Enma Al Rawabi Co (9521) fair value: what the stock is really worth
As of Oct 28, 2026: fair value (intrinsic value) of Enma Al Rawabi Co stock SAR 26.31, price SAR 21.00, upside +25.3%, quality 60 out of 100. Rating: 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 28, 2026.
How to read this chart
58‑month range 16.24 SAR – 31.12 SAR · fair‑value band 15.83 SAR – 42.71 SAR · the 21.00 SAR price screens below the 26.31 SAR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 28, 2026.
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INMAR Company engages in establishing and owning real estate properties in the Kingdom of Saudi Arabia. It manages and leases owned or leased residential and non-residential properties. The company also undertakes real estate management activities.
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INMAR Company was formerly known as Enma Al Rawabi Company and changed its name to INMAR Company in September 2025. The company was incorporated in 2011 and is based in Riyadh, the Kingdom of Saudi Arabia.
Stock analysis
Enma Al Rawabi Co (9521) currently trades at 21.00 SAR, while our model-based Fair Value estimate is 26.31 SAR, implying the stock looks roughly 20.2% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 40.50 SAR per share, and 12 of the 16 models we run sit above the 21.00 SAR price.
Bear case: the Dividend Discount group reads lowest at 5.92 SAR, and 4 of the 16 models stay below the price. Data coverage for this calculation is high.
Scenario range: 15.83 SAR (bear) to 42.71 SAR (bull), the price of 21.00 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 60/100 (solid quality), in the Real Estate sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Enma Al Rawabi Co reported revenue of 159M SAR in FY2025 versus 39.0M SAR in FY2021, a compound +42.1%/yr. Reported net income was 89.4M SAR in FY2025, compounding +40.1%/yr from FY2021.
Key figures
Market cap 838M SAR (≈ $223M) Micro · P/E ratio 16.3 · P/S ratio 9.17 · EPS (TTM) 1.29 SAR · Dividend yield 2.9% · Net margin 56.3% · Return on equity 13.6% · Return on assets (EBIT) 7.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 76 out of 100 (medium confidence).
What moves the price
The share trades about 17% below its 52-week high and 16% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −11% fair-value upside, at 25%, 9521 screens cheaper than that median.
Fair Value models
Bear15.83 SARFair Value 26.31 SARBull42.71 SAR
Price 21.00 SAR · Upside +25.3%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.5709 SAR per share) are deliberately not added.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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+14.0%
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.
+48.9%
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.
+30.1%
Start year 2020 (pandemic)
Revenue growth 7 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.
+20.4%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+41.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+39.0%
Dividend (yield on the price)2.9%
Profit margin 2020 to 2025 ⓘ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.59% → 62%
2025 sits 112% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Growth Forecast
Little optimism in the price
The price assumes less growth than 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).
+24.3%
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 +21.8% a year for the price.
Price, fair value, quality and upside side by side.
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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.Real Estate - Development · 578 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score60 · Top 25%
Fair Value upside+25.3% · Below median
Profitability
Return on equity (12 months)13.6% · Top 25%
Return on assets10.5% · Top 25%
Net margin (12 months)55.8% · Top 25%
Operating margin (12 months)62.7% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)9.0% · Above median
Dividend yield (12 months)2.9% · Below median
Valuation Multiplesvs Real Estate - Development 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). "Enma Al Rawabi Co Fair Value". https://www.fairvalue-calculator.com/stock/9521
Frequently asked questions
Is Enma Al Rawabi Co (9521) overvalued or undervalued?
As of Oct 28, 2026, our model estimates a fair value of 26.31 SAR versus a price of 21.00 SAR, about +25% upside (undervalued).
What is the fair value of 9521?
Our model-based fair value for Enma Al Rawabi Co is 26.31 SAR (as of Oct 28, 2026), built from audited fundamentals. The current price: 21.00 SAR.
What is the quality score of 9521?
Enma Al Rawabi Co has a Quality Score of 60/100. 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 Enma Al Rawabi Co (9521)?
Our model-based price target is the fair value of 26.31 SAR (as of Oct 28, 2026) from 16 valuation models. Cautious scenario 15.83 SAR, optimistic scenario 42.71 SAR. It is a calculation from audited fundamentals, not an analyst target.
What is the Enma Al Rawabi Co stock forecast for 2026?
Our models put fair value at 26.31 SAR, about +25% upside versus a price of 21.00 SAR (undervalued). Cautious scenario 15.83 SAR, optimistic scenario 42.71 SAR. The calculation is refreshed regularly with new filings.
What is the revenue of Enma Al Rawabi Co (9521)?
Enma Al Rawabi Co reported trailing-twelve-month revenue of about 169M SAR (latest available figure, as of Oct 28, 2026).
Does Enma Al Rawabi Co pay a dividend?
Enma Al Rawabi Co currently shows a dividend yield of 2.86% relative to its recent price (as of Oct 28, 2026).
What growth is priced into Enma Al Rawabi Co (9521)?
For today's price to be fair in a discounted-cash-flow model, Enma Al Rawabi Co would have to grow free cash flow by +24.3 % 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 +30.1 % per year. As of Oct 28, 2026.
