Financials Saudi Telecom Company

Equities

7010

SA0007879543

Integrated Telecommunications Services

End-of-day quote Saudi Arabian S.E. Other stock markets 06:00:00 2024-04-24 pm EDT			5-day change	1st Jan Change
38.35 ^SAR	+0.26%		-2.29%	-5.07%

Apr. 25	Cellnex first-quarter core earnings rise 7%, net loss halves	RE
Apr. 25	STC to bid for Cellnex's Austrian unit, El Economista reports	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	203,600	211,811	224,480	182,648	201,374	191,156	-	-
Enterprise Value (EV) ¹	202,700	204,343	220,780	170,650	199,349	188,513	184,137	179,509
P/E ratio	18.9 x	19.1 x	19.9 x	15 x	15.2 x	14.5 x	13.7 x	12.9 x
Yield	3.93%	3.77%	3.56%	4.37%	3.96%	4.17%	4.86%	4.98%
Capitalization / Revenue	3.74 x	3.59 x	3.54 x	2.71 x	2.78 x	2.5 x	2.38 x	2.26 x
EV / Revenue	3.73 x	3.47 x	3.48 x	2.53 x	2.76 x	2.47 x	2.29 x	2.12 x
EV / EBITDA	9.52 x	9.22 x	9.67 x	6.8 x	8.08 x	7.27 x	6.77 x	6.33 x
EV / FCF	-140 x	11.7 x	73.3 x	9.15 x	15.5 x	14.8 x	14.4 x	12.9 x
FCF Yield	-0.71%	8.56%	1.36%	10.9%	6.45%	6.74%	6.93%	7.72%
Price to Book	3.29 x	3.31 x	3.24 x	2.48 x	2.55 x	2.34 x	2.2 x	2.09 x
Nbr of stocks (in thousands)	5,000,000	4,995,538	4,992,873	4,990,371	4,984,506	4,984,506	-	-
Reference price ²	40.72	42.40	44.96	36.60	40.40	38.35	38.35	38.35
Announcement Date	1/22/20	1/21/21	2/21/22	2/20/23	2/19/24	-	-	-

¹SAR in Million²SAR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	54,376	58,949	63,417	67,432	72,337	76,386	80,354	84,489
EBITDA ¹	21,281	22,175	22,841	25,079	24,683	25,935	27,208	28,345
EBIT ¹	12,484	12,816	13,128	15,088	14,200	15,056	15,978	16,866
Operating Margin	22.96%	21.74%	20.7%	22.38%	19.63%	19.71%	19.88%	19.96%
Earnings before Tax (EBT) ¹	11,660	12,447	12,635	13,470	14,795	14,078	15,569	17,627
Net income ¹	10,755	11,085	11,311	12,171	13,295	13,212	14,064	14,879
Net margin	19.78%	18.8%	17.84%	18.05%	18.38%	17.3%	17.5%	17.61%
EPS ²	2.152	2.216	2.264	2.440	2.660	2.648	2.809	2.975
Free Cash Flow ¹	-1,448	17,496	3,010	18,653	12,848	12,709	12,767	13,864
FCF margin	-2.66%	29.68%	4.75%	27.66%	17.76%	16.64%	15.89%	16.41%
FCF Conversion (EBITDA)	-	78.9%	13.18%	74.38%	52.05%	49%	46.92%	48.91%
FCF Conversion (Net income)	-	157.83%	26.61%	153.25%	96.64%	96.19%	90.78%	93.18%
Dividend per Share ²	1.600	1.600	1.600	1.600	1.600	1.600	1.865	1.910
Announcement Date	1/22/20	1/21/21	2/21/22	2/20/23	2/19/24	-	-	-

¹SAR in Million²SAR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	15,735	16,087	-	16,991	16,939	16,468	17,034	-	18,179	18,327	18,106	17,725	-	18,863	19,193	18,953	18,492	-
EBITDA ¹	5,606	5,767	11,373	6,300	6,204	7,073	5,502	12,575	6,343	5,821	6,952	5,567	12,519	6,563	6,112	7,407	5,675	-
EBIT ¹	3,192	3,204	-	3,824	3,720	4,576	2,968	-	3,731	3,281	4,338	2,851	-	3,801	3,386	4,681	2,949	-
Operating Margin	20.29%	19.92%	-	22.51%	21.96%	27.79%	17.42%	-	20.52%	17.9%	23.96%	16.09%	-	20.15%	17.64%	24.7%	15.95%	-
Earnings before Tax (EBT) ¹	3,164	3,024	-	3,419	3,196	3,896	2,960	-	3,512	3,378	5,330	2,575	-	3,558	-	-	-	-
Net income ¹	2,924	2,613	-	3,035	2,837	3,541	2,758	-	3,109	3,008	4,904	2,274	-	3,171	2,890	4,185	2,454	-
Net margin	18.58%	16.24%	-	17.86%	16.75%	21.5%	16.19%	-	17.1%	16.41%	27.08%	12.83%	-	16.81%	15.06%	22.08%	13.27%	-
EPS ²	0.5840	0.5240	-	0.6080	0.5680	0.7000	0.5600	-	-	0.6100	0.9800	0.4600	-	0.6452	0.5781	0.8371	0.4908	-
Dividend per Share ²	0.4000	0.4000	-	0.4000	0.4000	0.4000	0.4000	-	0.4000	0.4000	0.4000	0.4000	-	0.4000	-	0.4000	0.5000	0.5000
Announcement Date	10/21/21	2/21/22	2/21/22	4/28/22	8/4/22	10/30/22	2/20/23	2/20/23	5/10/23	7/30/23	10/30/23	2/19/24	2/19/24	-	-	-	-	-

¹SAR in Million²SAR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	900	7,468	3,699	11,997	2,025	2,642	7,019	11,647
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-1,448	17,496	3,010	18,653	12,848	12,709	12,767	13,864
ROE (net income / shareholders' equity)	16.9%	17.6%	17.4%	17%	17.4%	16.2%	16.6%	16.9%
ROA (Net income/ Total Assets)	9.42%	9.2%	9.29%	9.19%	8.96%	8.11%	8.77%	8.94%
Assets ¹	114,212	120,447	121,820	132,505	148,451	162,898	160,415	166,497
Book Value Per Share ²	12.40	12.80	13.90	14.80	15.80	16.40	17.40	18.30
Cash Flow per Share ²	1.980	5.670	2.190	5.270	4.480	4.360	4.580	5.360
Capex ¹	11,349	10,841	8,210	7,702	9,569	11,140	11,451	12,500
Capex / Sales	20.87%	18.39%	12.95%	11.42%	13.23%	14.58%	14.25%	14.79%
Announcement Date	1/22/20	1/21/21	2/21/22	2/20/23	2/19/24	-	-	-

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 Telecom Company

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

38.35 SAR

Average target price

44.53 SAR

Spread / Average Target

+16.11%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

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Other Integrated Telecommunications Services