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 24,220 - -
Change - 29.01% 44.28% -22.8% -16.6% -9.61% - -
Enterprise Value (EV) 1 20,782 28,301 38,890 29,163 25,695 22,158 21,751 21,042
Change - 36.18% 37.42% -25.01% -11.89% -13.77% -1.84% -3.26%
P/E 27.1x 27.7x 35.2x 20.3x 18x 15.5x 13.7x 12.7x
PBR 9.85x 10.3x 12.5x 8.02x 6.25x 4.96x 4.32x 3.8x
PEG - 1.1x 2.7x 0.6x -3.03x 3.28x 1.1x 1.55x
Capitalization / Revenue 2.86x 3.28x 3.77x 2.66x 2.1x 1.78x 1.63x 1.54x
EV / Revenue 2.66x 3.21x 3.52x 2.42x 2.02x 1.63x 1.47x 1.34x
EV / EBITDA 19.1x 20.3x 23.3x 15x 12.9x 10.5x 9.41x 8.51x
EV / EBIT 23.1x 24.4x 28x 17.6x 15.7x 12.7x 11.2x 10.1x
EV / FCF 17x 18x 33.8x 23.3x -88.1x 15.5x 14.2x 12.5x
FCF Yield 5.89% 5.55% 2.96% 4.3% -1.14% 6.44% 7.05% 7.98%
Dividend per Share 2 4 4 5.95 6 8 8.613 9.558 10.38
Rate of return 2.13% 1.65% 1.7% 2.22% 3.55% 4.23% 4.7% 5.1%
EPS 2 6.94 8.77 9.93 13.31 12.52 13.11 14.8 16.02
Distribution rate 57.6% 45.6% 59.9% 45.1% 63.9% 65.7% 64.6% 64.8%
Net sales 1 7,816 8,805 11,040 12,064 12,730 13,617 14,837 15,690
EBITDA 1 1,090 1,392 1,669 1,948 1,987 2,110 2,311 2,474
EBIT 1 899.1 1,160 1,387 1,661 1,641 1,741 1,935 2,086
Net income 1 832.9 1,053 1,192 1,597 1,503 1,504 1,775 1,911
Net Debt 1 -1,576 -544 -2,728 -2,967 -1,101 -2,062 -2,470 -3,178
Reference price 2 188.20 242.80 349.80 270.00 225.10 203.40 203.40 203.40
Nbr of stocks (in thousands) 118,800 118,800 118,977 119,000 119,041 119,078 - -
Announcement Date 20/2/22 28/2/23 27/2/24 17/2/25 16/2/26 - - -
1SAR in Million2SAR
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
15.64x1.64x10.6x4.2% 6.5B
23.14x3.77x13.17x2.87% 222B
-116.79x18.57x106.98x-.--% 115B
13.73x1.52x7.97x3.49% 113B
14.91x2.72x10.28x5.51% 87.05B
20.45x5.36x13.17x2.79% 62.19B
14.69x2.13x9.06x5.31% 47.45B
20.59x1.68x10.33x1.42% 39.79B
20.4x1.55x9.86x0.92% 38.85B
17.74x2.3x10.68x4.87% 36.84B
Average 4.45x 4.12x 20.21x 3.14% 76.94B
Weighted average by Cap. -1.49x 5.26x 25.43x 2.91%

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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