Recent Research

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  FIRST LOOK NOTES

  21 May 2025

  Emaar Development

  BUY

  Last Closing Price

  13.25

  Target Price

  16.00

  Upside (%)

  +20.75%

  UAE Equity Research - Emaar Development 1Q25 - First Look Note

  EMAARDEV recorded the highest-ever property sales of AED 16.5 Bn in 1Q25 compared to AED 12.9 Bn in 1Q24. The Company’s sales backlog reached at AED 100.1 Bn in 1Q25, indicating strong revenue visibility in the upcoming period. Emaar Development reported revenue of AED 5.0 Bn (USD 1.4 Bn) and an EBITDA of AED 2.5 Bn during 1Q25.

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• 

  FIRST LOOK NOTES

  05 Mar 2025

  Emaar Development

  BUY

  Last Closing Price

  13.00

  Target Price

  15.00

  Upside (%)

  +15.38%

  UAE Equity Research - Emaar Development (EMAARDEV) 4Q24 - First Look Note

  EMAARDEV recorded the highest-ever property sales of AED 65.4 Bn in FY2024 compared to AED 37.4 Bn in FY2023. The Company’s sales backlog stood at AED 90.9 Bn in FY2024, indicating strong revenue visibility in the upcoming period. EMAARDEV introduced “Lavita” at The Oasis, its first community of luxury mansions in 3Q24.

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• 

  FIRST LOOK NOTES

  26 Nov 2024

  Emaar Development

  BUY

  Last Closing Price

  11.10

  Target Price

  11.00

  Upside (%)

  -0.90%

  UAE Equity Research - Emaar Development (EMAARDEV) 3Q24 - First Look Note

  EMAARDEV recorded property sales of AED 18.3 Bn in 3Q24 compared to AED 9.9 Bn in 3Q23. The Company’s sales backlog stood at AED 83.7 Bn in 3Q24, indicating strong revenue visibility in the upcoming period. EMAARDEV introduced “Lavita” at The Oasis, its first community of luxury mansions in 3Q24.

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• 

  FIRST LOOK NOTES

  12 Oct 2024

  Emaar Development

  BUY

  Last Closing Price

  8.15

  Target Price

  9.50

  Upside (%)

  +16.56%

  Robust growth in sales driven by the launch of new projects drove the top-line

  EMAARDEV recorded property sales of AED 16.8 Bn in 2Q24 compared to AED 10.4 Bn in 2Q23.

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• 

  FIRST LOOK NOTES

  04 Jun 2024

  Emaar Development

  BUY

  Last Closing Price

  7.32

  Target Price

  9.50

  Upside (%)

  +29.78%

  Higher sales and the launch of new projects drove the top-line

  EMAARDEV recorded property sales of AED 12.9 Bn in 1Q24 as compared to AED 8.6 Bn in 1Q23.

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• 

  FIRST LOOK NOTES

  28 Nov 2023

  Emaar Development

  BUY

  Last Closing Price

  6.91

  Target Price

  8.50

  Upside (%)

  +23.01%

  Solid property sales and reversal of cost accruals drove profitability

  Emaar Development PJSC (EMAARDEV/The Company) net profit grew significantly from AED 648 Mn in 3Q22 to AED 1,882 Mn in 3Q23, higher than our forecast of AED 881 Mn.

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