Stock 1211 SAUDI ARABIAN MINING COMPANY (MA'ADEN)
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Financials Saudi Arabian Mining Company (Ma'aden)

Equities

1211

SA123GA0ITH7

Diversified Mining

Market Closed - Saudi Arabian S.E.
Other stock markets
 08:20:04 2024-05-30 am EDT 		5-day change 1st Jan Change
46.2 SAR -1.18% Intraday chart for Saudi Arabian Mining Company (Ma'aden) -7.51% -4.84%
May. 22 Saudi Arabia's Ma'aden Extracts Lithium from Seawater in Pilot Project MT
May. 21 Saudi Ma'aden extracting lithium from seawater, CEO says RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 54,638 49,839 96,601 159,238 179,236 170,473 - -
Enterprise Value (EV) 1 98,953 92,854 135,811 185,900 202,707 197,008 194,856 192,784
P/E ratio -71.6 x -238 x 18.5 x 17.1 x 113 x 54.2 x 36.6 x 33.1 x
Yield - - - - - - - -
Capitalization / Revenue 3.08 x 2.68 x 3.61 x 3.95 x 6.12 x 5.64 x 5.06 x 4.72 x
EV / Revenue 5.58 x 5 x 5.07 x 4.62 x 6.92 x 6.52 x 5.79 x 5.34 x
EV / EBITDA 17.9 x 16.5 x 11.3 x 10 x 19.9 x 18.2 x 15 x 13.9 x
EV / FCF 295 x -197 x 27.3 x 13.9 x 53.8 x 86.8 x 44 x 32.5 x
FCF Yield 0.34% -0.51% 3.66% 7.22% 1.86% 1.15% 2.27% 3.08%
Price to Book 1.71 x 1.65 x 2.71 x 1.77 x 3.86 x 3.44 x 3.17 x 2.89 x
Nbr of stocks (in thousands) 3,691,773 3,691,773 3,691,773 3,691,773 3,691,773 3,689,896 - -
Reference price 2 14.80 13.50 26.17 43.13 48.55 46.20 46.20 46.20
Announcement Date 2/2/20 2/3/21 2/27/22 2/12/23 2/26/24 - - -
1SAR in Million2SAR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 17,736 18,580 26,769 40,277 29,272 30,236 33,658 36,113
EBITDA 1 5,522 5,632 11,985 18,550 10,193 10,820 13,002 13,905
EBIT 1 885.6 810.6 7,414 13,537 3,816 6,414 7,856 8,452
Operating Margin 4.99% 4.36% 27.69% 33.61% 13.04% 21.21% 23.34% 23.4%
Earnings before Tax (EBT) 1 -1,111 -694.9 5,671 13,018 2,592 5,022 5,964 7,249
Net income 1 -739.5 -209 5,228 9,319 1,577 3,341 4,958 5,920
Net margin -4.17% -1.12% 19.53% 23.14% 5.39% 11.05% 14.73% 16.39%
EPS 2 -0.2067 -0.0567 1.417 2.527 0.4300 0.8525 1.261 1.395
Free Cash Flow 1 335 -472.1 4,969 13,416 3,770 2,269 4,424 5,938
FCF margin 1.89% -2.54% 18.56% 33.31% 12.88% 7.5% 13.14% 16.44%
FCF Conversion (EBITDA) 6.07% - 41.46% 72.32% 36.99% 20.97% 34.03% 42.7%
FCF Conversion (Net income) - - 95.05% 143.96% 239.06% 67.92% 89.23% 100.31%
Dividend per Share 2 - - - - - - - -
Announcement Date 2/2/20 2/3/21 2/27/22 2/12/23 2/26/24 - - -
1SAR in Million2SAR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 8,519 8,914 11,876 10,014 9,472 8,045 6,966 6,226 8,035 7,348 7,572 7,671 7,796
EBITDA 1 - 4,404 - 4,067 4,321 2,174 2,119 1,813 3,227 2,982 2,226 2,517 2,617
EBIT 1 2,882 - 5,554 2,954 1,767 930.2 843.4 212 1,831 1,856 1,158 1,449 1,530
Operating Margin 33.82% - 46.76% 29.49% 18.65% 11.56% 12.11% 3.41% 22.78% 25.26% 15.29% 18.88% 19.62%
Earnings before Tax (EBT) - - - - - - - - - - - - -
Net income 1 2,090 2,172 4,028 2,103 1,016 419.4 350.9 -83 890 - 418.7 650 814.8
Net margin 24.53% 24.37% 33.92% 21% 10.73% 5.21% 5.04% -1.33% 11.08% - 5.53% 8.47% 10.45%
EPS 2 0.5667 - 1.093 0.5667 0.2800 0.1133 0.1000 -0.0200 0.2400 0.2700 0.1112 0.1710 0.2144
Dividend per Share - - - - - - - - - - - - -
Announcement Date 2/27/22 4/28/22 8/11/22 11/1/22 2/12/23 5/24/23 8/15/23 10/31/23 2/26/24 5/13/24 - - -
1SAR in Million2SAR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 44,315 43,015 39,210 26,662 23,471 26,535 24,382 22,311
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 8.025 x 7.637 x 3.272 x 1.437 x 2.303 x 2.452 x 1.875 x 1.604 x
Free Cash Flow 1 335 -472 4,969 13,416 3,770 2,269 4,424 5,938
ROE (net income / shareholders' equity) -2.53% -0.69% 15.9% 23.1% 3.45% 6.57% 9.13% 9.62%
ROA (Net income/ Total Assets) - -0.22% 5.23% 8.67% 1.41% 3.28% 4.73% 4.86%
Assets 1 - 97,200 100,033 107,462 111,709 101,783 104,866 121,753
Book Value Per Share 2 8.670 8.190 9.660 24.40 12.60 13.40 14.60 16.00
Cash Flow per Share 2 0.8800 1.060 2.550 4.320 2.040 2.420 2.470 2.720
Capex 1 2,770 4,377 4,447 2,520 3,759 6,907 7,536 7,671
Capex / Sales 15.62% 23.56% 16.61% 6.26% 12.84% 22.84% 22.39% 21.24%
Announcement Date 2/2/20 2/3/21 2/27/22 2/12/23 2/26/24 - - -
1SAR in Million2SAR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Saudi Arabian Mining Company (Ma'aden)

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
10
Last Close Price
46.2 SAR
Average target price
35.42 SAR
Spread / Average Target
-23.33%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Mining

1st Jan change Capi.
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Integrated Mining
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