←
Dubai Islamic Bank
DFM: DIB · Initiation of coverage · strict model
Rating
Equal-Weight
Fair value
AED 7.98
Analyst
S. Rahman
Status
published
Model reviewer
DIB_Financial_Model_2026-08-28.xlsx · 213 editable inputs · recalculated 2026-08-28 10:27:50
Assumptions blue workbook inputs
YoY growth % - FY2026EG8
YoY growth % - FY2027EH8
YoY growth % - FY2028EI8
YoY growth % - FY2029EJ8
YoY growth % - FY2030EK8
YoY growth % - FY2026EG10
YoY growth % - FY2027EH10
YoY growth % - FY2028EI10
YoY growth % - FY2029EJ10
YoY growth % - FY2030EK10
Gross yield on average earning assets % - FY2026EG15
Gross yield on average earning assets % - FY2027EH15
Gross yield on average earning assets % - FY2028EI15
Gross yield on average earning assets % - FY2029EJ15
Gross yield on average earning assets % - FY2030EK15
YoY growth % - FY2026EG20
YoY growth % - FY2027EH20
YoY growth % - FY2028EI20
YoY growth % - FY2029EJ20
YoY growth % - FY2030EK20
Due to banks and financial institutions - FY2026EG22
Due to banks and financial institutions - FY2027EH22
Due to banks and financial institutions - FY2028EI22
Due to banks and financial institutions - FY2029EJ22
Due to banks and financial institutions - FY2030EK22
Sukuk issued (senior) - FY2026EG23
Sukuk issued (senior) - FY2027EH23
Sukuk issued (senior) - FY2028EI23
Sukuk issued (senior) - FY2029EJ23
Sukuk issued (senior) - FY2030EK23
Cost of funds on average funding % - FY2026EG26
Cost of funds on average funding % - FY2027EH26
Cost of funds on average funding % - FY2028EI26
Cost of funds on average funding % - FY2029EJ26
Cost of funds on average funding % - FY2030EK26
YoY growth % - FY2026EG34
YoY growth % - FY2027EH34
YoY growth % - FY2028EI34
YoY growth % - FY2029EJ34
YoY growth % - FY2030EK34
Income from properties held for development and sale - FY2026EG35
Income from properties held for development and sale - FY2027EH35
Income from properties held for development and sale - FY2028EI35
Income from properties held for development and sale - FY2029EJ35
Income from properties held for development and sale - FY2030EK35
Income from investment properties - FY2026EG36
Income from investment properties - FY2027EH36
Income from investment properties - FY2028EI36
Income from investment properties - FY2029EJ36
Income from investment properties - FY2030EK36
Income from other investments at FV, net - FY2026EG37
Income from other investments at FV, net - FY2027EH37
Income from other investments at FV, net - FY2028EI37
Income from other investments at FV, net - FY2029EJ37
Income from other investments at FV, net - FY2030EK37
Share of profit of associates and JVs - FY2026EG38
Share of profit of associates and JVs - FY2027EH38
Share of profit of associates and JVs - FY2028EI38
Share of profit of associates and JVs - FY2029EJ38
Share of profit of associates and JVs - FY2030EK38
Other income - FY2026EG39
Other income - FY2027EH39
Other income - FY2028EI39
Other income - FY2029EJ39
Other income - FY2030EK39
Depreciation of investment properties - FY2026EG23
Depreciation of investment properties - FY2027EH23
Depreciation of investment properties - FY2028EI23
Depreciation of investment properties - FY2029EJ23
Depreciation of investment properties - FY2030EK23
Depreciation of property and equipment - FY2026EG24
Depreciation of property and equipment - FY2027EH24
Depreciation of property and equipment - FY2028EI24
Depreciation of property and equipment - FY2029EJ24
Depreciation of property and equipment - FY2030EK24
Cost of risk (bps on avg net financing) - FY2026EG30
Cost of risk (bps on avg net financing) - FY2027EH30
Cost of risk (bps on avg net financing) - FY2028EI30
Cost of risk (bps on avg net financing) - FY2029EJ30
