Mulkia Gulf Real Estate REIT (4336) fair value: what the stock is really worth
As of Oct 29, 2026: fair value (intrinsic value) of Mulkia Gulf Real Estate REIT stock SAR 9.36, price SAR 3.97, upside +135.8%, quality 34 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Oct 29, 2026.
How to read this chart
60‑month range 3.72 SAR – 7.53 SAR · fair‑value band 2.46 SAR – 19.96 SAR · the 3.97 SAR price screens below the 9.36 SAR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 29, 2026.
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Mulkia Gulf Real Estate REIT is a Shariah compliant real estate investment trust externally managed by Mulkia Investment Company. It invests in real estate markets of Saudi Arabia.
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The firm primarily invests in income generating real estates, which are under four specific real estate assets in major cities within Saudi Arabia. Mulkia Gulf Real Estate REIT Fund is based in Saudi Arabia.
Stock analysis
Mulkia Gulf Real Estate REIT (4336) currently trades at 3.97 SAR, while our model-based Fair Value estimate is 9.36 SAR, implying the stock looks roughly 57.6% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 9.36 SAR per share, and 6 of the 10 models we run sit above the 3.97 SAR price.
Bear case: the Multiples group reads lowest at 2.26 SAR, and 4 of the 10 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 2.46 SAR (bear) to 19.96 SAR (bull), the price of 3.97 SAR sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 34/100 (below-average quality), in the Real Estate sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Mulkia Gulf Real Estate REIT reported revenue of 125M SAR in FY2025 versus 76.5M SAR in FY2021, a compound +13.1%/yr. Reported net income was −28.4M SAR in FY2025.
Key figures
Market cap 412M SAR (≈ $110M) Micro · P/S ratio 3.35 · EPS (TTM) −0.0400 SAR · Dividend yield 4.0% · Net margin −4.5% · Return on equity −0.8% · Return on assets (EBIT) 3.1% · Operating margin 54.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 33 out of 100 (low confidence).
What moves the price
The share trades about 13% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −10% fair-value upside, at 136%, 4336 screens cheaper than that median.
Fair Value models
Bear2.46 SARFair Value 9.36 SARBull19.96 SAR
Price 3.97 SAR · Upside +135.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+4.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.5%
Start year 2020 (pandemic)
Revenue growth 8 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+40.8%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
67.7% (2019) → 35.6% (2024)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+11.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Saudi Arabia: IMF forecast 2.1% a year to 2030, 1.7% from 2016 to 2025) that is about +8.9% a year for the price.
Compare Mulkia Gulf Real Estate REIT with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Diversified · 151 stocks
Beats the industry median on 6/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score34 · Bottom 25%
Fair Value upside+136.4% · Top 25%
Profitability
Return on assets−1.9% · Bottom 25%
Net margin (12 months)−4.5% · Bottom 25%
Operating margin (12 months)54.6% · Above median
Growth and dividend
Revenue growth (quarter YoY)−10.9% · Bottom 25%
Dividend yield (12 months)4.0% · Below median
Balance sheet
Debt / equity0.99× · Highest 25%
Valuation Multiplesvs REIT - Diversified median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Mulkia Gulf Real Estate REIT Fair Value". https://www.fairvalue-calculator.com/stock/4336
Frequently asked questions
Is Mulkia Gulf Real Estate REIT (4336) overvalued or undervalued?
As of Oct 29, 2026, our model estimates a fair value of 9.36 SAR versus a price of 3.97 SAR, about +136% upside (undervalued).
What is the fair value of 4336?
Our model-based fair value for Mulkia Gulf Real Estate REIT is 9.36 SAR (as of Oct 29, 2026), built from audited fundamentals. The current price: 3.97 SAR.
What is the quality score of 4336?
Mulkia Gulf Real Estate REIT has a Quality Score of 34/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Mulkia Gulf Real Estate REIT (4336)?
Our model-based price target is the fair value of 9.36 SAR (as of Oct 29, 2026) from 11 valuation models. Cautious scenario 2.46 SAR, optimistic scenario 19.96 SAR. It is a calculation from audited fundamentals, not an analyst target.
What is the Mulkia Gulf Real Estate REIT stock forecast for 2026?
Our models put fair value at 9.36 SAR, about +136% upside versus a price of 3.97 SAR (undervalued). Cautious scenario 2.46 SAR, optimistic scenario 19.96 SAR. The calculation is refreshed regularly with new filings.
What is the revenue of Mulkia Gulf Real Estate REIT (4336)?
Mulkia Gulf Real Estate REIT reported trailing-twelve-month revenue of about 123M SAR (latest available figure, as of Oct 29, 2026).
Does Mulkia Gulf Real Estate REIT pay a dividend?
Mulkia Gulf Real Estate REIT currently shows a dividend yield of 4.03% relative to its recent price (as of Oct 29, 2026).
What growth is priced into Mulkia Gulf Real Estate REIT (4336)?
For today's price to be fair in a discounted-cash-flow model, Mulkia Gulf Real Estate REIT would have to grow free cash flow by +11.2 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.5 % per year. As of Oct 29, 2026.
What discount rate (WACC) does the fair value of 4336 use?
