Stock ALDAR ALDAR PROPERTIES
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Financials Aldar Properties

Equities

ALDAR

AEA002001013

Real Estate Development & Operations

Market Closed - Abu Dhabi Securities Exchange
Other stock markets
 06:59:48 2024-04-26 am EDT 		5-day change 1st Jan Change
5.15 AED -0.58% Intraday chart for Aldar Properties -3.74% -3.74%
Apr. 26 Aldar Properties to Pause Trading Ahead of April 29 Board Meeting MT
Mar. 25 Aldar Properties PJSC Proposes Cash Dividend for the Year Ended 31 December 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 16,983 24,767 31,372 34,831 42,065 40,493 - -
Enterprise Value (EV) 1 19,444 27,275 30,892 32,579 42,426 32,455 31,010 40,493
P/E ratio 8.57 x 12.8 x 13.5 x 12 x 11 x 8.75 x 7.55 x 6.14 x
Yield 6.71% 4.6% 3.76% 3.61% 3.18% 3.77% 4.11% 4.69%
Capitalization / Revenue 2.38 x 2.95 x 3.66 x 3.11 x 2.97 x 2.06 x 1.85 x 1.65 x
EV / Revenue 2.72 x 3.25 x 3.6 x 2.91 x 3 x 1.65 x 1.42 x 1.65 x
EV / EBITDA 8.47 x 11.1 x 10.4 x 8.89 x 8.32 x 5.33 x 4.33 x 5.24 x
EV / FCF 18 x 22.1 x 5.67 x -23.9 x 31.2 x 14 x 10.5 x 9.4 x
FCF Yield 5.55% 4.53% 17.6% -4.18% 3.21% 7.15% 9.52% 10.6%
Price to Book 0.68 x 0.97 x 1.17 x 1.15 x 1.28 x 1.15 x 1.13 x 0.91 x
Nbr of stocks (in thousands) 7,862,630 7,862,630 7,862,630 7,862,630 7,862,630 7,862,630 - -
Reference price 2 2.160 3.150 3.990 4.430 5.350 5.150 5.150 5.150
Announcement Date 2/12/20 2/14/21 2/9/22 2/9/23 2/9/24 - - -
1AED in Million2AED
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 7,148 8,392 8,576 11,200 14,161 19,641 21,841 24,489
EBITDA 1 2,296 2,464 2,966 3,664 5,100 6,086 7,160 7,721
EBIT 1 2,028 2,196 2,716 3,321 3,977 5,521 6,694 7,175
Operating Margin 28.37% 26.17% 31.67% 29.66% 28.08% 28.11% 30.65% 29.3%
Earnings before Tax (EBT) 1 1,925 1,932 2,333 3,183 4,528 4,945 5,937 8,122
Net income 1 1,984 1,932 2,316 2,944 3,922 4,509 5,176 5,940
Net margin 27.76% 23.02% 27% 26.29% 27.7% 22.96% 23.7% 24.26%
EPS 2 0.2520 0.2460 0.2950 0.3680 0.4860 0.5887 0.6821 0.8393
Free Cash Flow 1 1,079 1,235 5,448 -1,361 1,361 2,321 2,953 4,310
FCF margin 15.09% 14.72% 63.52% -12.15% 9.61% 11.82% 13.52% 17.6%
FCF Conversion (EBITDA) 46.97% 50.14% 183.67% - 26.69% 38.14% 41.24% 55.82%
FCF Conversion (Net income) 54.36% 63.92% 235.26% - 34.7% 51.48% 57.05% 72.56%
Dividend per Share 2 0.1450 0.1450 0.1500 0.1600 0.1700 0.1943 0.2117 0.2417
Announcement Date 2/12/20 2/14/21 2/9/22 2/9/23 2/9/24 - - -
1AED in Million2AED
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 3,764 2,087 2,256 2,683 2,669 2,713 3,134 3,066 3,240 3,458 4,400 4,402 4,707 4,952 5,667
EBITDA 1 1,255 720.4 - - 963.2 889.1 907 955 1,191 - 1,600 1,359 1,447 1,592 1,838
EBIT 1 1,123 656.9 784.9 780 797.1 803.6 804.5 844 1,080 945.2 1,107 1,229 1,409 1,416 1,640
Operating Margin 29.83% 31.47% 34.79% 29.07% 29.86% 29.61% 25.67% 27.53% 33.34% 27.33% 25.17% 27.93% 29.94% 28.6% 28.94%
Earnings before Tax (EBT) - - - - - 612.9 1,017 - 1,288 - 1,449 - - - -
Net income 1 783.5 473.2 779.6 667.9 804 556.7 915.9 836 1,198 794.2 1,204 963.9 1,071 1,181 1,379
Net margin 20.81% 22.67% 34.56% 24.89% 30.12% 20.52% 29.22% 27.27% 36.98% 22.97% 27.37% 21.9% 22.76% 23.85% 24.34%
EPS 2 - 0.0600 0.1000 - 0.1020 0.0640 0.1170 0.0860 0.1460 0.0980 0.1500 0.1263 0.1481 0.1451 0.1577
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 8/12/20 11/3/21 2/9/22 4/27/22 7/28/22 10/27/22 2/9/23 5/3/23 7/31/23 10/30/23 2/9/24 - - - -
1AED in Million2AED
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 2,461 2,507 - - 361 - - -
Net Cash position 1 - - 480 2,253 - 8,038 9,482 -
Leverage (Debt/EBITDA) 1.072 x 1.018 x - - 0.0708 x - - -
Free Cash Flow 1 1,079 1,235 5,448 -1,361 1,361 2,321 2,953 4,310
ROE (net income / shareholders' equity) 8.11% 7.66% 8.79% 10.3% 12.4% 13.8% 14.7% 14.7%
ROA (Net income/ Total Assets) 4.97% 4.74% 5.49% 5.31% 5.85% 4.96% 5.72% -
Assets 1 39,903 40,750 42,189 55,410 67,067 90,905 90,557 -
Book Value Per Share 2 3.160 3.260 3.420 3.840 4.180 4.500 4.550 5.640
Cash Flow per Share 2 0.1700 0.1800 0.7400 0.7900 0.4600 0.8700 0.6700 0.9500
Capex 1 241 179 353 7,544 2,229 1,669 1,611 1,407
Capex / Sales 3.37% 2.13% 4.11% 67.36% 15.74% 8.5% 7.38% 5.74%
Announcement Date 2/12/20 2/14/21 2/9/22 2/9/23 2/9/24 - - -
1AED in Million2AED
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Aldar Properties

Trading Rating
Investor Rating
ESG Refinitiv
A
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
8
Last Close Price
5.15 AED
Average target price
6.374 AED
Spread / Average Target
+23.76%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

1st Jan change Capi.
ALDAR PROPERTIES Stock Aldar Properties
-3.74% 11.02B
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CHINA RESOURCES LAND LIMITED Stock China Resources Land Limited
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MITSUBISHI ESTATE CO., LTD. Stock Mitsubishi Estate Co., Ltd.
+44.49% 22.58B
EMAAR PROPERTIES Stock Emaar Properties
+2.78% 19.59B
CHINA OVERSEAS LAND & INVESTMENT LTD. Stock China Overseas Land & Investment Ltd.
+1.45% 19.52B
SUMITOMO REALTY & DEVELOPMENT CO., LTD. Stock Sumitomo Realty & Development Co., Ltd.
+28.54% 16.23B
CK ASSET HOLDINGS LIMITED Stock CK Asset Holdings Limited
-14.80% 14.98B
Other Real Estate Development & Operations
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