Cost of risk (bps on avg net financing) - FY2030EK30
Effective tax rate % - FY2026EG34
Effective tax rate % - FY2027EH34
Effective tax rate % - FY2028EI34
Effective tax rate % - FY2029EJ34
Effective tax rate % - FY2030EK34
NCI share of net profit % - FY2026EG38
NCI share of net profit % - FY2027EH38
NCI share of net profit % - FY2028EI38
NCI share of net profit % - FY2029EJ38
NCI share of net profit % - FY2030EK38
Tier 1 sukuk coupons (equity appropriation, memo) - FY2026EG41
Tier 1 sukuk coupons (equity appropriation, memo) - FY2027EH41
Tier 1 sukuk coupons (equity appropriation, memo) - FY2028EI41
Tier 1 sukuk coupons (equity appropriation, memo) - FY2029EJ41
Tier 1 sukuk coupons (equity appropriation, memo) - FY2030EK41
DPS declared for the year (fils) - FY2026EG43
DPS declared for the year (fils) - FY2027EH43
DPS declared for the year (fils) - FY2028EI43
DPS declared for the year (fils) - FY2029EJ43
DPS declared for the year (fils) - FY2030EK43
Due from banks and financial institutions - FY2026EG8
Due from banks and financial institutions - FY2027EH8
Due from banks and financial institutions - FY2028EI8
Due from banks and financial institutions - FY2029EJ8
Due from banks and financial institutions - FY2030EK8
Other investments at fair value - FY2026EG11
Other investments at fair value - FY2027EH11
Other investments at fair value - FY2028EI11
Other investments at fair value - FY2029EJ11
Other investments at fair value - FY2030EK11
Investments in associates and joint ventures - FY2026EG12
Investments in associates and joint ventures - FY2027EH12
Investments in associates and joint ventures - FY2028EI12
Investments in associates and joint ventures - FY2029EJ12
Investments in associates and joint ventures - FY2030EK12
Properties held for development and sale - FY2026EG13
Properties held for development and sale - FY2027EH13
Properties held for development and sale - FY2028EI13
Properties held for development and sale - FY2029EJ13
Properties held for development and sale - FY2030EK13
Investment properties - FY2026EG14
Investment properties - FY2027EH14
Investment properties - FY2028EI14
Investment properties - FY2029EJ14
Investment properties - FY2030EK14
Receivables and other assets - FY2026EG15
Receivables and other assets - FY2027EH15
Receivables and other assets - FY2028EI15
Receivables and other assets - FY2029EJ15
Receivables and other assets - FY2030EK15
Property and equipment - FY2026EG16
Property and equipment - FY2027EH16
Property and equipment - FY2028EI16
Property and equipment - FY2029EJ16
Property and equipment - FY2030EK16
Payables and other liabilities - FY2026EG24
Payables and other liabilities - FY2027EH24
Payables and other liabilities - FY2028EI24
Payables and other liabilities - FY2029EJ24
Payables and other liabilities - FY2030EK24
Zakat payable - FY2026EG25
Zakat payable - FY2027EH25
Zakat payable - FY2028EI25
Zakat payable - FY2029EJ25
Zakat payable - FY2030EK25
Share capital - FY2026EG29
Share capital - FY2027EH29
Share capital - FY2028EI29
Share capital - FY2029EJ29
Share capital - FY2030EK29
Tier 1 sukuk - FY2026EG30
Tier 1 sukuk - FY2027EH30
Tier 1 sukuk - FY2028EI30
Tier 1 sukuk - FY2029EJ30
Tier 1 sukuk - FY2030EK30
Other reserves and treasury shares - FY2026EG31
Other reserves and treasury shares - FY2027EH31
Other reserves and treasury shares - FY2028EI31
Other reserves and treasury shares - FY2029EJ31
Other reserves and treasury shares - FY2030EK31
Investments fair value reserve - FY2026EG32
Investments fair value reserve - FY2027EH32
Investments fair value reserve - FY2028EI32
Investments fair value reserve - FY2029EJ32
Investments fair value reserve - FY2030EK32
