Buy Or Sell Opportunity • Jun 23
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at د.إ14.52. The fair value is estimated to be د.إ18.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 40% over the last 3 years. Earnings per share has grown by 34%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 7.0% per annum over the same time period. Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to د.إ15.10, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 6x in the Real Estate industry in United Arab Emirates. Total returns to shareholders of 225% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at د.إ18.42 per share. Reported Earnings • May 12
First quarter 2026 earnings released: EPS: د.إ0.73 (vs د.إ0.48 in 1Q 2025) First quarter 2026 results: EPS: د.إ0.73 (up from د.إ0.48 in 1Q 2025). Revenue: د.إ6.86b (up 37% from 1Q 2025). Net income: د.إ2.92b (up 52% from 1Q 2025). Profit margin: 43% (up from 38% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Real Estate industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 34% per year whereas the company’s share price has increased by 39% per year. Board Change • May 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. Independent Non-Executive Director Mohammed Al Muallem was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Upcoming Dividend • Mar 27
Upcoming dividend of د.إ1.00 per share Eligible shareholders must have bought the stock before 03 April 2026. Payment date: 16 April 2026. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 7.2%. Within top quartile of Emirian dividend payers (7.1%). Higher than average of industry peers (6.4%). New Risk • Mar 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Emirian stocks, typically moving 6.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.0% average weekly change). Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to د.إ15.85, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Real Estate industry in United Arab Emirates. Total returns to shareholders of 263% over the past three years. Duyuru • Mar 02
Emaar Development PJSC, Annual General Meeting, Mar 26, 2026 Emaar Development PJSC, Annual General Meeting, Mar 26, 2026, at 16:00 Arabian Standard Time. Location: dubai United Arab Emirates Major Estimate Revision • Feb 19
Consensus revenue estimates increase by 19% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from د.إ32.1b to د.إ38.2b. EPS estimate increased from د.إ3.08 to د.إ3.52 per share. Net income forecast to grow 25% next year vs 22% growth forecast for Real Estate industry in United Arab Emirates. Consensus price target up from د.إ19.17 to د.إ20.77. Share price rose 2.4% to د.إ19.00 over the past week. Declared Dividend • Feb 14
Dividend increased to د.إ1.00 Dividend of د.إ1.00 is 47% higher than last year. Ex-date: 3rd April 2026 Payment date: 1st January 1970 Dividend yield will be 5.2%, which is higher than the industry average of 4.1%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has increased by an average of 8.5% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 31% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Feb 13
Emaar Development PJSC announces Annual dividend Emaar Development PJSC announced Annual dividend of AED 1.0000 per share, ex-date on April 03, 2026 and record date on April 06, 2026. Reported Earnings • Feb 13
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: د.إ2.83 (up from د.إ1.91 in FY 2024). Revenue: د.إ27.5b (up 44% from FY 2024). Net income: د.إ11.3b (up 48% from FY 2024). Profit margin: 41% (up from 40% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) also surpassed analyst estimates by 18%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Real Estate industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 57% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Feb 11
Price target increased by 7.7% to د.إ19.75 Up from د.إ18.34, the current price target is an average from 10 analysts. New target price is 7.0% above last closing price of د.إ18.45. Stock is up 34% over the past year. The company is forecast to post earnings per share of د.إ2.41 for next year compared to د.إ1.91 last year. Duyuru • Feb 09
Emaar Development PJSC to Report Fiscal Year 2025 Results on Feb 12, 2026 Emaar Development PJSC announced that they will report fiscal year 2025 results on Feb 12, 2026 Major Estimate Revision • Nov 13
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from د.إ22.9b to د.إ24.8b. EPS estimate increased from د.إ2.16 to د.إ2.42 per share. Net income forecast to grow 10% next year vs 9.0% growth forecast for Real Estate industry in United Arab Emirates. Consensus price target broadly unchanged at د.إ17.45. Share price rose 3.8% to د.إ15.20 over the past week. Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: د.إ0.81 (vs د.إ0.52 in 3Q 2024) Third quarter 2025 results: EPS: د.إ0.81 (up from د.إ0.52 in 3Q 2024). Revenue: د.إ7.71b (up 50% from 3Q 2024). Net income: د.إ3.25b (up 57% from 3Q 2024). Profit margin: 42% (up from 40% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Real Estate industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Aug 13
