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MarketScreener Homepage  >  Equities  >  Saudi Arabian Stock Exchange  >  Saudi Arabian Oil Company    2222   SA14TG012N13

SAUDI ARABIAN OIL COMPANY

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Saudi Arabia's STC asks banks to pitch for subsidiary IPO -sources

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09/15/2020 | 07:21am EDT

DUBAI, Sept 15 (Reuters) - Saudi Telecom Co (STC) has asked banks to pitch for roles in a potential public offering of its products and services development arm, three sources familiar with the matter told Reuters.

STC, Saudi Arabia's largest telecoms operator, sent a request for proposals to international and local banks last week for Solutions by STC(STCS), said the sources, who declined to be identified as the matter is not public.

The company did not communicate with banks its planned deal size, they said.

STCS last year had over 5 billion riyals ($1.33 billion) of revenues and profit in the range of 500 million riyals, which would be a sizable offering, they said.

The company's valuation could be around 9 billion riyals ($2.4 billion), if it garners 18-20 times its earnings multiples, one of the sources said.

The IPO size could be around $500 million if the company sells 20%, the source said.

STC did not respond to a request for immediate comment when contacted by Reuters.

The country has witnessed a flurry of public offerings this year as companies tap into Saudi demand for shares since oil giant Aramco's record IPO last year.

Saudi Arabia is encouraging more companies to list in a bid to deepen its capital markets under reforms aimed at reducing its reliance on oil.

Supermarket retailer BinDawood Holding earlier this week set an indicative price for its initial public offering, seeking to raise as much as 2.19 billion riyals ($585 million) in a Riyadh listing.

($1 = 3.7508 riyals) (Reporting by Hadeel Al Sayegh and Saeed Azhar; editing by Jason Neely and Louise Heavens)


Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -3.59% 37.9 Delayed Quote.-38.33%
SAUDI ARABIAN OIL COMPANY -0.87% 34.2 End-of-day quote.-2.98%
SAUDI TELECOM COMPANY -0.97% 102.6 End-of-day quote.0.79%
WTI -3.28% 36.39 Delayed Quote.-36.69%
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Financials
Sales 2020 823 B 219 B 219 B
Net income 2020 199 B 53 095 M 53 095 M
Net Debt 2020 322 B 85 764 M 85 764 M
P/E ratio 2020 35,3x
Yield 2020 4,04%
Capitalization 6 836 B 1 823 B 1 823 B
EV / Sales 2020 8,70x
EV / Sales 2021 6,67x
Nbr of Employees 79 000
Free-Float 1,76%
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Technical analysis trends SAUDI ARABIAN OIL COMPANY
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Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 16
Average target price 32,46 SAR
Last Close Price 34,20 SAR
Spread / Highest target 14,0%
Spread / Average Target -5,08%
Spread / Lowest Target -29,8%
EPS Revisions
Managers
NameTitle
Amin bin Hasan Al-Nasser President, CEO & Executive Director
Yasir bin Othman Al-Rumayyan Chairman
Khalid H. Al-Dabbagh Senior VP-Finance, Strategy & Development
Ahmad Abdul Rahman Al-Sa'adi Senior Vice President-Technical Services
Mark Moody-Stuart Independent Non-Executive Director
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