Financials Saudi Basic Industries Corporation

Equities

2010

SA0007879121

Commodity Chemicals

End-of-day quote Saudi Arabian S.E. Other stock markets 03:30:00 25/04/2024 am IST			5-day change	1st Jan Change
78.8 ^SAR	-0.13%		-2.60%	-5.63%

18/04	Yansab Names Successor to Outgoing CEO	MT
06/03	Saudi Basic Industries Corporation Reports Earnings Results for the Full Year Ended December 31, 2023	CI

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	2,36,400	-	-
Enterprise Value (EV) ¹	2,87,581	3,11,193	3,39,938	2,54,275	2,41,740	2,27,532	2,23,796	2,14,767
P/E ratio	49.9 x	10,140 x	15.1 x	16.2 x	-90.8 x	30.6 x	15.7 x	13.8 x
Yield	4.69%	2.96%	3.45%	4.75%	4.07%	4.52%	5.03%	5.05%
Capitalization / Revenue	2.02 x	2.59 x	1.99 x	1.35 x	1.77 x	1.61 x	1.51 x	1.45 x
EV / Revenue	2.06 x	2.65 x	1.94 x	1.28 x	1.71 x	1.55 x	1.43 x	1.31 x
EV / EBITDA	8.06 x	15.6 x	7.04 x	6.59 x	12.7 x	9.38 x	6.63 x	5.72 x
EV / FCF	18.3 x	36.8 x	11.8 x	9.94 x	17.3 x	23.8 x	11.6 x	7.62 x
FCF Yield	5.47%	2.72%	8.46%	10.1%	5.77%	4.21%	8.65%	13.1%
Price to Book	1.67 x	1.81 x	1.94 x	1.44 x	1.5 x	1.36 x	1.34 x	1.34 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	78.80	78.80	78.80
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	1,46,679	1,56,626	1,63,405
EBITDA ¹	35,677	19,920	48,267	38,570	19,020	24,259	33,764	37,559
EBIT ¹	15,000	4,213	33,320	23,879	3,720	9,838	17,392	21,524
Operating Margin	10.73%	3.58%	19.05%	12.03%	2.63%	6.71%	11.1%	13.17%
Earnings before Tax (EBT) ¹	7,733	1,854	34,075	25,988	4,524	13,262	26,584	28,052
Net income ¹	5,633	139	23,034	16,530	-2,770	6,384	15,934	18,641
Net margin	4.03%	0.12%	13.17%	8.33%	-1.96%	4.35%	10.17%	11.41%
EPS ²	1.880	0.0100	7.680	5.510	-0.9200	2.572	5.026	5.716
Free Cash Flow ¹	15,736	8,464	28,742	25,586	13,960	9,576	19,362	28,189
FCF margin	11.26%	7.2%	16.43%	12.89%	9.86%	6.53%	12.36%	17.25%
FCF Conversion (EBITDA)	44.11%	42.49%	59.55%	66.34%	73.4%	39.48%	57.35%	75.05%
FCF Conversion (Net income)	279.35%	6,090.95%	124.78%	154.79%	-	150.01%	121.52%	151.22%
Dividend per Share ²	4.400	3.000	4.000	4.250	3.400	3.564	3.961	3.978
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 Q3	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	43,700	51,276	52,642	55,976	46,868	42,981	39,693	37,167	35,975	35,030	35,547	36,437	36,437	37,959
EBITDA ¹	11,200	13,054	12,792	13,283	6,785	5,711	5,205	5,126	5,901	3,330	4,190	-	-	-
EBIT ¹	7,700	8,635	9,317	9,798	3,278	1,485	1,688	1,432	1,681	-1,360	950	-	-	-
Operating Margin	17.62%	16.84%	17.7%	17.5%	7%	3.45%	4.25%	3.85%	4.67%	-3.88%	2.67%	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	5,590	4,934	6,475	7,926	1,836	292.7	656.9	1,178	-2,876	-1,730	307	-	-	-
Net margin	12.79%	9.62%	12.3%	14.16%	3.92%	0.68%	1.65%	3.17%	-8%	-4.94%	0.86%	-	-	-
EPS	1.860	1.640	2.160	2.640	0.6100	0.1000	0.2200	0.3900	-0.9600	-0.5800	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	28/10/21	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	-	-	-	-

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	8,868	12,604	21,633
Leverage (Debt/EBITDA)	0.1648 x	0.3511 x	-	-	-	-	-	-
Free Cash Flow ¹	15,736	8,464	28,742	25,586	13,960	9,577	19,362	28,189
ROE (net income / shareholders' equity)	3.3%	0.08%	13.3%	9.03%	-1.57%	4.61%	8.84%	8.59%
ROA (Net income/ Total Assets)	1.79%	0.05%	7.51%	5.23%	-0.91%	2.02%	4.1%	4.65%
Assets ¹	3,15,143	3,02,736	3,06,667	3,16,231	3,03,492	3,16,667	3,88,800	4,00,889
Book Value Per Share ²	56.20	55.90	59.90	62.00	55.80	57.80	58.70	58.90
Cash Flow per Share ²	11.90	5.160	13.40	11.90	8.150	8.920	11.50	12.60
Capex ¹	19,960	13,143	11,563	10,224	10,493	14,287	14,755	12,861
Capex / Sales	14.28%	11.18%	6.61%	5.15%	7.41%	9.74%	9.42%	7.87%
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 Saudi Basic Industries Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

78.8 SAR

Average target price

91.78 SAR

Spread / Average Target

+16.47%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Commodity Chemicals

	1st Jan change	Capi.
SAUDI BASIC INDUSTRIES CORPORATION	-5.63%	63.04B
AIR LIQUIDE	+5.14%	103B
PT CHANDRA ASRI PACIFIC TBK	+39.52%	39.06B
WANHUA CHEMICAL GROUP CO., LTD.	+12.91%	37.58B
LYONDELLBASELL INDUSTRIES N.V.	+7.41%	33.24B
WESTLAKE CORPORATION	+6.85%	19.22B
NINGXIA BAOFENG ENERGY GROUP CO., LTD.	+12.86%	16.83B
RONGSHENG PETROCHEMICAL CO., LTD.	+7.73%	15.03B
HENGLI PETROCHEMICAL CO.,LTD.	+16.93%	14.96B
NAN YA PLASTICS CORPORATION	-16.39%	13.52B

Other Commodity Chemicals