Stock 8170 AL-ETIHAD COOPERATIVE INSURANCE COMPANY
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Financials Al-Etihad Cooperative Insurance Company

Equities

8170

SA11T053VL18

Multiline Insurance & Brokers

End-of-day quote Saudi Arabian S.E.
Other stock markets
 03:30:00 02/05/2024 am IST 		5-day change 1st Jan Change
27 SAR +0.75% Intraday chart for Al-Etihad Cooperative Insurance Company +3.65% +46.74%
01/05 Al-Etihad Cooperative Insurance Gets One-year Extension for Health Insurance Activities MT
18/04 Saudi Regulator OKs Al-Etihad Cooperative Insurance’s SAR50 Million Capital Raise MT

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 690.2 588 983.2 794.4 680.4 828
Enterprise Value (EV) 1 538.4 206.2 535.1 262 497.9 756.5
P/E ratio 7.83 x 11.7 x 35.6 x 23.8 x 21.1 x 8.8 x
Yield - - - - - -
Capitalization / Revenue 0.9 x 0.72 x 1.4 x 1.01 x 0.64 x 0.71 x
EV / Revenue 0.71 x 0.25 x 0.76 x 0.33 x 0.46 x 0.65 x
EV / EBITDA 5.98 x 3.1 x 12.3 x 5.04 x 9.13 x 7.04 x
EV / FCF 2.6 x -5.22 x -5.68 x 1.41 x 6.1 x 8.64 x
FCF Yield 38.5% -19.1% -17.6% 71.1% 16.4% 11.6%
Price to Book 1.6 x 1.22 x 1.92 x 1.43 x 1.2 x 1.23 x
Nbr of stocks (in thousands) 45,000 45,000 45,000 45,000 45,000 45,000
Reference price 2 15.34 13.07 21.85 17.65 15.12 18.40
Announcement Date 01/04/19 17/03/20 30/03/21 08/03/22 28/03/23 21/03/24
1SAR in Million2SAR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 762.8 821.4 701.8 789.6 1,071 1,172
EBITDA 1 90.06 66.56 43.41 51.98 54.5 107.4
EBIT 1 88.14 64.38 40.16 48.57 51.04 104.2
Operating Margin 11.55% 7.84% 5.72% 6.15% 4.76% 8.89%
Earnings before Tax (EBT) 1 88.14 64.31 40.11 48.43 50.79 103.9
Net income 1 88.14 50.31 27.61 33.43 32.29 93.9
Net margin 11.55% 6.12% 3.93% 4.23% 3.01% 8.01%
EPS 2 1.959 1.118 0.6136 0.7429 0.7176 2.090
Free Cash Flow 1 207.3 -39.46 -94.16 186.3 81.61 87.6
FCF margin 27.18% -4.8% -13.42% 23.59% 7.62% 7.48%
FCF Conversion (EBITDA) 230.2% - - 358.3% 149.73% 81.53%
FCF Conversion (Net income) 235.23% - - 557.13% 252.73% 93.3%
Dividend per Share - - - - - -
Announcement Date 01/04/19 17/03/20 30/03/21 08/03/22 28/03/23 21/03/24
1SAR in Million2SAR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 152 382 448 532 183 71.5
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 207 -39.5 -94.2 186 81.6 87.6
ROE (net income / shareholders' equity) 22.3% 11% 5.56% 6.27% 5.77% 15.5%
ROA (Net income/ Total Assets) 3.69% 2.65% 1.7% 1.97% 1.85% 3.85%
Assets 1 2,386 1,897 1,621 1,701 1,741 2,442
Book Value Per Share 2 9.610 10.70 11.40 12.30 12.60 14.90
Cash Flow per Share 2 3.380 8.510 10.00 11.90 4.220 1.720
Capex 1 1.08 9.74 4.47 5.83 - 9.77
Capex / Sales 0.14% 1.19% 0.64% 0.74% - 0.83%
Announcement Date 01/04/19 17/03/20 30/03/21 08/03/22 28/03/23 21/03/24
1SAR in Million2SAR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Islamic Insurance

1st Jan change Capi.
AL-ETIHAD COOPERATIVE INSURANCE COMPANY Stock Al-Etihad Cooperative Insurance Company
+46.74% 324M
QATAR ISLAMIC INSURANCE GROUP Q.P.S.C. Stock Qatar Islamic Insurance Group Q.P.S.C.
-5.61% 346M
ALJAZIRA TAKAFUL TAAWUNI COMPANY Stock Aljazira Takaful Taawuni Company
+13.65% 340M
DAMAAN ISLAMIC INSURANCE COMPANY "BEEMA" (Q.P.S.C.) Stock Damaan Islamic Insurance Company "Beema" (Q.P.S.C.)
-5.74% 207M
ABU DHABI NATIONAL TAKAFUL COMPANY Stock Abu Dhabi National Takaful Company
-16.67% 143M
ISLAMIC ARAB INSURANCE CO. (SALAMA) Stock Islamic Arab Insurance Co. (Salama)
-24.55% 102M
ARABIAN SCANDINAVIAN INSURANCE COMPANY (PLC) - TAKAFUL - ASCANA INSURANCE Stock Arabian Scandinavian Insurance Company (PLC) - Takaful - ASCANA Insurance
+3.77% 69.17M
FIRST TAKAFUL INSURANCE COMPANY - KPSC Stock First Takaful Insurance Company - KPSC
+224.14% 65.12M
Islamic Insurance
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