Company Valuation: The National Bank of Ras Al-Khaimah

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 7,543 7,878 10,661 12,170 16,897 20,155 - -
Change - 4.44% 35.32% 14.15% 38.84% 19.29% - -
Enterprise Value (EV) 7,543 7,878 10,661 12,170 16,897 20,155 20,155 20,155
Change - 4.44% 35.32% 14.15% 38.84% 19.29% 0% 0%
P/E 10x 6.71x 5.96x 5.87x 6.51x 6.93x 7.8x 6.22x
PBR 0.9x 0.88x 0.86x 1.03x 1.15x 1.26x 1.29x -
PEG - 0.1x 0.1x 0.4x 0.3x 0.6x -0.7x 0.2x
Capitalization / Revenue 2.33x 2.28x 2.42x 2.58x 3.27x 3.42x 3.73x -
EV / Revenue 0x 0x 0x 0x 0x 3.42x 3.73x -
EV / EBITDA - - - - - - - -
EV / EBIT 0x 0x 0x 0x 0x 5.83x 5.87x -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.1875 0.2833 0.31 0.5 0.63 0.7165 0.66 -
Rate of return 5% 7.23% 5.85% 8.26% 7.5% 7.15% 6.59% -
EPS 2 0.375 0.5833 0.89 1.03 1.29 1.446 1.285 1.61
Distribution rate 50% 48.6% 34.8% 48.5% 48.8% 49.6% 51.4% -
Net sales 1 3,230 3,452 4,404 4,713 5,168 5,894 5,406 -
EBITDA - - - - - - - -
EBIT 1 1,835 1,967 2,803 3,054 3,316 3,458 3,436 -
Net income 1 756.1 1,171 1,784 2,076 2,609 2,907 2,584 3,232
Net Debt - - - - - - - -
Reference price 2 3.75 3.92 5.30 6.05 8.40 10.02 10.02 10.02
Nbr of stocks (in thousands) 20,11,494 20,11,494 20,11,494 20,11,495 20,11,495 20,11,495 - -
Announcement Date 01/02/22 13/02/23 29/01/24 23/01/25 27/01/26 - - -
1AED in Million2AED
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
6.93x - - 7.15% 548.74Cr
13.12x - - 1.91% 88TCr
6.17x - - 5.03% 42TCr
11.76x - - 2.21% 38TCr
6.61x - - 4.79% 36TCr
6.11x - - 5.05% 33TCr
11.79x - - 4.41% 33TCr
6.7x - - 4.75% 30TCr
17.1x - - 2.46% 27TCr
14.21x - - 2.78% 26TCr
Average 10.05x 4.05% 35.26TCr
Weighted average by Cap. 10.55x 3.49%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  4. Valuation The National Bank of Ras Al-Khaimah