Exchange translation reserve - FY2026EG33
Exchange translation reserve - FY2027EH33
Exchange translation reserve - FY2028EI33
Exchange translation reserve - FY2029EJ33
Exchange translation reserve - FY2030EK33
Earning asset growth, CAGR % - BullB7
Earning asset growth, CAGR % - BaseC7
Earning asset growth, CAGR % - BearD7
Net profit margin (NFI / avg earning assets) % - BullB8
Net profit margin (NFI / avg earning assets) % - BaseC8
Net profit margin (NFI / avg earning assets) % - BearD8
Non-funded income growth p.a. % - BullB9
Non-funded income growth p.a. % - BaseC9
Non-funded income growth p.a. % - BearD9
Cost-to-income ratio % - BullB10
Cost-to-income ratio % - BaseC10
Cost-to-income ratio % - BearD10
Cost of risk (bps on avg financing) - BullB11
Cost of risk (bps on avg financing) - BaseC11
Cost of risk (bps on avg financing) - BearD11
Effective tax rate % - BullB12
Effective tax rate % - BaseC12
Effective tax rate % - BearD12
Risk-free rate (10Y UST) % - FY2021AB23
Equity risk premium % - FY2021AB24
Beta - FY2021AB25
Country/size adjustment % - FY2021AB26
Terminal growth % - FY2021AB28
Share price (AED) - FY2021AB31
Shares outstanding (m) - FY2021AB32
Terminal payout ratio (normalized) - 2026EB15
Sustainable ROTE % - 2026EB22
input - GRID 1: JUSTIFIED P/TBV VALUE — Sustainable ROTE (cols) x Cost of equity (rows)A6
input - GRID 1: JUSTIFIED P/TBV VALUE — Sustainable ROTE (cols) x Cost of equity (rows)A7
input - GRID 1: JUSTIFIED P/TBV VALUE — Sustainable ROTE (cols) x Cost of equity (rows)A8
input - GRID 1: JUSTIFIED P/TBV VALUE — Sustainable ROTE (cols) x Cost of equity (rows)A9
input - GRID 1: JUSTIFIED P/TBV VALUE — Sustainable ROTE (cols) x Cost of equity (rows)A10
input - GRID 1: JUSTIFIED P/TBV VALUE — Sustainable ROTE (cols) x Cost of equity (rows)A14
input - GRID 1: JUSTIFIED P/TBV VALUE — Sustainable ROTE (cols) x Cost of equity (rows)A15
input - GRID 1: JUSTIFIED P/TBV VALUE — Sustainable ROTE (cols) x Cost of equity (rows)A16
input - GRID 1: JUSTIFIED P/TBV VALUE — Sustainable ROTE (cols) x Cost of equity (rows)A17
input - GRID 1: JUSTIFIED P/TBV VALUE — Sustainable ROTE (cols) x Cost of equity (rows)A18
Target P/E (x) applied to 2026E EPS - CountryB17
Target P/TBV (x) applied to 2026E TBVPS - CountryB18
Justified P/TBV (Gordon growth on ROTE) - WeightC5
Dividend discount model - WeightC6
Trading comparables - WeightC7
Historical multiples (10y P/E 9.4x; P/TBV 1.40x) - WeightC8
Edits write to the Excel master; every dependent figure, table and chart input recalculates.
Revenue ModelIncome StatementBalance SheetCash FlowScenariosDCF InputsDCF-DDMSensitivityCompsValuation Summary editable input estimate years Expand
DIB — Comparable Companies
Market data as of 27 Aug 2026 (stockanalysis.com; company releases). AED bn for assets; local reporting for profit.
CompanyCountryAssets (bn)FY25 net profitROE %P/EP/BNote
Abu Dhabi Islamic BankUAE281AED 7.1bn28%13.072.66Closest peer; industry-leading ROE
Emirates IslamicUAE146AED 3.3bn17.80~0.1% free float; multiples unreliable
Sharjah Islamic BankUAE90AED 1.31bn16.3%7.24Q1-26 ROE
Ajman BankUAE33AED 0.50bn15.6%7.709M-25 ROE; turnaround
Al Rajhi BankKSA1,043SAR 24.8bn23.4%16.403.70World's largest Islamic bank; P/B computed
Kuwait Finance HouseKWT511KD 632m11.1%21.70P/E & ROE computed
Emirates NBDUAE1,000AED 24.0bn18.8%8.231.23Conventional; RBL India deal 2026
First Abu Dhabi BankUAE1,400AED 21.1bn19.2%10.611.51ROTE FY25
Median (UAE listed, ex-Emirates Islamic)8.231.51
DIB (current)416AED 7.81bn17.2%7.421.24FY25 post-tax ROTE ~17.2%; P/B on tangible
IMPLIED VALUE
Target P/E (x) applied to 2026E EPS8.507.89
Target P/TBV (x) applied to 2026E TBVPS1.358.70
COMPS VALUE PER SHARE (average)8.29