Qatar National Bank

CASE:QNBE Stock Report

Market Cap: ج.م89.5b

Qatar National Bank Valuation

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

Valuation Score

4/6

Valuation Score 4/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

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

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: QNBE (EGP41.53) is trading above our estimate of future cash flow value (EGP31.16)

Significantly Below Future Cash Flow Value: QNBE is trading above our estimate of future cash flow value.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for QNBE. This is calculated by dividing QNBE's market cap by their current earnings.
What is QNBE's PE Ratio?
PE Ratio3.4x
Earningsج.م26.16b
Market Capج.م89.49b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for QNBE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average3.6x
HDBK Housing and Development Bank- Egypt (S.A.E)
3.1x-2.58%ج.م58.6b
ADIB Abu Dhabi Islamic Bank - Egypt -E
3.6x15.04%ج.م45.4b
FAIT Faisal Islamic Bank of Egypt
3.8xn/aج.م28.9b
CIEB Credit Agricole - Egypt Bank (S.A.E.)
3.7x6.79%ج.م26.9b
QNBE Qatar National Bank
3.4x16.46%ج.م89.5b

Price-To-Earnings vs Peers: QNBE is good value based on its Price-To-Earnings Ratio (3.4x) compared to the peer average (3.6x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does QNBE's PE Ratio compare vs other companies in the African Banks Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
QNBE 3.4xIndustry Avg. 9.2xNo. of Companies14PE0612182430+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: QNBE is good value based on its Price-To-Earnings Ratio (3.4x) compared to the African Banks industry average (9.6x).

Price to Earnings Ratio vs Fair Ratio

What is QNBE'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.

QNBE PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio3.4x
Fair PE Ratio4.9x

Price-To-Earnings vs Fair Ratio: QNBE is good value based on its Price-To-Earnings Ratio (3.4x) compared to the estimated Fair Price-To-Earnings Ratio (4.9x).

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 QNBE forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentج.م41.53
ج.م63.71
+53.41%
14.31%ج.م77.50ج.م54.20n/a4
Feb ’27ج.م41.90
ج.م64.97
+55.06%
13.13%ج.م77.50ج.م54.20n/a5
Jan ’27ج.م46.36
ج.م65.10
+40.42%
9.96%ج.م70.00ج.م54.20n/a4
Dec ’26ج.م39.91
ج.م64.73
+62.20%
11.51%ج.م70.00ج.م54.20n/a3
Nov ’26ج.م32.60
ج.م61.70
+89.26%
19.02%ج.م70.00ج.م45.10n/a3
Oct ’26ج.م30.08
ج.م61.70
+105.12%
19.02%ج.م70.00ج.م45.10n/a3
Sep ’26ج.م29.29
ج.م61.70
+110.65%
19.02%ج.م70.00ج.م45.10n/a3
Aug ’26ج.م29.10
ج.م57.90
+98.97%
20.02%ج.م70.00ج.م45.10n/a4
Jul ’26ج.م28.18
ج.م57.90
+105.46%
20.02%ج.م70.00ج.م45.10n/a4
Jun ’26ج.م29.34
ج.م57.60
+96.32%
18.03%ج.م70.00ج.م45.10n/a5
May ’26ج.م29.60
ج.م57.60
+94.59%
18.03%ج.م70.00ج.م45.10n/a5
Apr ’26ج.م29.97
ج.م57.60
+92.19%
18.03%ج.م70.00ج.م45.10n/a5
Mar ’26ج.م32.00
ج.م57.60
+80.00%
18.03%ج.م70.00ج.م45.10ج.م41.765
Feb ’26ج.م30.07
ج.م57.60
+91.55%
18.03%ج.م70.00ج.م45.10ج.م41.905
Jan ’26ج.م31.97
ج.م50.33
+57.41%
16.28%ج.م60.00ج.م39.80ج.م46.364
Dec ’25ج.م34.52
ج.م50.33
+45.79%
16.28%ج.م60.00ج.م39.80ج.م39.914
Nov ’25ج.م31.20
ج.م48.80
+56.41%
15.28%ج.م60.00ج.م39.80ج.م32.604
Oct ’25ج.م31.54
ج.م48.80
+54.72%
15.28%ج.م60.00ج.م39.80ج.م30.084
Sep ’25ج.م27.41
ج.م48.80
+78.04%
15.28%ج.م60.00ج.م39.80ج.م29.294
Aug ’25ج.م28.76
ج.م48.80
+69.68%
15.28%ج.م60.00ج.م39.80ج.م29.104
Jul ’25ج.م30.24
ج.م51.30
+69.64%
13.79%ج.م60.00ج.م40.60ج.م28.184
Jun ’25ج.م29.40
ج.م51.30
+74.49%
13.79%ج.م60.00ج.م40.60ج.م29.344
May ’25ج.م31.32
ج.م49.63
+58.45%
15.84%ج.م60.00ج.م40.60ج.م29.604
Apr ’25ج.م32.01
ج.م44.75
+39.80%
12.63%ج.م54.30ج.م40.50ج.م29.974
Mar ’25ج.م36.01
ج.م44.75
+24.27%
12.63%ج.م54.30ج.م40.50ج.م32.004
ج.م63.71
Fair Value
34.8% undervalued intrinsic discount
4
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/03/04 06:56
End of Day Share Price 2026/03/04 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

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.

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 Github.

Analyst Sources

Qatar National Bank is covered by 11 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Fatma HergliAlphaMena
Monette DossBeltone Financial
Abanob MagdyBeltone Financial