Our models discount Mulkia Gulf Real Estate REIT at 11.8 %: a base by market capitalisation (micro), damped by beta 0.03, country premium for Saudi Arabia. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Mulkia Gulf Real Estate REIT that is +11.2 % per year a year over ten years, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Mulkia Gulf Real Estate REIT (4336) delivered so far?
Over the past 5 years revenue at Mulkia Gulf Real Estate REIT grew +12.5 % a year. The price currently implies +11.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Mulkia Gulf Real Estate REIT (4336) growing?
The median revenue growth in the sector is +2.5 % a year. That is the yardstick for the growth priced into Mulkia Gulf Real Estate REIT (+11.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Mulkia Gulf Real Estate REIT (4336)?
The free-cash-flow yield on the price is 15.77 %: that much free cash flow Mulkia Gulf Real Estate REIT produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Mulkia Gulf Real Estate REIT (4336)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Mulkia Gulf Real Estate REIT it is 9.36 SAR per share (as of Oct 29, 2026), against a price of 3.97 SAR. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is Mulkia Gulf Real Estate REIT stock overvalued or undervalued in 2026?
As of Oct 29, 2026, 4336 trades below its calculated fair value: price 3.97 SAR, fair value 9.36 SAR, a gap of about +136% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 4336?
No. The price is what the market pays today (3.97 SAR); the fair value is what the company's own numbers justify (9.36 SAR). For Mulkia Gulf Real Estate REIT the two are 5.39 SAR per share apart. That gap is exactly why we show both numbers side by side.
How much is Mulkia Gulf Real Estate REIT worth?
The market values Mulkia Gulf Real Estate REIT at about 412M SAR (market capitalisation, as of Oct 29, 2026). Per share that is 3.97 SAR; our models calculate a fair value of 9.36 SAR per share.
What do the bullish and bearish scenarios say about 4336?
Our models span a range for Mulkia Gulf Real Estate REIT: cautious scenario 2.46 SAR, base 9.36 SAR, optimistic 19.96 SAR per share (as of Oct 29, 2026, price 3.97 SAR). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Mulkia Gulf Real Estate REIT (4336)?
Balance-sheet figures for Mulkia Gulf Real Estate REIT (as of Oct 29, 2026): return on equity −0.8%, debt of 0.99 per unit of equity. They feed the Quality Score of 34/100, which measures business quality independently of the share price.
How far is 4336 from its 52-week high?
Mulkia Gulf Real Estate REIT trades at 3.97 SAR, about 13% below its 52-week high of 4.58 SAR and 7% above the low of 3.72 SAR (as of Oct 29, 2026). Distance from the high says nothing about value: that is what the fair value of 9.36 SAR is for.
Which stocks are comparable to Mulkia Gulf Real Estate REIT?
From the same area (Real Estate) we also value Goodman Group, VICI Properties Inc, W. P. Carey Inc, Charter Hall Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Mulkia Gulf Real Estate REIT stock attractive at the current price?
The data as of Oct 29, 2026: price 3.97 SAR, calculated fair value 9.36 SAR (+136%), Quality Score 34/100, from 11 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 4336 calculated?
We run Mulkia Gulf Real Estate REIT through 11 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 9.36 SAR, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.4 % above its aggregate fair value. Mulkia Gulf Real Estate REIT currently trades 58 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Mulkia Gulf Real Estate REIT (4336)?
The closing price on Oct 29, 2026 was 3.97 SAR. Our model-based fair value is 9.36 SAR, about +136% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Mulkia Gulf Real Estate REIT right now?
The large discount to fair value meets weak quality (34/100). That raises the risk this is a value trap rather than a bargain. The model range is unusually wide (2.46 SAR to 19.96 SAR). The outcome hinges heavily on assumptions, so read the point estimate with caution. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Mulkia Gulf Real Estate REIT
How large is the market capitalisation of Mulkia Gulf Real Estate REIT (4336)?
The market capitalisation of Mulkia Gulf Real Estate REIT is 412M SAR (≈ $110M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Mulkia Gulf Real Estate REIT (4336)?
The price-to-sales ratio of Mulkia Gulf Real Estate REIT is 3.35 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Mulkia Gulf Real Estate REIT (4336)?
Earnings per share at Mulkia Gulf Real Estate REIT are −0.0400 SAR. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Mulkia Gulf Real Estate REIT (4336)?
The dividend yield of Mulkia Gulf Real Estate REIT is 4.0%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Mulkia Gulf Real Estate REIT (4336)?
The net margin of Mulkia Gulf Real Estate REIT is −4.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Mulkia Gulf Real Estate REIT (4336)?
The return on equity (ROE) of Mulkia Gulf Real Estate REIT is −0.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Mulkia Gulf Real Estate REIT (4336)?
On an EBIT basis the return on assets of Mulkia Gulf Real Estate REIT is 3.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Mulkia Gulf Real Estate REIT (4336)?
The operating margin of Mulkia Gulf Real Estate REIT is 54.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Mulkia Gulf Real Estate REIT (4336)?
Revenue at Mulkia Gulf Real Estate REIT is growing −10.9% versus a year earlier (3y avg +9.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Mulkia Gulf Real Estate REIT (4336)?
Earnings per share at Mulkia Gulf Real Estate REIT are growing +32.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Mulkia Gulf Real Estate REIT (4336) carry?
The net debt of Mulkia Gulf Real Estate REIT is 704M SAR (fiscal year 2025, ≈ 10.8 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Oct 29, 2026