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from د.إ23.3b to د.إ21.4b. EPS estimate also fell from د.إ2.27 per share to د.إ1.89 per share. Net income forecast to shrink 0.8% next year vs 6.8% growth forecast for Real Estate industry in United Arab Emirates . Consensus price target broadly unchanged at د.إ16.27. Share price fell 5.2% to د.إ14.65 over the past week. Reported Earnings • Aug 07
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: د.إ0.46 (up from د.إ0.30 in 2Q 2024). Revenue: د.إ4.91b (up 28% from 2Q 2024). Net income: د.إ1.84b (up 52% from 2Q 2024). Profit margin: 38% (up from 32% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 14%. Earnings per share (EPS) also missed analyst estimates by 22%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Real Estate industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Aug 01
Emaar Development PJSC to Report Q2, 2025 Results on Aug 06, 2025 Emaar Development PJSC announced that they will report Q2, 2025 results After-Market on Aug 06, 2025 Reported Earnings • May 09
First quarter 2025 earnings released: EPS: د.إ0.48 (vs د.إ0.32 in 1Q 2024) First quarter 2025 results: EPS: د.إ0.48 (up from د.إ0.32 in 1Q 2024). Revenue: د.إ5.02b (up 43% from 1Q 2024). Net income: د.إ1.92b (up 48% from 1Q 2024). Profit margin: 38% (up from 37% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Real Estate industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Apr 26
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from د.إ23.2b to د.إ24.1b. EPS estimate increased from د.إ1.97 to د.إ2.25 per share. Net income forecast to grow 22% next year vs 9.9% growth forecast for Real Estate industry in United Arab Emirates. Consensus price target broadly unchanged at د.إ14.62. Share price rose 7.4% to د.إ12.40 over the past week. Duyuru • Feb 18
Emaar Development PJSC announces Annual dividend Emaar Development PJSC announced Annual dividend of AED 0.6800 per share, ex-date on April 04, 2025 and record date on April 07, 2025. Reported Earnings • Feb 15
Full year 2024 earnings released: EPS: د.إ1.91 (vs د.إ1.66 in FY 2023) Full year 2024 results: EPS: د.إ1.91 (up from د.إ1.66 in FY 2023). Revenue: د.إ19.1b (up 61% from FY 2023). Net income: د.إ7.63b (up 15% from FY 2023). Profit margin: 40% (down from 56% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Real Estate industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Feb 12
Emaar Development PJSC to Report Fiscal Year 2024 Results on Feb 14, 2025 Emaar Development PJSC announced that they will report fiscal year 2024 results on Feb 14, 2025 Price Target Changed • Dec 20
Price target increased by 9.3% to د.إ12.94 Up from د.إ11.83, the current price target is an average from 11 analysts. New target price is approximately in line with last closing price of د.إ12.70. Stock is up 79% over the past year. The company is forecast to post earnings per share of د.إ1.66 for next year compared to د.إ1.66 last year. Price Target Changed • Dec 17
Price target increased by 8.8% to د.إ12.33 Up from د.إ11.33, the current price target is an average from 11 analysts. New target price is 11% below last closing price of د.إ13.80. Stock is up 93% over the past year. The company is forecast to post earnings per share of د.إ1.63 for next year compared to د.إ1.66 last year. New Risk • Dec 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Emirian stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.6% average weekly change). Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to د.إ13.70, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the Real Estate industry in United Arab Emirates. Total returns to shareholders of 263% over the past three years. Reported Earnings • Nov 12
Third quarter 2024 earnings released: EPS: د.إ0.52 (vs د.إ0.47 in 3Q 2023) Third quarter 2024 results: EPS: د.إ0.52 (up from د.إ0.47 in 3Q 2023). Revenue: د.إ5.14b (up 76% from 3Q 2023). Net income: د.إ2.07b (up 9.9% from 3Q 2023). Profit margin: 40% (down from 65% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Real Estate industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 33% per year and the company’s share price has also increased by 33% per year. Major Estimate Revision • Aug 15
Consensus revenue estimates increase by 19% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from د.إ16.7b to د.إ19.9b. EPS estimate unchanged at د.إ1.67. Net income forecast to grow 4.1% next year vs 1.5% growth forecast for Real Estate industry in United Arab Emirates. Consensus price target broadly unchanged at د.إ10.20. Share price was steady at د.إ8.15 over the past week. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: د.إ0.30 (vs د.إ0.28 in 2Q 2023) Second quarter 2024 results: EPS: د.إ0.30 (up from د.إ0.28 in 2Q 2023). Revenue: د.إ3.83b (up 84% from 2Q 2023). Net income: د.إ1.21b (up 7.9% from 2Q 2023). Profit margin: 32% (down from 54% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Real Estate industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 35% per year whereas the company’s share price has increased by 30% per year. Major Estimate Revision • May 31
