Aldar Properties PJSC

Pages
Pages 71
table
Tables 24
Chart
Charts 35
Price $100

• Established in late 2005, Aldar is in the business of Real Estate Development and Investment Company in Abu Dhabi. Presently, Aldar is the larg.....

Summary

• Established in late 2005, Aldar is in the business of Real Estate Development and Investment Company in Abu Dhabi. Presently, Aldar is the largest real estate company in Abu Dhabi and second largest in UAE in terms of market capitalisation. 
• The group’s business operations can broadly be classified into three verticals – Real Estate Development, Real Estate Asset Management and Investment in other business operations 
• With the debt strategy in place the company has been constantly and successfully been able to reduce the cost of borrowing, extend the maturity profile and lower its total debt. 
• The future strategy of the company is to diversify geographically. This strategy to diversify geographically took off with the plans to build 190-key hotels in Kazakhstan for Starwood Hotels and Resorts . 
• Mubadala Development Company PJSC has 30% shareholding in Aldar Properties and thus has been the primary beneficiary of Abu Dhabi’s Government economic plans. 
• Aldar’s net income for the year 2014 reached USD 608.6 million which is half a percent less than the 2013. 
• Aldar’s stock performance has been a roller coaster ride, declining constantly from April 2010 to June 2013 following which it started its ascent. The ascent however was interrupted in September 2014 after which the stock has continued to decline. Aldar’s stock has a 5 yr CAGR of -10% while its 1 yr return has been equally unimpressive wherein the stock lost 31%. Aldar’s dividend pay-out has been constantly increasing over the past few years with declining dividend yield echoing the gradual increase in stock price.

TOC

  1. Executive SummarY
  2. Business Overview
    • Overview
    • Porter five force analysis
    • STEEPLED Analysis
  3. Financial Overview
    • Revenue
    • Cost Structure
    • Key financial ratios & Du Pont Analysis
    • Capital Expenditure
    • Debt/Equity Ratio (D/E)
    • CFO-to-Sales
    • Earnings Quality (EQ)
  4. Projections
  5. Peer Analysis
    • Regional Peers
    • Global Peers
  6. Share Market Overview
    • Dividend
    • Risk Metrics
    • Liquidity Metrics
    • Analyst Calls
  7. Appendix
    • Sector Overview
    • Growth Drivers
    • Corporate Governance

Tables & Charts

Tables
1.1: Summary
1.2: Business View
1.3: Financial View (Long-term)
2.1: Aldar Properties PJCS Subsidiaries and Associates
2.2: Performance Indicators
2.3: Summary of Porter’s Five Forces analysis
2.4: Summary of STEEPLED analysis
2.5: SWOT analysis
3.1: Financial Ratios
3.2: Earnings Quality across time periods
3.3: Earnings Quality Components (Period End: Dec 2014)
4.1: Projections for income statement, balance sheet
5.1: Regional peer overview (in USD millions)
5.2: Peer comparison based on size, P/E and dividends
5.3: Peer comparison based on returns and margins (2014)
5.4: Peer comparison based on balance sheet strength
5.5: Rankings of Closest Peers based on Market Cap
6.1: Returns of Aldar vs. Abu Dhabi Securities Exchange index
6.2: Aldar Dividends, 2010-14
6.3: Risk Metrics
6.4: Liquidity Metrics
7.1: Projections for Income Statement, Balance Sheet 
7.2: Board of Directors
7.3: Board Compensation

Charts
2.1: Aldar’s Business Model
2.2: Aldar Properties PJCS shareholders
2.3: Key Milestones of Aldar
2.4: Other key financials comparison (USD Mn)
2.5: Time series of the mergers
2.6: Numbers of units delivered by both the companies
2.7: Investment portfolio of Aldar
2.8: Investment portfolio of Sorouh
2.9: Investment Portfolio of Aldar & Sorouh
3.1: Total Sales 2010-14 (USD million)
3.2: Segment wise revenue (2010 – 2014)
3.3: Operating cost breakdown (in USD million) (2013 & 2014)  
3.4: Du Pont Analysis
3.5: ROE & ROA
3.6: Aldar’s CAPEX, USD millions and capex/sales ratio (2010-14)
3.7: Aldar’s D/E Ratio, (2010-14)
3.8: Cash Flow from Operations (in USD million) and CFO-to-Sales ratio, 20109-14
6.1: Aldar vs. Abu Dhabi Securities Exchange index, Rebased 2009-2014
6.2: Aldar Volume traded (in million) vs. Price (AED)
6.3: Risk vs. Return: UAE Real Estate Stocks, 2010-14
6.4: Analyst Calls
7.1: Total supply of residential units  in Abu Dhabi (000’s)
7.2: Change in sales price of 2 bedroom in Abu Dhabi
7.3: Change in rental price of 2 bedroom in Abu Dhabi
7.4: Office space supply in (‘000 per metre2) in Abu Dhabi
7.5: Annual Rental value of office space in USD per sq metre in Abu Dhabi
7.6: Vacany rate in Office Space in Abu Dhabi
7.7: Retail space supply in (‘000 per metre2) in Abu Dhabi
7.8: Annual Rental Value of Retail Space in USD per sq metre in Abu Dhabi
7.9: Vacany rate in retail space in Abu Dhabi
7.10: Hotels space supply in (keys) in Abu Dhabi
7.11: Average daily room rates of hotels in USD in Abu Dhabi
7.12: Occupancy rate in hotels in Abu Dhabi
7.13: GDP of Abu Dhabi from 2005 - 2013
7.14: Population of UAE from 2005 to 2016

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