Qatar National Bank

CASE:QNBE Stock Report

Market Cap: ج.م68.8b

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

Discounted Cash Flow
Simply Wall St
ج.م37.32
Fair Value
14.5% undervalued intrinsic discount
4
Number of Analysts

Below Fair Value: QNBE (EGP31.92) is trading below our estimate of fair value (EGP37.32)

Significantly Below Fair Value: QNBE 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 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 Ratio3x
Earningsج.م23.19b
Market Capج.م68.78b

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 Average3x
HDBK Housing and Development Bank- Egypt (S.A.E)
2.5x-1.1%ج.م27.8b
ADIB Abu Dhabi Islamic Bank - Egypt -E
2.9x7.5%ج.م22.8b
CIEB Credit Agricole - Egypt Bank (S.A.E.)
3.2x3.2%ج.م23.8b
FAITA Faisal Islamic Bank of Egypt
3.5xn/aUS$583.7m
QNBE Qatar National Bank
3x8.8%ج.م68.8b

Price-To-Earnings vs Peers: QNBE is good value based on its Price-To-Earnings Ratio (3x) compared to the peer average (3x).

Price to Earnings Ratio vs Industry

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

5 CompaniesPrice / EarningsEstimated GrowthMarket Cap
QNBE 3.0xIndustry Avg. 5.3xNo. of Companies20PE0612182430+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: QNBE is good value based on its Price-To-Earnings Ratio (3x) compared to the African Banks industry average (5.3x).

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 Ratio3x
Fair PE Ratio3.4x

Price-To-Earnings vs Fair Ratio: QNBE is good value based on its Price-To-Earnings Ratio (3x) compared to the estimated Fair Price-To-Earnings Ratio (3.4x).

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.م31.92
ج.م54.50
+70.7%
17.1%ج.م68.90ج.م45.10n/a4
Jan ’26ج.م31.97
ج.م50.33
+57.4%
16.3%ج.م60.00ج.م39.80n/a4
Dec ’25ج.م34.52
ج.م50.33
+45.8%
16.3%ج.م60.00ج.م39.80n/a4
Nov ’25ج.م31.20
ج.م48.80
+56.4%
15.3%ج.م60.00ج.م39.80n/a4
Oct ’25ج.م31.54
ج.م48.80
+54.7%
15.3%ج.م60.00ج.م39.80n/a4
Sep ’25ج.م27.41
ج.م48.80
+78.0%
15.3%ج.م60.00ج.م39.80n/a4
Aug ’25ج.م28.76
ج.م48.80
+69.7%
15.3%ج.م60.00ج.م39.80n/a4
Jul ’25ج.م30.24
ج.م51.30
+69.6%
13.8%ج.م60.00ج.م40.60n/a4
Jun ’25ج.م29.40
ج.م51.30
+74.5%
13.8%ج.م60.00ج.م40.60n/a4
May ’25ج.م31.32
ج.م49.63
+58.4%
15.8%ج.م60.00ج.م40.60n/a4
Apr ’25ج.م32.01
ج.م44.75
+39.8%
12.6%ج.م54.30ج.م40.50n/a4
Mar ’25ج.م36.01
ج.م44.75
+24.3%
12.6%ج.م54.30ج.م40.50n/a4
Feb ’25ج.م40.58
ج.م44.75
+10.3%
12.6%ج.م54.30ج.م40.50n/a4
Jan ’25ج.م28.17
ج.م40.78
+44.7%
4.5%ج.م43.60ج.م38.40ج.م31.974
Dec ’24ج.م27.98
ج.م34.58
+23.6%
15.0%ج.م40.50ج.م27.40ج.م34.524
Nov ’24ج.م25.11
ج.م34.58
+37.7%
15.0%ج.م40.50ج.م27.40ج.م31.204
Oct ’24ج.م21.99
ج.م30.88
+40.4%
17.3%ج.م40.50ج.م25.00ج.م31.545
Sep ’24ج.م20.70
ج.م28.78
+39.0%
8.3%ج.م32.00ج.م25.00ج.م27.415
Aug ’24ج.م20.93
ج.م28.22
+34.8%
6.5%ج.م30.00ج.م25.00ج.م28.765
Jul ’24ج.م20.14
ج.م27.77
+37.9%
6.3%ج.م30.00ج.م25.00ج.م30.245
Jun ’24ج.م19.04
ج.م27.77
+45.8%
6.3%ج.م30.00ج.م25.00ج.م29.405
May ’24ج.م18.03
ج.م27.77
+54.0%
6.3%ج.م30.00ج.م25.00ج.م31.325
Apr ’24ج.م17.19
ج.م27.66
+60.9%
6.4%ج.م30.00ج.م25.00ج.م32.015
Mar ’24ج.م20.58
ج.م25.86
+25.7%
10.7%ج.م29.20ج.م21.00ج.م36.015
Feb ’24ج.م19.34
ج.م24.78
+28.1%
9.2%ج.م26.70ج.م21.00ج.م40.584
Jan ’24ج.م17.40
ج.م25.58
+47.0%
12.5%ج.م29.90ج.م21.00ج.م28.174
Analyst Price Target
Consensus Narrative from 4 Analysts
ج.م54.50
Fair Value
41.4% undervalued intrinsic discount
4
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/19 13:12
End of Day Share Price 2025/01/19 00:00
Earnings2024/12/31
Annual Earnings2024/12/31

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

Qatar National Bank is covered by 15 analysts. 4 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
Jaap MeijerArqaam Capital Research Offshore S.A.L.
Monette DossBeltone Financial