Consensus revenue estimates fall by 15% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from د.إ20.4b to د.إ17.2b. EPS estimate fell from د.إ1.80 to د.إ1.69 per share. Net income forecast to grow 1.1% next year vs 0.9% decline forecast for Real Estate industry in United Arab Emirates. Consensus price target of د.إ9.96 unchanged from last update. Share price was steady at د.إ7.42 over the past week. Major Estimate Revision • May 25
Consensus revenue estimates decrease by 16% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from د.إ20.4b to د.إ17.1b. EPS estimate unchanged at د.إ1.80 per share. Net income forecast to grow 1.1% next year vs 0.3% decline forecast for Real Estate industry in United Arab Emirates. Consensus price target of د.إ9.96 unchanged from last update. Share price was steady at د.إ7.55 over the past week. Major Estimate Revision • May 22
Consensus revenue estimates increase by 35% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from د.إ15.1b to د.إ20.4b. EPS estimate increased from د.إ1.69 to د.إ1.80 per share. Net income forecast to grow 1.2% next year vs 0.9% decline forecast for Real Estate industry in United Arab Emirates. Consensus price target broadly unchanged at د.إ9.96. Share price was steady at د.إ7.79 over the past week. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: د.إ0.32 (vs د.إ0.26 in 1Q 2023) First quarter 2024 results: EPS: د.إ0.32 (up from د.إ0.26 in 1Q 2023). Revenue: د.إ3.51b (up 48% from 1Q 2023). Net income: د.إ1.29b (up 22% from 1Q 2023). Profit margin: 37% (down from 45% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Real Estate industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 36% per year whereas the company’s share price has increased by 31% per year. Duyuru • Mar 26
Emaar Development PJSC, Annual General Meeting, Apr 23, 2024 Emaar Development PJSC, Annual General Meeting, Apr 23, 2024, at 12:00 Coordinated Universal Time. Location: Sky View Hotel, Skyview Ballroom, Emirate of Dubai United Arab Emirates Agenda: To receive and approve the report of the Board of Directors on the activities and financial position of the Company for the fiscal year ending 31stDecember2023; to receive and approve the Auditors' report for the fiscal year ending 31stDecember2023; to discuss and approve the Company's balance sheet and the profit and loss account for the fiscal year ending 31st December 2023; to consider and approve the remuneration of the members of the Board of Directors; to discharge the Auditors from liability for the fiscal year ending 31stDecember2023. Reported Earnings • Feb 10
Full year 2023 earnings released: EPS: د.إ1.66 (vs د.إ0.95 in FY 2022) Full year 2023 results: EPS: د.إ1.66 (up from د.إ0.95 in FY 2022). Revenue: د.إ11.9b (up 3.3% from FY 2022). Net income: د.إ6.63b (up 74% from FY 2022). Profit margin: 56% (up from 33% in FY 2022). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Real Estate industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 36% per year and the company’s share price has also increased by 36% per year. Board Change • Jan 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. Independent Chairman of the Board Adnan Kazim was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. New Risk • Nov 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Emirian stocks, typically moving 5.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.8% average weekly change). Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: د.إ0.47 (vs د.إ0.16 in 3Q 2022) Third quarter 2023 results: EPS: د.إ0.47 (up from د.إ0.16 in 3Q 2022). Revenue: د.إ2.91b (up 42% from 3Q 2022). Net income: د.إ1.88b (up 190% from 3Q 2022). Profit margin: 65% (up from 32% in 3Q 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Real Estate industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to د.إ5.64, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 10x in the Real Estate industry in United Arab Emirates. Total returns to shareholders of 177% over the past three years. Major Estimate Revision • Aug 22
