Company Valuation: Arabian Internet and Communication Services Company

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 22,358 28,845 41,618 32,130 26,796 24,296 - -
Change - 29.01% 44.28% -22.8% -16.6% -9.33% - -
Enterprise Value (EV) 1 20,782 28,301 38,890 29,163 25,695 22,572 21,794 21,084
Change - 36.18% 37.42% -25.01% -11.89% -12.16% -3.44% -3.26%
P/E 27.1x 27.7x 35.2x 20.3x 18x 15.4x 13.8x 12.8x
PBR 9.85x 10.3x 12.5x 8.02x 6.25x 4.99x 4.34x 3.83x
PEG - 1.1x 2.7x 0.6x -3.03x 2.57x 1.2x 1.57x
Capitalization / Revenue 2.86x 3.28x 3.77x 2.66x 2.1x 1.79x 1.64x 1.55x
EV / Revenue 2.66x 3.21x 3.52x 2.42x 2.02x 1.66x 1.47x 1.35x
EV / EBITDA 19.1x 20.3x 23.3x 15x 12.9x 10.8x 9.52x 8.61x
EV / EBIT 23.1x 24.4x 28x 17.6x 15.7x 13.1x 11.4x 10.2x
EV / FCF 17x 18x 33.8x 23.3x -88.1x 18.2x 14.2x 12.6x
FCF Yield 5.89% 5.55% 2.96% 4.3% -1.14% 5.49% 7.03% 7.96%
Dividend per Share 2 4 4 5.95 6 8 8.558 9.484 10.26
Rate of return 2.13% 1.65% 1.7% 2.22% 3.55% 4.19% 4.65% 5.03%
EPS 2 6.94 8.77 9.93 13.31 12.52 13.27 14.74 15.94
Distribution rate 57.6% 45.6% 59.9% 45.1% 63.9% 64.5% 64.4% 64.4%
Net sales 1 7,816 8,805 11,040 12,064 12,730 13,573 14,805 15,647
EBITDA 1 1,090 1,392 1,669 1,948 1,987 2,091 2,290 2,448
EBIT 1 899.1 1,160 1,387 1,661 1,641 1,728 1,917 2,067
Net income 1 832.9 1,053 1,192 1,597 1,503 1,590 1,775 1,911
Net Debt 1 -1,576 -544 -2,728 -2,967 -1,101 -1,725 -2,502 -3,212
Reference price 2 188.20 242.80 349.80 270.00 225.10 204.10 204.10 204.10
Nbr of stocks (in thousands) 1,18,800 1,18,800 1,18,977 1,19,000 1,19,041 1,19,041 - -
Announcement Date 20/02/22 28/02/23 27/02/24 17/02/25 16/02/26 - - -
1SAR in Million2SAR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
15.08x1.63x10.56x4.28% 634.29Cr
29.04x4.64x16.2x2.25% 28TCr
-91.8x14.5x83.97x-.--% 9.08TCr
10.18x1.12x5.86x4.74% 8.38TCr
13.24x2.41x8.93x6.25% 7.8TCr
18.83x4.97x12.26x3.02% 5.63TCr
13.54x1.97x8.26x5.75% 4.42TCr
19.1x1.53x9.63x1.5% 3.58TCr
20.14x1.48x9.46x0.98% 3.55TCr
15.45x1.97x9.16x5.59% 3.22TCr
Average 6.28x 3.62x 17.43x 3.44% 7.45TCr
Weighted average by Cap. 7.22x 4.64x 20.79x 3.01%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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