Emaar Properties: Riding Dubai’s boom… and dip

研报英文原文证据摘录

Emaar Properties: Riding Dubai’s boom… and dip

iQprofile SM Emaar Properties

Key Income Statement Data (Dec) 2024A 2025A 2026E 2027E 2028E Company Sector

(AED Millions) Real Estate/Property

Revenue 35,505 49,557 60,829 46,212 37,936

Net rental income (NOI) 6,932 7,631 6,287 6,645 7,366

Other income (devt, service, fees) 12,603 19,484 19,840 9,780 9,163 Company Description Administrative expenses (1,855) (2,074) (2,199) (2,185) (2,206)

EBITDA 17,681 25,041 23,929 14,240 14,322 Emaar Properties is the largest real estate conglomerate in

Net financial costs 977 1,515 1,640 1,975 2,096 the MENA. It is the parent company of Emaar Development.

Other recurring (D&A, minorities) (3,693) (5,626) (5,313) (4,467) (3,444) Its flagship is Downtown Dubai-home to the Burj Khalifa,

Underlying taxation (1,451) (3,331) (3,155) (1,992) (2,098) Dubai Mall and Dubai Fountain-alongside key communities

Net recurring profit 13,514 17,599 17,101 9,756 10,876

such as Dubai Marina, Arabian Ranches and Emirates Living.

Valuation movements 0 0 0 0 0

Other net non-recurring items 0 0 0 0 0 We estimate 88% of EBITDA is generated in the UAE (86%

Net profit, attr. to equity shareholders 13,514 17,599 17,101 9,756 10,876 in Dubai). International exposure is mainly development,

EBITDA margin 50% 51% 39% 31% 38% with some operating assets, including Türkiye's largest mall,

Dividend payout ratio (% net recurring profit) 33% 50% 52% 91% 41% hotels in Egypt.

Key Cash Flow Statement Data

FFO 14,405 20,203 17,577 10,771 11,147 Investment Rationale

Maintenance CAPEX (244) (357) (216) (199) (199) We like Emaar Properties' (1) expected earnings reset more

Adjusted FFO 14,161 19,846 17,361 10,572 10,948

than priced in, (2) UAE's larges revenue backlog with multi- Change in WCR (2,614) 1,218 9,181 2,936 (791)