Financials Saudi Steel Pipes Company

Equities

1320

SA12B050KK11

Iron & Steel

End-of-day quote Saudi Arabian S.E. Other stock markets 06:00:00 2024-04-27 pm EDT			5-day change	1st Jan Change
86.2 ^SAR	+5.12%		+6.42%	+137.47%

Apr. 28	Saudi Steel Pipe Logs Increase in Q1 Profit, Revenue	MT
Mar. 14	Saudi Arabia's Capital Markets Regulator Imposes SAR3.8 Million Fine on Local Investor	MT

Valuation

Fiscal Period: December	2019	2022	2023	2024	2025	2026
Capitalization ¹	1,045	904.7	1,835	3,922	-	-
Enterprise Value (EV) ¹	1,301	904.7	2,164	4,176	4,061	3,922
P/E ratio	-39 x	-	-	-	-	-
Yield	-	-	-	-	-	-
Capitalization / Revenue	1.56 x	1.21 x	1.37 x	2.72 x	2.58 x	2.48 x
EV / Revenue	1.94 x	1.21 x	1.62 x	2.89 x	2.67 x	2.48 x
EV / EBITDA	120 x	8.15 x	8.04 x	13.8 x	12.9 x	-
EV / FCF	30 x	-	7.04 x	55.2 x	35.3 x	-
FCF Yield	3.33%	-	14.2%	1.81%	2.83%	-
Price to Book	-	-	-	-	-	-
Nbr of stocks (in thousands)	50,547	50,542	50,542	50,542	-	-
Reference price ²	20.68	17.90	36.30	86.20	86.20	86.20
Announcement Date	4/1/20	2/26/23	3/4/24	-	-	-

¹SAR in Million²SAR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2022	2023	2024	2025	2026
Net sales ¹	671.6	747.6	1,335	1,443	1,520	1,579
EBITDA ¹	10.84	111	269.2	303	314	-
EBIT ¹	-33.93	69.51	225.2	236	246	-
Operating Margin	-5.05%	9.3%	16.87%	16.35%	16.18%	-
Earnings before Tax (EBT)	-	-	-	-	-	-
Net income	-26.83	-	217.3	-	-	-
Net margin	-4%	-	16.28%	-	-	-
EPS	-0.5300	-	-	-	-	-
Free Cash Flow ¹	43.31	-	307.6	75.6	115	-
FCF margin	6.45%	-	23.04%	5.24%	7.57%	-
FCF Conversion (EBITDA)	399.55%	-	114.26%	24.95%	36.62%	-
FCF Conversion (Net income)	-	-	141.57%	-	-	-
Dividend per Share	-	-	-	-	-	-
Announcement Date	4/1/20	2/26/23	3/4/24	-	-	-

¹SAR in Million

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	2024 Q1
Net sales	-	109.6	184.1	211.8	204.8	146.9	166.9	-	317.5	515
EBITDA	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	4.126	20.42	17.42	21.18	9.981	7.696	-	50.98	90
Operating Margin	-	3.76%	11.09%	8.22%	10.34%	6.79%	4.61%	-	16.06%	17.48%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-
Net income ¹	15.92	-	-	-	-	-	-	84.56	-	76
Net margin	-	-	-	-	-	-	-	-	-	14.76%
EPS	0.3130	-	-	-	-	-	-	1.658	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/10/21	2/24/22	5/10/22	8/10/22	11/10/22	2/26/23	5/7/23	8/10/23	11/9/23	4/28/24

¹SAR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2022	2023	2024	2025	2026
Net Debt ¹	255	-	330	254	139	-
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	23.56 x	-	1.224 x	0.8383 x	0.4427 x	-
Free Cash Flow ¹	43.3	-	308	75.6	115	-
ROE (net income / shareholders' equity)	-4.93%	-	34.2%	18%	16.6%	14.9%
ROA (Net income/ Total Assets)	-	-	-	-	-	-
Assets	-	-	-	-	-	-
Book Value Per Share	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-
Capex ¹	5.75	-	7.79	9.9	10.5	-
Capex / Sales	0.86%	-	0.58%	0.69%	0.69%	-
Announcement Date	4/1/20	2/26/23	3/4/24	-	-	-

¹SAR in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for Saudi Steel Pipes Company

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

86.2 SAR

Average target price

35.7 SAR

Spread / Average Target

-58.58%

Consensus

Quarterly revenue - Rate of surprise

Company calendar

Sector Iron, Steel Mills & Foundries

	1st Jan change	Capi.
SAUDI STEEL PIPES COMPANY	+137.47%	1.16B
JSW STEEL LIMITED	+1.77%	25.86B
BAOSHAN IRON & STEEL CO., LTD.	+19.56%	21.23B
CHINA STEEL CORPORATION	-9.07%	11.73B
JINDAL STEEL & POWER LIMITED	+25.93%	11.2B
CITIC PACIFIC SPECIAL STEEL GROUP CO., LTD	+11.54%	10.91B
INNER MONGOLIA BAOTOU STEEL UNION CO., LTD.	+10.96%	10.15B
TERNIUM S.A.	+1.60%	8.56B
BHARAT FORGE LIMITED	+3.56%	7.32B
JINDAL STAINLESS LIMITED	+22.33%	6.92B

Iron, Steel Mills & Foundries