Stock SOLID SOLIDARITY BAHRAIN B.S.C.
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Financials Solidarity Bahrain B.S.C.

Equities

SOLID

BH0004659858

Property & Casualty Insurance

End-of-day quote Bahrain Bourse
Other stock markets
 06:00:00 2024-04-24 pm EDT 		5-day change 1st Jan Change
0.312 BHD -0.32% Intraday chart for Solidarity Bahrain B.S.C. -0.32% +0.65%
Feb. 21 Solidarity Bahrain B.S.C. Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 Solidarity Bahrain B.S.C. acquired Al Hilal Life B.S.C from Ahli United Bank B.S.C.. CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 26.39 23.99 32.99 37.19 31.33 41.32
Enterprise Value (EV) 1 24.5 20.08 28.65 32.38 26.94 31.57
P/E ratio 11.4 x 9.17 x 12.3 x 12.9 x 8.33 x 9.52 x
Yield 5.68% 7.5% 6.36% 5.81% 8.51% 8.06%
Capitalization / Revenue 1.46 x 1.32 x 1.8 x 2.09 x 1 x 1.28 x
EV / Revenue 1.35 x 1.11 x 1.57 x 1.82 x 0.86 x 0.98 x
EV / EBITDA 9.17 x 6.5 x 8.6 x 9.04 x 5.55 x 5.84 x
EV / FCF -30.3 x 18 x 8.81 x 7.47 x 4.69 x -11.6 x
FCF Yield -3.3% 5.57% 11.3% 13.4% 21.3% -8.63%
Price to Book 1.02 x 0.88 x 1.16 x 1.24 x 0.96 x 1.13 x
Nbr of stocks (in thousands) 119,950 119,950 119,950 119,973 133,306 133,306
Reference price 2 0.2200 0.2000 0.2750 0.3100 0.2350 0.3100
Announcement Date 2/26/19 2/26/20 2/23/21 2/23/22 2/9/23 2/21/24
1BHD in Million2BHD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 18.11 18.14 18.29 17.82 31.37 32.27
EBITDA 1 2.671 3.088 3.33 3.582 4.856 5.403
EBIT 1 2.576 2.903 3.079 3.308 4.561 5.21
Operating Margin 14.22% 16% 16.83% 18.56% 14.54% 16.15%
Earnings before Tax (EBT) 1 2.576 2.903 3.079 3.308 4.561 5.21
Net income 1 2.576 2.903 3.079 3.308 4.561 5.21
Net margin 14.22% 16% 16.83% 18.56% 14.54% 16.15%
EPS 2 0.0192 0.0218 0.0224 0.0241 0.0282 0.0326
Free Cash Flow 1 -0.808 1.117 3.251 4.332 5.746 -2.725
FCF margin -4.46% 6.16% 17.77% 24.31% 18.31% -8.44%
FCF Conversion (EBITDA) - 36.18% 97.64% 120.92% 118.32% -
FCF Conversion (Net income) - 38.49% 105.6% 130.94% 125.97% -
Dividend per Share 2 0.0125 0.0150 0.0175 0.0180 0.0200 0.0250
Announcement Date 2/26/19 2/26/20 2/23/21 2/23/22 2/9/23 2/21/24
1BHD in Million2BHD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 1.9 3.91 4.34 4.82 4.39 9.75
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 -0.81 1.12 3.25 4.33 5.75 -2.72
ROE (net income / shareholders' equity) 10.4% 10.9% 11.1% 11.4% 14.5% 15%
ROA (Net income/ Total Assets) 2.4% 2.63% 2.8% 2.94% 3.31% 2.93%
Assets 1 107.5 110.5 110.1 112.6 137.7 177.5
Book Value Per Share 2 0.2200 0.2300 0.2400 0.2500 0.2500 0.2700
Cash Flow per Share 2 0.0200 0.0300 0.0400 0.0400 0.0400 0.0700
Capex 1 0.28 0.28 1.19 0.14 0.12 0.34
Capex / Sales 1.56% 1.55% 6.5% 0.77% 0.38% 1.06%
Announcement Date 2/26/19 2/26/20 2/23/21 2/23/22 2/9/23 2/21/24
1BHD in Million2BHD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Insurance - Automobile

1st Jan change Capi.
SOLIDARITY BAHRAIN B.S.C. Stock Solidarity Bahrain B.S.C.
+0.65% 110M
PROGRESSIVE CORPORATION Stock Progressive Corporation
+30.61% 122B
PICC PROPERTY AND CASUALTY COMPANY LIMITED Stock PICC Property and Casualty Company Limited
+8.19% 28.53B
TRYG A/S Stock Tryg A/S
-5.99% 12.17B
ADMIRAL GROUP PLC Stock Admiral Group plc
+0.56% 10.1B
QUÁLITAS CONTROLADORA, S.A.B. DE C.V. Stock Quálitas Controladora, S.A.B. de C.V.
+28.58% 5.09B
MERCURY GENERAL CORPORATION Stock Mercury General Corporation
+38.46% 2.86B
HAGERTY, INC. Stock Hagerty, Inc.
+12.31% 750M
ROADZEN, INC. Stock Roadzen, Inc.
-4.91% 331M
THE FIRST INSURANCE CO., LTD. Stock The First Insurance Co., Ltd.
+11.32% 196M
Insurance - Automobile
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