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Spinneys AED

Spinneys 1961 Holding plc operates supermarkets under the Spinneys, Waitrose, and Al Fair brands across the UAE, Oman, Saudi Arabia, and other markets. It also engages in wholesale food distribution, bakery production, meat processing, and online retail.

At a glance: strengths & risks
✓Net cash balance sheet✓Cheaper than own history (EV/EBITDA 4.9 vs avg 8.6)

Sector: Grocery retail

AE_SPINNEYS

Price chart

1.215 AEDDay -0.00%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
1.215 AED · -0.00%
Market cap
4.4 bn AED

Growth

Δ revenue y/y
-1.6%
Δ EBITDA y/y
0.6%

Multiples

P/E (LTM)
12.5x
3y avg: 17.9x
P/B (FY)
10.8x
P/E (ann.)
12.1x
EV/EBITDA (LTM)
4.9x
3y avg: 8.6x
EV/EBITDA (ann.)
4.8x

Cash return

Dividend yield
5.8%
FCF yield (LTM)
16.9%

Value creation

fundamental value/yr, % of market cap
Value created / year
+17.7%
↓ details

Liquidity

Daily turnover (listing)
0.1 mln AED

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in M AED, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM AEDOperating profitM AEDD&AM AEDEBITDAM AEDNet profitM AEDOperating CFM AEDCapex + M&AM AEDAssetsM AEDEquityM AEDROE (annualized)Net debtM AEDSource
2026-06-30Q2 2026 (3M)OK895.1
y/y -1.6%
107.0
y/y -0.0%
76.2
y/y 1.5%
183.1
y/y 0.6%
90.6
y/y 5.7%
166.7-21.62497.8
y/y 8.0%
449.4
y/y 21.7%
89.5%-837.9Link
2026-03-31Q1 2026 (3M)OK1014.2
y/y 11.9%
105.6
y/y 0.9%
76.8
y/y 7.4%
182.4
y/y 3.6%
91.6
y/y 3.4%
157.8-25.52426.9
y/y 6.0%
360.7
y/y 27.1%
95.6%-119.7Link
2025-12-31Q4 2025 (3M)OK1053.4
y/y 13.7%
149.7
y/y 8.7%
75.2
y/y 14.4%
224.9
y/y 10.6%
123.8
y/y 10.5%
297.0-36.22435.8
y/y 11.1%
405.8
y/y 35.6%
99.0%-103.5Link
2025-09-30Q3 2025 (3M)OK777.3
y/y 10.8%
56.3
y/y 18.6%
73.9
y/y 10.1%
130.2
y/y 13.6%
43.2
y/y 8.9%
97.0-35.82226.9
y/y 12.1%
284.0
y/y 46.9%
17.7%-72.8Link
2025-06-30Q2 2025 (3M)OK909.7
y/y 16.2%
107.0
y/y 22.6%
75.0
y/y 15.6%
182.0
y/y 19.6%
85.7
y/y 13.8%
210.3-30.72312.6
y/y 10.5%
369.2
y/y 42.0%
105.0%-99.4Link
2025-03-31Q1 2025 (3M)OK906.5
y/y 11.3%
104.7
y/y 16.4%
71.5
y/y 23.5%
176.1
y/y 19.2%
88.6
y/y 14.7%
175.6-21.72289.0
y/y 15.5%
283.8
y/y 50.5%
121.6%-236.3Link
2024-12-31Q4 2024 (3M)OK926.7
y/y 14.8%
137.7
y/y 12.5%
65.8
y/y 56.4%
203.4
y/y 23.7%
112.0
y/y 16.0%
246.6-39.92192.8
y/y 18.2%
299.2
y/y 159.4%
123.5%-53.9Link
2024-09-30Q3 2024 (3M)OK701.4
y/y 14.9%
47.5
y/y 13.1%
67.1
y/y 7.5%
114.6
y/y 9.8%
39.7
y/y 24.7%
-10.2-15.41987.2
y/y —
193.3
y/y —
23.4%-110.1Link
2024-06-30Q2 2024 (3M)OK782.8
y/y 8.9%
87.3
y/y 20.0%
64.9
y/y -1.2%
152.2
y/y 9.9%
75.3
y/y 22.4%
161.4-36.12092.7
y/y —
260.1
y/y —
134.3%-195.3Link
2024-03-31Q1 2024 (3M)OK814.8
y/y 10.9%
89.9
y/y 21.6%
57.9
y/y -6.6%
147.8
y/y 8.7%
77.2
y/y 16.6%
188.6-22.41981.8
y/y —
188.5
y/y 456.1%
203.3%-262.7Link
2023-12-31Q4 2023 (3M)OK807.1
y/y —
122.4
y/y —
42.0
y/y —
164.4
y/y —
96.6
y/y —
414.8-36.21855.6
y/y —
115.4
y/y —
—-354.1Report (PDF)
2023-09-30Q3 2023 (3M)PARTIAL610.5
y/y —
42.0
y/y —
62.4
y/y —
104.4
y/y —
31.8
y/y —
94.8-21.5—
y/y —
—
y/y —
—-346.9Link
2023-06-30Q2 2023 (3M)PARTIAL718.6
y/y —
72.7
y/y —
65.7
y/y —
138.4
y/y —
61.5
y/y —
160.5-19.0—
y/y —
—
y/y —
—-346.9Link
2023-03-31Q1 2023 (3M)PARTIAL734.9
y/y —
74.0
y/y —
62.0
y/y —
136.0
y/y —
66.2
y/y —
101.3-12.6—
y/y —
33.9
y/y —
—-346.9Link

