The Discounted Cash Flow (DCF) valuation of Emaar Development PJSC (EMAARDEV.DB) is 18.98 AED. With the latest stock price at 13.75 AED, the upside of Emaar Development PJSC based on DCF is 38%.

Is EMAARDEV.DB a buy or a sell?

Based on the latest price of 13.75 AED and our DCF valuation, Emaar Development PJSC (EMAARDEV.DB) is a buy. Buying EMAARDEV.DB stocks now will result in a potential gain of 38%.

	Range	Selected
WACC / Discount Rate	11.0% - 14.2%	12.6%
Long-term Growth Rate	0.0% - 1.0%	0.5%
Fair Price	17.37 - 21.26	18.98
Upside	26.3% - 54.6%	38.0%

13.75 AED

Stock Price

18.98 AED

Fair Price

REVENUE & EXPENSES

CAPEX

D&A

WORKING CAPITAL

TERMINAL VALUE

EMAARDEV.DB DCF Valuation: Revenue & Expenses Forecast

(AED in millions)		Projections

	12-2024	12-2025	12-2026	12-2027	12-2028	12-2029

Revenue	19,147	26,578	31,039	35,395	36,103	36,825
% Growth	61%	39%	17%	14%	2%	2%

Cost of goods sold	(8,490)	(11,785)	(13,763)	(15,695)	(16,009)	(16,329)
% of Revenue	44%	44%	44%	44%	44%	44%

Selling, G&A expenses	(1,601)	(2,222)	(2,595)	(2,959)	(3,018)	(3,079)
% of Revenue	8%	8%	8%	8%	8%	8%

Research & Development	0	0	0	0	0	0
% of Revenue	0%	0%	0%	0%	0%	0%

Net interest & other expenses	1,117	1,551	1,811	2,065	2,106	2,149
% of Revenue	6%	6%	6%	6%	6%	6%

Tax expense	(486)	(7,767)	(9,070)	(10,343)	(10,550)	(10,761)
Tax rate	5%	55%	55%	55%	55%	55%

Net profit	9,687	6,355	7,421	8,463	8,632	8,805
% Margin	51%	24%	24%	24%	24%	24%