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The Screen · Financials · Banks - Regional
EMIREmirates NBD Bank PJSC
EMIRATESNBD.AE · DFM · AED · Market cap $195.6B
Emirates NBD Bank PJSC, together with its subsidiaries, engages in the provision of corporate, institutional, retail, treasury, and Islamic banking services.
FAIL · Does not pass the screen
31.60 AED
Price as of 6 Nov 2026Daily close, not a live quote
Screened 2026-11-06 · the tape above runs as of 18:05 UTC · two dates, stated on purpose · verdict and workings shown in full · never trimmed
Key facts today
Price31.60 AED at the 6 Nov 2026 close
Our value readUndervalued vs our fair value, as of 6 Nov 2026
Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price31.60 AED
Fair value39.00
Value readUndervaluedas of 6 Nov 2026
Our investment reviews on this name
2026-11-04Read Distribution29.92+5.6% to today Accumulation gives way to Distribution
2026-10-26Read Accumulation30.96+2.1% to today ✓Markdown gives way to Accumulation
2026-10-02Read Markdown30.90+2.3% to today Accumulation gives way to Markdown first Markdown read since July
2026-08-28Read Accumulation30.80+2.6% to today ✓Markup gives way to Accumulation after a 5% rise in 5 weeks
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Emirates NBD Bank PJSC holds its Markup at $31.60. Consolidating, no directional conviction, held for 6 days.
As held on the ledger · 2026-11-06
Phase
Markup
Quantitative state
Consolidating, no directional conviction, held for 6 days
Price at the screen
$31.60
Valuation
8.46 trailing · 7.18 forward price to earnings
Values screen
FAIL
Beta
0.44
The Workings
Five Screens, Shown in Full
Does not pass. Business activity: conventional financial services (interest-based)
Test
Figure
Limit
What it means
Status
Business activity
Excluded
Core business clean
Its core business involves an activity the values screen does not clear.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Emirates NBD Bank PJSC does not clear the screen at the business-activity stage. It operates in conventional financial services, which the screen treats as interest-based, so the financial ratios are not the deciding factor here.
Read as at 2026-11-07. It updates when the underlying figures move, and past reads are kept below.
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Today EMIRATESNBD.AE does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Undervalued vs our fair value, as of 6 Nov 2026: it trades at roughly a 19% discount to our 39.00 AED fair value, strong competitive moat, 9.10% revenue growth.
Fair value range in AED, drawn from the 2026-11-06 screen. The gold marker is the market price at the same screen. A 19.0% discount to the base estimate.
Third-party analyst targets: 16 covering, consensus Buy. The average target sits +13% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Projections
Where our models see it going: fair-value estimate 39.00 AED, with a range of 39.00 AED to 63.20 AED, dated to the 2026-11-06 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Why it stands out
A 9%-growth business trading at just 7.2x forward earnings, with a strong competitive moat. That is a 19% discount to our 39.00 AED fair value: the market is pricing it cautiously while the fundamentals argue otherwise. 16 analysts rate it Buy with a 35.78 AED average target, about 13% above the screened price.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: its business and earnings are exposed to United Arab Emirates and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
EMIRATESNBD.AE trades on DFM (the company is based in United Arab Emirates). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The framework has shifted from accumulation to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 3.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 22%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (14 analysts) rates it none, with a mean price target of $34.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 22%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (14 analysts) rates it none, with a mean price target of $34.
2026-10-16Markdown$30.96+0.2%Entry 7
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 0.2% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 2% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 22%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (14 analysts) rates it none, with a mean price target of $34.
2026-10-02Markdown · changed$30.90+0.3%Entry 6
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 0.3% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 2% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 22%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (14 analysts) rates it none, with a mean price target of $34.
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 5.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 2% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 22%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (14 analysts) rates it none, with a mean price target of $34.
2026-07-27Markup · changed$29.30+10.7%Entry 4
The framework has shifted from markdown to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 10.7% since our last review. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 2% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 22%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (14 analysts) rates it none, with a mean price target of $34.
2026-07-18Markdown$26.46+0.0%Entry 3
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 2% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 22%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (14 analysts) rates it none, with a mean price target of $34.
2026-07-03Markdown$26.46+0.0%Entry 2
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows excellent risk-adjusted returns.
2026-07-02Markdown$26.46Entry 1
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
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