Emaar Properties (EMAAR.DFM) Country: United Arab Emirates Current Market Price (AED) 12.15 Exchange: Dubai Financial Market YTD Stock Performance % -18.5% Outstanding Shares (In million) 6,091.24 Sector: Construction & Real Estate; Service Market Cap (AED Million) 74,008.55 Local Ticker: EMAAR EPS (AED) 1.08 P/E 11.26 Reuters Code: EMAAR.DFM BVPS (AED) 6.00 P/B 2.03 DPS (AED) 0.20 Dividend Yield (%) 1.6 Investment Opinion: OVERWEIGHT Last traded Price: AED 12.15 (as on March 12, 52-week High (AED) 15.85 52-week Low (AED) 9.75 2008) Source: Dubai Financial Market, Zawya.com Fair Value: AED 18.27 Products & Services: Real estate investment, development and property management; health care; education; leisure; retail; hospitality; Financial services. Share Price Movement EMAAR vs. DFM Established in Dubai in 1997, Emaar Properties (Emaar) is a powerful global brand name involved in real estate development. The country’s plan to spend over USD 1 trillion on leisure projects provides huge opportunity for real estate developers. Emaar’s two-pronged strategy – geographic and business segmentation will further enhance its revenue growth. On February 12, 2008, the company proposed a 20% cash dividend for the year 2007. Over supply of property units in Dubai is expected to continue until 2010; this may negatively impacting the company’s top-line. Offsetting Emaar’s growth drivers against risk factors, we raise our 12-month price target to AED 18.27 from AED 16.60, while reiterating our OVERWEIGHT recommendation on the stock. Call us on +973 17549485 or email us at
[email protected] Background Established on June 23, 1997 as a public joint stock company, Emaar Properties is one of the world’s Among the world’s largest largest real estate companies.