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
Capitalization 1 22,358 28,845 41,618 32,130 26,796 27,213 - -
Change - 29.01% 44.28% -22.8% -16.6% 1.55% - -
Enterprise Value (EV) 1 20,782 28,301 38,890 29,163 25,695 25,364 23,947 23,818
Change - 36.18% 37.42% -25.01% -11.89% -1.29% -5.59% -0.54%
P/E ratio 27.1x 27.7x 35.2x 20.3x 18x 17.6x 15.4x 14.8x
PBR 9.85x 10.3x 12.5x 8.02x 6.25x 5.57x 4.83x 4.36x
PEG - 1.1x 2.7x 0.6x -3.03x 5.01x 1x 3.67x
Capitalization / Revenue 2.86x 3.28x 3.77x 2.66x 2.1x 2.01x 1.83x 1.74x
EV / Revenue 2.66x 3.21x 3.52x 2.42x 2.02x 1.87x 1.61x 1.52x
EV / EBITDA 19.1x 20.3x 23.3x 15x 12.9x 11.9x 10.3x 9.73x
EV / EBIT 23.1x 24.4x 28x 17.6x 15.7x 14.7x 12.3x 11.5x
EV / FCF 17x 18x 33.8x 23.3x -88.1x 20.5x 14.6x 13.2x
FCF Yield 5.89% 5.55% 2.96% 4.3% -1.14% 4.89% 6.86% 7.57%
Dividend per Share 2 4 4 5.95 6 8 8.514 9.56 9.932
Rate of return 2.13% 1.65% 1.7% 2.22% 3.55% 3.72% 4.18% 4.34%
EPS 2 6.94 8.77 9.93 13.31 12.52 12.96 14.87 15.47
Distribution rate 57.6% 45.6% 59.9% 45.1% 63.9% 65.7% 64.3% 64.2%
Net sales 1 7,816 8,805 11,040 12,064 12,730 13,571 14,862 15,624
EBITDA 1 1,090 1,392 1,669 1,948 1,987 2,123 2,321 2,447
EBIT 1 899.1 1,160 1,387 1,661 1,641 1,720 1,943 2,065
Net income 1 832.9 1,053 1,192 1,597 1,503 1,543 1,768 1,847
Net Debt 1 -1,576 -544 -2,728 -2,967 -1,101 -1,849 -3,266 -3,395
Reference price 2 188.20 242.80 349.80 270.00 225.10 228.60 228.60 228.60
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 ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
17.64x1.87x11.95x3.72% 725.34Cr
22.59x3.69x12.82x2.94% 22TCr
13.42x1.43x7.49x3.61% 11TCr
17.06x3.11x11.44x4.98% 9.17TCr
19.23x3.93x13.39x3.08% 8.51TCr
19.42x5.09x12.58x2.95% 5.95TCr
-54.35x8.37x54.46x-.--% 5.26TCr
15.32x2.26x9.49x5.01% 5.05TCr
13.41x1.54x10.55x1.2% 3.75TCr
22.52x1.52x10.87x0.78% 3.56TCr
Average 10.62x 3.28x 15.50x 2.83% 7.47TCr
Weighted average by Cap. 13.48x 3.43x 14.40x 3.06%

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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