Financials SABIC

Equities

2010

SA0007879121

Commodity Chemicals

Market Closed - Saudi Arabian S.E. Other stock markets 05:50:12 03/06/2024 pm IST			5-day change	1st Jan Change
77.7 ^SAR	+2.24%		+1.83%	-6.95%

30/05	Sabic Agri-Nutrients Approves SAR1.43 Billion Dividend for H1	MT
30/05	Saudi Aramco: the oil colossus	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,81,700	3,04,200	3,48,000	2,68,200	2,50,500	2,33,100	-	-
Enterprise Value (EV) ¹	2,87,581	3,11,193	3,39,938	2,54,275	2,41,740	2,26,256	2,22,367	2,01,638
P/E ratio	49.9 x	10,140 x	15.1 x	16.2 x	-90.8 x	41.8 x	17.3 x	14 x
Yield	4.69%	2.96%	3.45%	4.75%	4.07%	4.4%	5.15%	5.25%
Capitalization / Revenue	2.02 x	2.59 x	1.99 x	1.35 x	1.77 x	1.63 x	1.51 x	1.45 x
EV / Revenue	2.06 x	2.65 x	1.94 x	1.28 x	1.71 x	1.58 x	1.44 x	1.25 x
EV / EBITDA	8.06 x	15.6 x	7.04 x	6.59 x	12.7 x	10.1 x	6.71 x	5.46 x
EV / FCF	18.3 x	36.8 x	11.8 x	9.94 x	17.3 x	20.2 x	11.8 x	9.34 x
FCF Yield	5.47%	2.72%	8.46%	10.1%	5.77%	4.96%	8.45%	10.7%
Price to Book	1.67 x	1.81 x	1.94 x	1.44 x	1.5 x	1.36 x	1.34 x	1.33 x
Nbr of stocks (in thousands)	30,00,000	30,00,000	30,00,000	30,00,000	30,00,000	30,00,000	-	-
Reference price ²	93.90	101.4	116.0	89.40	83.50	77.70	77.70	77.70
Announcement Date	29/01/20	03/02/21	09/02/22	07/03/23	27/02/24	-	-	-

¹SAR in Million²SAR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,39,740	1,17,587	1,74,924	1,98,467	1,41,540	1,42,817	1,54,044	1,60,857
EBITDA ¹	35,677	19,920	48,267	38,570	19,020	22,462	33,140	36,926
EBIT ¹	15,000	4,213	33,320	23,879	3,720	7,788	17,082	21,249
Operating Margin	10.73%	3.58%	19.05%	12.03%	2.63%	5.45%	11.09%	13.21%
Earnings before Tax (EBT) ¹	7,733	1,854	34,075	25,988	4,524	7,990	21,867	27,734
Net income ¹	5,633	139	23,034	16,530	-2,770	3,914	13,391	17,653
Net margin	4.03%	0.12%	13.17%	8.33%	-1.96%	2.74%	8.69%	10.97%
EPS ²	1.880	0.0100	7.680	5.510	-0.9200	1.858	4.498	5.569
Free Cash Flow ¹	15,736	8,464	28,742	25,586	13,960	11,224	18,795	21,587
FCF margin	11.26%	7.2%	16.43%	12.89%	9.86%	7.86%	12.2%	13.42%
FCF Conversion (EBITDA)	44.11%	42.49%	59.55%	66.34%	73.4%	49.97%	56.71%	58.46%
FCF Conversion (Net income)	279.35%	6,090.95%	124.78%	154.79%	-	286.75%	140.35%	122.28%
Dividend per Share ²	4.400	3.000	4.000	4.250	3.400	3.421	4.003	4.080
Announcement Date	29/01/20	03/02/21	09/02/22	07/03/23	27/02/24	-	-	-

¹SAR in Million²SAR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	51,276	52,642	55,976	46,868	42,981	39,693	37,167	35,975	35,030	32,690	34,124	35,154	36,550
EBITDA	13,054	12,792	13,283	6,785	5,711	5,205	5,126	5,901	3,330	4,511	-	-	-
EBIT ¹	8,635	9,317	9,798	3,278	1,485	1,688	1,432	1,681	-1,360	1,210	5,500	5,500	10,999
Operating Margin	16.84%	17.7%	17.5%	7%	3.45%	4.25%	3.85%	4.67%	-3.88%	3.7%	16.12%	15.64%	30.09%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	4,934	6,475	7,926	1,836	292.7	656.9	1,178	-2,876	-1,730	250	-	-	-
Net margin	9.62%	12.3%	14.16%	3.92%	0.68%	1.65%	3.17%	-8%	-4.94%	0.76%	-	-	-
EPS	1.640	2.160	2.640	0.6100	0.1000	0.2200	0.3900	-0.9600	-0.5800	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	09/02/22	18/05/22	11/08/22	02/11/22	07/03/23	11/05/23	10/08/23	09/11/23	27/02/24	01/05/24	-	-	-

¹SAR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	5,881	6,993	-	-	-	-	-	-
Net Cash position ¹	-	-	8,062	13,925	8,760	6,844	10,733	31,462
Leverage (Debt/EBITDA)	0.1648 x	0.3511 x	-	-	-	-	-	-
Free Cash Flow ¹	15,736	8,464	28,742	25,586	13,960	11,224	18,795	21,587
ROE (net income / shareholders' equity)	3.3%	0.08%	13.3%	9.03%	-1.57%	3.52%	8.03%	8.69%
ROA (Net income/ Total Assets)	1.79%	0.05%	7.51%	5.23%	-0.91%	1.75%	4.1%	4.65%
Assets ¹	3,15,143	3,02,736	3,06,667	3,16,231	3,03,492	2,23,676	3,26,620	3,79,640
Book Value Per Share ²	56.20	55.90	59.90	62.00	55.80	57.20	58.00	58.30
Cash Flow per Share ²	11.90	5.160	13.40	11.90	8.150	8.850	11.50	12.50
Capex ¹	19,960	13,143	11,563	10,224	10,493	14,493	15,000	14,382
Capex / Sales	14.28%	11.18%	6.61%	5.15%	7.41%	10.15%	9.74%	8.94%
Announcement Date	29/01/20	03/02/21	09/02/22	07/03/23	27/02/24	-	-	-

¹SAR in Million²SAR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for SABIC

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

77.7 SAR

Average target price

91.52 SAR

Spread / Average Target

+17.79%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Commodity Chemicals

	1st Jan change	Capi.
SABIC	-6.95%	62.15B
AIR LIQUIDE	+3.74%	104B
PT CHANDRA ASRI PACIFIC TBK	+75.24%	49.04B
WANHUA CHEMICAL GROUP CO., LTD.	+13.54%	37.81B
LYONDELLBASELL INDUSTRIES N.V.	+0.44%	31.1B
WESTLAKE CORPORATION	+11.92%	20.14B
NINGXIA BAOFENG ENERGY GROUP CO., LTD.	+10.77%	16.52B
HENGLI PETROCHEMICAL CO.,LTD.	+8.20%	13.85B
RONGSHENG PETROCHEMICAL CO., LTD.	-4.15%	13.11B
NAN YA PLASTICS CORPORATION	-21.50%	12.8B

Other Commodity Chemicals