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 23,963 - -
Change - 29.01% 44.28% -22.8% -16.6% -10.57% - -
Enterprise Value (EV) 1 20,782 28,301 38,890 29,163 25,695 22,233 21,455 20,743
Change - 36.18% 37.42% -25.01% -11.89% -13.47% -3.5% -3.32%
P/E 27.1x 27.7x 35.2x 20.3x 18x 15.2x 13.7x 12.6x
PBR 9.85x 10.3x 12.5x 8.02x 6.25x 4.92x 4.28x 3.77x
PEG - 1.1x 2.7x 0.6x -3.03x 2.54x 1.2x 1.54x
Capitalization / Revenue 2.86x 3.28x 3.77x 2.66x 2.1x 1.77x 1.62x 1.53x
EV / Revenue 2.66x 3.21x 3.52x 2.42x 2.02x 1.64x 1.45x 1.33x
EV / EBITDA 19.1x 20.3x 23.3x 15x 12.9x 10.6x 9.36x 8.46x
EV / EBIT 23.1x 24.4x 28x 17.6x 15.7x 12.9x 11.2x 10x
EV / FCF 17x 18x 33.8x 23.3x -88.1x 17.9x 14x 12.4x
FCF Yield 5.89% 5.55% 2.96% 4.3% -1.14% 5.58% 7.14% 8.1%
Dividend per Share 2 4 4 5.95 6 8 8.571 9.497 10.28
Rate of return 2.13% 1.65% 1.7% 2.22% 3.55% 4.26% 4.72% 5.11%
EPS 2 6.94 8.77 9.93 13.31 12.52 13.27 14.74 15.94
Distribution rate 57.6% 45.6% 59.9% 45.1% 63.9% 64.6% 64.4% 64.5%
Net sales 1 7,816 8,805 11,040 12,064 12,730 13,567 14,805 15,647
EBITDA 1 1,090 1,392 1,669 1,948 1,987 2,094 2,293 2,451
EBIT 1 899.1 1,160 1,387 1,661 1,641 1,730 1,920 2,070
Net income 1 832.9 1,053 1,192 1,597 1,503 1,585 1,775 1,911
Net Debt 1 -1,576 -544 -2,728 -2,967 -1,101 -1,730 -2,508 -3,220
Reference price 2 188.20 242.80 349.80 270.00 225.10 201.30 201.30 201.30
Nbr of stocks (in thousands) 118,800 118,800 118,977 119,000 119,041 119,041 - -
Announcement Date 20/02/22 28/02/23 27/02/24 17/02/25 16/02/26 - - -
1SAR in Million2SAR
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
15.22x1.64x10.66x4.24% 6.41B
21.16x3.48x12.12x3.16% 202B
-93.89x14.84x85.94x-.--% 92.91B
10.88x1.2x6.29x4.42% 89.95B
14.62x2.66x10.06x5.62% 84.7B
20.17x5.27x12.97x2.84% 59.85B
13.61x1.98x8.38x5.73% 43.77B
17.31x2.21x10.6x5.02% 35.71B
18.74x1.51x9.48x1.58% 34.75B
19.59x1.45x9.18x1.01% 34.43B
Average 5.74x 3.63x 17.57x 3.36% 68.43B
Weighted average by Cap. 2.35x 4.40x 20.58x 3.26%

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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  4. Valuation Arabian Internet and Communication Services Company