.54	د.إ11.25 +18.0%	10.8%	د.إ13.50	د.إ9.42	n/a	10
Oct ’25	د.إ8.58	د.إ11.10 +29.4%	11.9%	د.إ13.50	د.إ9.42	n/a	10
Sep ’25	د.إ8.41	د.إ10.22 +21.5%	6.4%	د.إ11.30	د.إ9.42	n/a	8
Aug ’25	د.إ8.51	د.إ10.14 +19.2%	6.5%	د.إ11.30	د.إ9.32	n/a	8
Jul ’25	د.إ8.00	د.إ9.96 +24.5%	8.7%	د.إ11.30	د.إ8.20	n/a	10
Jun ’25	د.إ7.42	د.إ9.96 +34.3%	8.7%	د.إ11.30	د.إ8.20	n/a	10
May ’25	د.إ8.48	د.إ9.82 +15.8%	9.2%	د.إ11.30	د.إ8.20	n/a	11
Apr ’25	د.إ8.54	د.إ9.53 +11.6%	9.3%	د.إ11.00	د.إ8.20	n/a	11
Mar ’25	د.إ8.19	د.إ8.70 +6.3%	12.2%	د.إ11.00	د.إ7.02	n/a	11
Feb ’25	د.إ6.95	د.إ8.50 +22.4%	12.5%	د.إ11.00	د.إ7.02	n/a	11
Jan ’25	د.إ7.15	د.إ8.40 +17.4%	13.5%	د.إ11.00	د.إ7.02	n/a	11
Dec ’24	د.إ6.82	د.إ8.42 +23.4%	14.1%	د.إ11.00	د.إ7.02	n/a	10
Nov ’24	د.إ6.23	د.إ7.84 +25.8%	9.0%	د.إ9.00	د.إ7.02	د.إ9.54	10
Oct ’24	د.إ7.00	د.إ7.56 +8.0%	9.4%	د.إ9.00	د.إ7.00	د.إ8.58	9
Sep ’24	د.إ6.54	د.إ7.32 +11.9%	12.8%	د.إ9.00	د.إ5.70	د.إ8.41	9
Aug ’24	د.إ6.45	د.إ7.10 +10.0%	13.9%	د.إ9.00	د.إ5.70	د.إ8.51	10
Jul ’24	د.إ5.78	د.إ6.71 +16.0%	12.1%	د.إ9.00	د.إ5.70	د.إ8.00	11
Jun ’24	د.إ5.24	د.إ6.67 +27.4%	12.2%	د.إ9.00	د.إ5.70	د.إ7.42	11
May ’24	د.إ5.45	د.إ6.26 +14.9%	9.2%	د.إ7.50	د.إ5.50	د.إ8.48	9
Apr ’24	د.إ5.51	د.إ6.11 +10.9%	9.6%	د.إ7.50	د.إ5.50	د.إ8.54	8
Mar ’24	د.إ4.90	د.إ6.05 +23.5%	10.6%	د.إ7.50	د.إ5.31	د.إ8.19	8
Feb ’24	د.إ4.61	د.إ6.03 +30.8%	10.6%	د.إ7.50	د.إ5.31	د.إ6.95	8
Jan ’24	د.إ4.41	د.إ6.03 +36.7%	10.6%	د.إ7.50	د.إ5.31	د.إ7.15	8
Dec ’23	د.إ4.18	د.إ6.03 +44.2%	10.6%	د.إ7.50	د.إ5.31	د.إ6.82	8
Nov ’23	د.إ4.25	د.إ5.80 +36.4%	5.6%	د.إ6.40	د.إ5.48	د.إ6.23	7

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