Consensus revenue estimates decrease by 15% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from د.إ11.5b to د.إ9.79b. EPS estimate unchanged at د.إ0.998 per share. Net income forecast to grow 9.2% next year vs 19% growth forecast for Real Estate industry in United Arab Emirates. Consensus price target broadly unchanged at د.إ7.24. Share price was steady at د.إ6.30 over the past week. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: د.إ0.28 (vs د.إ0.29 in 2Q 2022) Second quarter 2023 results: EPS: د.إ0.28 (down from د.إ0.29 in 2Q 2022). Revenue: د.إ2.08b (down 44% from 2Q 2022). Net income: د.إ1.12b (down 1.9% from 2Q 2022). Profit margin: 54% (up from 31% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Real Estate industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to د.إ6.66, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 12x in the Real Estate industry in United Arab Emirates. Total returns to shareholders of 241% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at د.إ7.43 per share. Major Estimate Revision • May 26
Consensus revenue estimates increase by 14%, EPS downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from د.إ9.61b to د.إ11.0b. EPS estimate fell from د.إ0.981 to د.إ0.94. Net income forecast to shrink 4.9% next year vs 2.8% decline forecast for Real Estate industry in United Arab Emirates. Consensus price target broadly unchanged at د.إ6.46. Share price fell 3.2% to د.إ5.12 over the past week. Major Estimate Revision • May 22
Consensus revenue estimates decrease by 22% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from د.إ12.3b to د.إ9.61b. EPS estimate unchanged from د.إ0.98 per share at last update. Real Estate industry in United Arab Emirates expected to see average net income growth of 0.5% next year. Consensus price target broadly unchanged at د.إ6.47. Share price fell 3.9% to د.إ5.21 over the past week. Reported Earnings • May 12
First quarter 2023 earnings released: EPS: د.إ0.27 (vs د.إ0.26 in 1Q 2022) First quarter 2023 results: EPS: د.إ0.27 (up from د.إ0.26 in 1Q 2022). Revenue: د.إ2.38b (down 33% from 1Q 2022). Net income: د.إ1.06b (flat on 1Q 2022). Profit margin: 45% (up from 29% in 1Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Real Estate industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 19
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: د.إ0.95 (up from د.إ0.81 in FY 2021). Revenue: د.إ11.5b (down 26% from FY 2021). Net income: د.إ3.81b (up 17% from FY 2021). Profit margin: 33% (up from 21% in FY 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 12%. Earnings per share (EPS) exceeded analyst estimates by 2.1%. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 2.9% decline forecast for the Real Estate industry in Asia. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to د.إ5.54, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Real Estate industry in United Arab Emirates. Total returns to shareholders of 87% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at د.إ4.63 per share. Reported Earnings • Feb 17
Full year 2022 earnings released: EPS: د.إ0.95 (vs د.إ0.81 in FY 2021) Full year 2022 results: EPS: د.إ0.95 (up from د.إ0.81 in FY 2021). Revenue: د.إ11.5b (down 26% from FY 2021). Net income: د.إ3.81b (up 17% from FY 2021). Profit margin: 33% (up from 21% in FY 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Real Estate industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Dec 09
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from د.إ13.7b to د.إ13.1b. EPS estimate also fell from د.إ1.05 per share to د.إ0.94 per share. Net income forecast to grow 2.7% next year vs 9.8% growth forecast for Real Estate industry in United Arab Emirates. Consensus price target of د.إ6.03 unchanged from last update. Share price was steady at د.إ4.18 over the past week. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Chairman of the Board Adnan Kazim was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 13
Second quarter 2022 earnings released: EPS: د.إ0.29 (vs د.إ0.18 in 2Q 2021) Second quarter 2022 results: EPS: د.إ0.29 (up from د.إ0.18 in 2Q 2021). Revenue: د.إ3.71b (down 4.9% from 2Q 2021). Net income: د.إ1.14b (up 56% from 2Q 2021). Profit margin: 31% (up from 19% in 2Q 2021). The increase in margin was driven by lower expenses. Over the next year, revenue is expected to shrink by 1.2% compared to a 3.4% growth forecast for the industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 3% per year and the company’s share price has also increased by 3% per year. Major Estimate Revision • Jun 17
Consensus EPS estimates increase by 34% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from د.إ13.3b to د.إ14.3b. EPS estimate increased from د.إ0.66 to د.إ0.89 per share. Net income forecast to shrink 21% next year vs 10% growth forecast for Real Estate industry in United Arab Emirates . Consensus price target up from د.إ5.24 to د.إ5.38. Share price was steady at د.إ4.42 over the past week. Major Estimate Revision • Jun 15
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from د.إ14.2b to د.إ12.1b. EPS estimate increased from د.إ0.66 to د.إ0.70 per share. Net income forecast to shrink 21% next year vs 10% growth forecast for Real Estate industry in United Arab Emirates . Consensus price target broadly unchanged at د.إ5.38. Share price fell 3.1% to د.إ4.35 over the past week. Reported Earnings • May 15
