Strategy Note /
MENA

DUBAI: The VIP Room

    Hasnain Malik
    Hasnain Malik

    Strategy & Head of Equity Research

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    Tellimer Research
    29 March 2017
    Published byTellimer Research
    Valuations neither euphoric nor distressed, but risks increasing – Dubai equities, measured by the DFM index, are up 8% in the past 12 months and flat year to date (in US$ total return terms), and are trading on 1.2x trailing P/B (versus a 5-year range of 0.6x-2.2x) and 15x P/E (versus a 5-year low of 7.7x). Valuations are neither distressed nor euphoric, but the risks associated with climbing back to prior peaks look greater than a couple of years ago