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The Screen · Real Estate · Real Estate - Development
EMAAEmaar Development PJSC
EMAARDEV.AE · DFM · AED · Market cap $51.2B
Emaar Development PJSC, together with its subsidiaries, develops and sells residential and commercial build-to-sell properties in the United Arab Emirates.
FAIL · Does not pass the screen
14.70 AED
Price as of 6 Nov 2026Daily close, not a live quote
Screened 2026-11-06 · the tape above runs as of 16:03 UTC · two dates, stated on purpose · verdict and workings shown in full · never trimmed
Key facts today
Price14.70 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
Price14.70 AED
Fair value21.88
Value readUndervaluedas of 6 Nov 2026
Our investment reviews on this name
2026-11-05Read Distribution13.90+5.8% to today Markdown gives way to Distribution after a 9% rise in 10 days
2026-10-26Read Markdown12.80+14.8% to today Accumulation gives way to Markdown first Markdown read since August
2026-10-02Read Accumulation13.30+10.5% to today ✓Markdown gives way to Accumulation
2026-08-27Read Markdown13.12+12.0% to today Distribution gives way to Markdown with volume flow in agreement
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.
Emaar Development PJSC holds its Markup at $14.70. Consolidating, no directional conviction, held for 61 days.
As held on the ledger · 2026-11-06
Phase
Markup
Quantitative state
Consolidating, no directional conviction, held for 61 days
Price at the screen
$14.70
Valuation
3.90 trailing · 3.36 forward price to earnings
Values screen
FAIL
Beta
0.45
The Workings
Five Screens, Shown in Full
Does not pass. Accounts receivable
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
0.02%
Below 33%
Interest-bearing debt is just 0.0% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
52.56%
Below 49%
Money owed to the company is 52.6% of assets, above the 49% limit.
Fail
Revenue purity
5.31%
Below 5%
5.3% of revenue comes from non-compliant sources, over the 5% line.
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
Emaar Development PJSC's business is fine, but its receivables are about 53% of its assets, just over the ~49% line, so it does not pass on the financial screens.
Read as at 2026-11-07. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when EMAARDEV.AE's ethical verdict changes
Today EMAARDEV.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 33% discount to our 21.88 AED fair value, strong competitive moat, 32.10% 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 32.8% discount to the base estimate.
Third-party analyst targets: 13 covering, consensus Buy. The average target sits +19% 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 21.88 AED, with a range of 21.88 AED to 29.40 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 32%-growth business trading at just 3.4x forward earnings, with a strong competitive moat and minimal debt. That is a 33% discount to our 21.88 AED fair value: the market is pricing it cautiously while the fundamentals argue otherwise. 13 analysts rate it Buy with a 17.50 AED average target, about 19% 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
EMAARDEV.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 markdown to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved up 8.6% 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 momentum reading neutral. Over the past year the shares are up 12%. Our forward projection puts the odds of a 10% gain over the next month near 37%. The street (8 analysts) rates it strong buy, with a mean price target of $19.
2026-10-26Markdown · changed$12.80+0.0%Entry 8
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 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 momentum reading neutral. Over the past year the shares are up 12%. Our forward projection puts the odds of a 10% gain over the next month near 37%. The street (8 analysts) rates it strong buy, with a mean price target of $19.
2026-10-16Accumulation$12.80-3.8%Entry 7
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 3.8% 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 neutral. Over the past year the shares are up 12%. Our forward projection puts the odds of a 10% gain over the next month near 37%. The street (8 analysts) rates it strong buy, with a mean price target of $19.
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 up 1.4% 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 2% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 12%. Our forward projection puts the odds of a 10% gain over the next month near 37%. The street (8 analysts) rates it strong buy, with a mean price target of $19.
2026-08-27Markdown · changed$13.12+0.0%Entry 5
The framework has shifted from distribution to markdown since the last review. 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: 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 neutral. Over the past year the shares are up 12%. Our forward projection puts the odds of a 10% gain over the next month near 37%. The street (8 analysts) rates it strong buy, with a mean price target of $19.
2026-07-27Distribution$13.12-3.7%Entry 4
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 3.7% 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 neutral. Over the past year the shares are up 12%. Our forward projection puts the odds of a 10% gain over the next month near 37%. The street (8 analysts) rates it strong buy, with a mean price target of $19.
2026-07-18Distribution$13.62+0.0%Entry 3
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. 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 neutral. Over the past year the shares are up 12%. Our forward projection puts the odds of a 10% gain over the next month near 37%. The street (8 analysts) rates it strong buy, with a mean price target of $19.
2026-07-03Distribution$13.62+0.0%Entry 2
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. 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.
2026-07-02Distribution$13.62Entry 1
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. 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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