What discount rate (WACC) does the fair value of 9521 use?
Our models discount Enma Al Rawabi Co at 11.8 %: a base by market capitalisation (micro), damped by beta 0.26, 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 Enma Al Rawabi Co that is +24.3 % 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 Enma Al Rawabi Co (9521) delivered so far?
Over the past 5 years revenue at Enma Al Rawabi Co grew +30.1 % a year. The price currently implies +24.3 % 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 Enma Al Rawabi Co (9521) growing?
The median revenue growth in the sector is +2.4 % a year. That is the yardstick for the growth priced into Enma Al Rawabi Co (+24.3 % 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 Enma Al Rawabi Co (9521)?
The free-cash-flow yield on the price is 2.90 %: that much free cash flow Enma Al Rawabi Co 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 Enma Al Rawabi Co (9521)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Enma Al Rawabi Co it is 26.31 SAR per share (as of Oct 28, 2026), against a price of 21.00 SAR. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Enma Al Rawabi Co stock overvalued or undervalued in 2026?
As of Oct 28, 2026, 9521 trades below its calculated fair value: price 21.00 SAR, fair value 26.31 SAR, a gap of about +25% (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 9521?
No. The price is what the market pays today (21.00 SAR); the fair value is what the company's own numbers justify (26.31 SAR). For Enma Al Rawabi Co the two are 5.31 SAR per share apart. That gap is exactly why we show both numbers side by side.
How much is Enma Al Rawabi Co worth?
The market values Enma Al Rawabi Co at about 838M SAR (market capitalisation, as of Oct 28, 2026). Per share that is 21.00 SAR; our models calculate a fair value of 26.31 SAR per share.
What do the bullish and bearish scenarios say about 9521?
Our models span a range for Enma Al Rawabi Co: cautious scenario 15.83 SAR, base 26.31 SAR, optimistic 42.71 SAR per share (as of Oct 28, 2026, price 21.00 SAR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 9521?
Enma Al Rawabi Co trades at a price-to-earnings ratio of 16.3 (as of Oct 28, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 26.31 SAR is built from several models across several years. Other multiples: P/B 1.2, P/S 5.0, EV/EBITDA 7.0.
How solid is the balance sheet of Enma Al Rawabi Co (9521)?
Balance-sheet figures for Enma Al Rawabi Co (as of Oct 28, 2026): return on equity 13.6%. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is 9521 from its 52-week high?
Enma Al Rawabi Co trades at 21.00 SAR, about 17% below its 52-week high of 25.26 SAR and 16% above the low of 18.06 SAR (as of Oct 28, 2026). Distance from the high says nothing about value: that is what the fair value of 26.31 SAR is for.
Which stocks are comparable to Enma Al Rawabi Co?
From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, Vinhomes Joint Stock Company, CK Asset Holdings, Hongkong Land Holdings, 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 Enma Al Rawabi Co stock attractive at the current price?
The data as of Oct 28, 2026: price 21.00 SAR, calculated fair value 26.31 SAR (+25%), Quality Score 60/100, from 16 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 9521 calculated?
We run Enma Al Rawabi Co through 16 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 26.31 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. Enma Al Rawabi Co currently trades 20 % 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 Enma Al Rawabi Co (9521)?
The closing price on Oct 28, 2026 was 21.00 SAR. Our model-based fair value is 26.31 SAR, about +25% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Enma Al Rawabi Co right now?
The model range is unusually wide (15.83 SAR to 42.71 SAR). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Enma Al Rawabi Co
How large is the market capitalisation of Enma Al Rawabi Co (9521)?
The market capitalisation of Enma Al Rawabi Co is 838M SAR (≈ $223M). 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 Enma Al Rawabi Co (9521)?
The price-to-sales ratio of Enma Al Rawabi Co is 9.17 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Enma Al Rawabi Co (9521)?
Earnings per share at Enma Al Rawabi Co are 1.29 SAR (price ÷ EPS = P/E 16.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Enma Al Rawabi Co (9521)?
The dividend yield of Enma Al Rawabi Co is 2.9% (payout 46.5%). 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 Enma Al Rawabi Co (9521)?
The net margin of Enma Al Rawabi Co is 56.3% (fiscal year 2025). 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 Enma Al Rawabi Co (9521)?
The return on equity (ROE) of Enma Al Rawabi Co is 13.6% (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 Enma Al Rawabi Co (9521)?
On an EBIT basis the return on assets of Enma Al Rawabi Co is 7.8% (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 Enma Al Rawabi Co (9521)?
The operating margin of Enma Al Rawabi Co is 62.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Enma Al Rawabi Co (9521)?
Revenue at Enma Al Rawabi Co is growing +9.0% versus a year earlier (3y avg +48.9%). 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 Enma Al Rawabi Co (9521)?
Earnings per share at Enma Al Rawabi Co are growing +7.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Enma Al Rawabi Co (9521) carry?
The net debt of Enma Al Rawabi Co is 144M SAR (fiscal year 2025, ≈ 5.9 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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Broad data
Oct 28, 2026