Net debt structure (leases included, IFRS 16) 2023-12-31

Short-term debt (incl. ST leases)0
Long-term debt (incl. LT leases)0
− Cash & equivalents354
Net debt-354

Net debt / LTM EBITDA: -0.5x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (AED mln)

02505007501 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-10%0%10%20%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF (AED mln)

-200-10001002002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (AED mln)

-1 000-800-600-400-20002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2023–2025 operating cash flow came to 2.29x of reported net profit; after capex, 1.92x.
year202320242025
cash flow / profit3.01x1.93x2.29x
accruals, % of assets-27.8%-12.9%-18.0%
Last twelve months (to 2026-06-30): 2.06x of profit came back as operating cash flow.
net debt / EBITDA -0.1x · capex 0.4x of depreciation
● Capex is 42% of depreciation - the asset base is being consumed faster than replaced.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +17.7%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (183 − 182) × 3.94
5
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (4 372 + -838) ÷ 721
4.9x
3. Target multiple
(Current EV/EBITDA + 10) ÷ 2
= (4.9 + 10) ÷ 2
7.5x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 738 + 0 + 0 − 0
738
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (5 × 7.5 + 738) ÷ 4 372
+17.7%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +13% vs +12% the year before — a +0.7 pp move. 3-year CAGR —.
revenue growth by year: 2024 +12% · 2025 +13%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Peer comparison

Group: consumer (UAE). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Americana RestaurantsUAE5.49.1x
TalabatUAE7.012.3x
ADNOC DistributionUAE12.913.0x
Air ArabiaUAE5.813.9x
Group median12.7x
Group average12.1x
This companyUAE1.24.9x

Group median 12.7x; this company 4.9x — a 61% discount.

Group average 12.1x; against the average this company is at a 59% discount.

At the adjusted group median the market cap would be +155% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 21.0x, Russia 4.0x, South Africa 5.1x, Kazakhstan 6.3x, India 18.4x, Indonesia 4.7x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-15; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-190.034 AEDEx-dividend: 0.034 AED per sharePaidYahoo Finance (ex-div)
2026-03-250.036 AEDEx-dividend: 0.036 AED per sharePaidYahoo Finance (ex-div)
2025-08-150.0332 AEDEx-dividend: 0.0332 AED per sharePaidYahoo Finance (ex-div)
2025-03-260.028 AEDEx-dividend: 0.028 AED per sharePaidYahoo Finance (ex-div)
2024-08-160.0285 AEDEx-dividend: 0.0285 AED per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://www.dfm.ae/issuers/listed-securities/securities/company-profile-page?securitysymbol=SPINNEYS

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Spinneys — from primary filings.

Frequently asked questions

What is Spinneys's P/E ratio?
Spinneys trades at a P/E of 12.5x (price to trailing 12-month earnings).
What is Spinneys's EV/EBITDA?
Spinneys trades at 4.9x EV/EBITDA.
What is Spinneys's P/B ratio?
Spinneys trades at a P/B of 10.8x.
What is Spinneys's dividend yield?
Spinneys's trailing 12-month dividend yield is 5.8%.
What is Spinneys's return on equity (ROE)?
Spinneys's ROE is 89.5%.
What is Spinneys's market capitalization?
Spinneys's market cap is 4.4 bn AED.

See also: UAE Stocks (2026): Tax-Free Dividends in Dubai and Abu Dhabi · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map