Aldar Properties (ALDAR UH) United Arab Emirates
Real Estate
ALDAR's development and investment portfolios are growing at a high pace especially with the recent expansion in Egypt, following the acquisition of SODIC. The group reported 21% y/y growth in its 9M 2023 revenue at AED9.763bn and net attributable profit was up 34% y/y to AED2.718bn. Debt is also improving (gearing is expected to be 4.39% on average over 2023-2025 period). Despite the strong performance this year (the share price has risen >30% YTD), ALDAR still offers 8% fundamental potential, mainly supported by the intrinsic methods: +38% for the DCF and +18% for the SOTP.
Edition: 174
- 24 November, 2023