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 25,626 - -
Change - 29.01% 44.28% -22.8% -16.6% -4.37% - -
Enterprise Value (EV) 1 20,782 28,301 38,890 29,163 25,695 23,775 23,156 22,447
Change - 36.18% 37.42% -25.01% -11.89% -7.47% -2.6% -3.06%
P/E 27.1x 27.7x 35.2x 20.3x 18x 15.6x 13.8x 12.7x
PBR 9.85x 10.3x 12.5x 8.02x 6.25x 4.97x 4.33x 3.81x
PEG - 1.1x 2.7x 0.6x -3.03x 3.3x 1.1x 1.55x
Capitalization / Revenue 2.86x 3.28x 3.77x 2.66x 2.1x 1.88x 1.73x 1.63x
EV / Revenue 2.66x 3.21x 3.52x 2.42x 2.02x 1.75x 1.56x 1.43x
EV / EBITDA 19.1x 20.3x 23.3x 15x 12.9x 11.3x 10x 9.07x
EV / EBIT 23.1x 24.4x 28x 17.6x 15.7x 13.7x 12x 10.8x
EV / FCF 17x 18x 33.8x 23.3x -88.1x 16.7x 15.1x 13.4x
FCF Yield 5.89% 5.55% 2.96% 4.3% -1.14% 6% 6.62% 7.48%
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% 4.22% 4.69% 5.09%
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 1,543 1,775 1,911
Net Debt 1 -1,576 -544 -2,728 -2,967 -1,101 -1,851 -2,470 -3,178
Reference price 2 188.20 242.80 349.80 270.00 225.10 204.00 204.00 204.00
Nbr of stocks (in thousands) 118,800 118,800 118,977 119,000 119,041 119,078 - -
Announcement Date 2/20/22 2/28/23 2/27/24 2/17/25 2/16/26 - - -
1SAR in Million2SAR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
15.56x1.65x10.64x4.22% 6.47B
22.96x3.75x13.08x2.89% 220B
14.1x1.55x8.16x3.4% 116B
-115.94x18.44x106.65x-.--% 115B
15.54x2.85x10.74x5.29% 91.23B
20.92x5.47x13.43x2.72% 63.24B
14.86x2.16x9.18x5.24% 48.26B
21.83x1.79x11.03x1.39% 42.01B
21.31x1.62x10.27x0.87% 40.75B
18.11x2.29x10.97x4.82% 37.32B
Average 4.93x 4.16x 20.42x 3.09% 78.06B
Weighted average by Cap. -0.77x 5.21x 25.25x 2.87%

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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