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: د.إ0.26 (up from د.إ0.20 in 1Q 2021). Revenue: د.إ3.57b (down 7.3% from 1Q 2021). Net income: د.إ1.05b (up 35% from 1Q 2021). Profit margin: 29% (up from 20% in 1Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) exceeded analyst estimates by 14%. Over the next year, revenue is expected to shrink by 8.7% compared to a 17% growth forecast for the industry in United Arab Emirates. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Major Estimate Revision • May 11
Consensus EPS estimates increase by 16% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from د.إ13.6b to د.إ14.1b. EPS estimate increased from د.إ0.78 to د.إ0.90 per share. Net income forecast to shrink 5.9% next year vs 18% growth forecast for Real Estate industry in United Arab Emirates . Consensus price target broadly unchanged at د.إ5.38. Share price fell 3.5% to د.إ5.00 over the past week. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Chairman of the Board Adnan Kazim was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Mar 31
Consensus revenue estimates fall by 17% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from د.إ16.5b to د.إ13.6b. EPS estimate fell from د.إ0.79 to د.إ0.78 per share. Net income forecast to shrink 5.9% next year vs 18% growth forecast for Real Estate industry in United Arab Emirates . Consensus price target up from د.إ5.21 to د.إ5.32. Share price rose 3.5% to د.إ4.41 over the past week. Board Change • Mar 22
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Chairman of the Board Adnan Kazim was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 18
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: د.إ0.81 (up from د.إ0.41 in FY 2020). Revenue: د.إ15.6b (up 60% from FY 2020). Net income: د.إ3.24b (up 96% from FY 2020). Profit margin: 21% (up from 17% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.5%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Over the next year, revenue is expected to shrink by 11% compared to a 6.6% growth forecast for the industry in United Arab Emirates. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Price Target Changed • Dec 21
Price target increased to د.إ5.19 Up from د.إ4.84, the current price target is an average from 8 analysts. New target price is 18% above last closing price of د.إ4.40. Stock is up 62% over the past year. The company is forecast to post earnings per share of د.إ0.73 for next year compared to د.إ0.41 last year. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS د.إ0.22 (vs د.إ0.08 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: د.إ3.85b (up 66% from 3Q 2020). Net income: د.إ871.6m (up 170% from 3Q 2020). Profit margin: 23% (up from 14% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Price Target Changed • Nov 08
Price target increased to د.إ5.10 Up from د.إ4.53, the current price target is an average from 7 analysts. New target price is 25% above last closing price of د.إ4.09. Stock is up 72% over the past year. The company is forecast to post earnings per share of د.إ0.69 for next year compared to د.إ0.41 last year. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS د.إ0.18 (vs د.إ0.097 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: د.إ3.91b (up 120% from 2Q 2020). Net income: د.إ731.5m (up 89% from 2Q 2020). Profit margin: 19% (down from 22% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Price Target Changed • Jun 21
Price target increased to د.إ4.21 Up from د.إ3.86, the current price target is an average from 8 analysts. New target price is 10% above last closing price of د.إ3.81. Stock is up 78% over the past year. Price Target Changed • Jun 14
Price target increased to د.إ4.10 Up from د.إ3.70, the current price target is an average from 8 analysts. New target price is 9.3% above last closing price of د.إ3.75. Stock is up 74% over the past year. Major Estimate Revision • Jun 08
Consensus EPS estimates increase to د.إ0.56 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from د.إ11.1b to د.إ11.4b. EPS estimate increased from د.إ0.46 to د.إ0.56 per share. Net income forecast to grow 32% next year vs 29% growth forecast for Real Estate industry in United Arab Emirates. Consensus price target up from د.إ3.70 to د.إ3.86. Share price rose 2.2% to د.إ3.72 over the past week. Major Estimate Revision • May 24
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from د.إ10.8b to د.إ11.1b. EPS estimate fell from د.إ0.56 to د.إ0.46 per share. Net income forecast to grow 28% next year vs 28% growth forecast for Real Estate industry in United Arab Emirates. Consensus price target up from د.إ3.40 to د.إ3.70. Share price rose 13% to د.إ3.57 over the past week. Price Target Changed • May 23
Price target increased to د.إ3.70 Up from د.إ3.40, the current price target is an average from 7 analysts. New target price is 5.6% above last closing price of د.إ3.50. Stock is up 82% over the past year.