Financials Mashreqbank

Equities

MASQ

AEM000101018

Banks

Market Closed - Dubai FM Other stock markets 06:36:28 2024-04-26 am EDT			5-day change	1st Jan Change
180 ^AED	0.00%		+4.65%	+18.42%

Apr. 26	Mashreqbank Resumes Trading on Dubai Financial Market	MT
Apr. 26	Mashreqbank Resumes Trading After Board Meeting	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	12,480	12,054	15,948	19,559	30,493	36,110	-	-
Enterprise Value (EV) ¹	12,480	12,054	15,948	19,559	30,493	36,110	36,110	36,110
P/E ratio	6.04 x	-9.43 x	14.3 x	5.28 x	3.55 x	5.6 x	5.88 x	6.19 x
Yield	5.69%	-	1.26%	9.23%	-	8.33%	8.33%	8.33%
Capitalization / Revenue	2.08 x	2.34 x	2.75 x	2.61 x	2.82 x	3.08 x	2.92 x	2.84 x
EV / Revenue	2.08 x	2.34 x	2.75 x	2.61 x	2.82 x	3.08 x	2.92 x	2.84 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	0.58 x	0.62 x	0.79 x	0.83 x	1.01 x	1.11 x	1.01 x	0.94 x
Nbr of stocks (in thousands)	200,610	200,610	200,610	200,610	200,610	200,610	-	-
Reference price ²	62.21	60.09	79.50	97.50	152.0	180.0	180.0	180.0
Announcement Date	2/4/20	2/10/21	2/1/22	1/30/23	1/29/24	-	-	-

¹AED in Million²AED

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,994	5,148	5,806	7,496	10,803	11,740	12,360	12,725
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	3,371	2,203	3,183	4,430	7,461	8,112	8,437	8,615
Operating Margin	56.24%	42.8%	54.82%	59.09%	69.07%	69.1%	68.26%	67.7%
Earnings before Tax (EBT) ¹	2,159	-1,153	1,124	3,932	8,830	7,674	7,307	6,948
Net income ¹	2,065	-1,278	1,002	3,706	8,589	6,354	6,230	5,924
Net margin	34.45%	-24.82%	17.26%	49.44%	79.51%	54.12%	50.4%	46.55%
EPS ²	10.29	-6.372	5.560	18.48	42.82	32.15	30.59	29.06
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	3.540	-	1.000	9.000	-	15.00	15.00	15.00
Announcement Date	2/4/20	2/10/21	2/1/22	1/30/23	1/29/24	-	-	-

¹AED in Million²AED

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1
Net sales ¹	1,508	1,564	1,738	2,041	2,153	2,520	2,607	2,780	2,896	3,141
EBITDA	-	-	-	-	-	-	-	-	-	-
EBIT ¹	797.3	894.1	1,041	1,243	1,251	1,759	1,917	1,927	1,858	2,303
Operating Margin	52.86%	57.17%	59.89%	60.93%	58.11%	69.8%	73.53%	69.32%	64.17%	73.32%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-
Net income ¹	737.1	606.1	793.1	1,181	1,126	1,610	1,906	2,252	2,821	2,007
Net margin	48.87%	38.76%	45.62%	57.87%	52.3%	63.89%	73.11%	81.01%	97.41%	63.9%
EPS	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/1/22	4/27/22	7/20/22	10/25/22	1/30/23	4/27/23	7/26/23	10/26/23	1/29/24	4/25/24

¹AED in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	9.91%	-6.24%	5.05%	16.9%	31.9%	20.7%	18.1%	15.8%
ROA (Net income/ Total Assets)	1.48%	-0.8%	0.6%	1.97%	3.93%	2.55%	2.2%	2%
Assets ¹	139,527	158,934	167,789	187,936	218,613	249,157	283,182	296,200
Book Value Per Share ²	107.0	96.90	101.0	117.0	151.0	163.0	178.0	193.0
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	2/4/20	2/10/21	2/1/22	1/30/23	1/29/24	-	-	-

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 Mashreqbank

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

180 AED

Average target price

219.4 AED

Spread / Average Target

+21.89%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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