Stock SRE SALHIA REAL ESTATE COMPANY K.S.C.P.
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Financials Salhia Real Estate Company K.S.C.P.

Equities

SRE

KW0EQ0400642

Real Estate Development & Operations

End-of-day quote Kuwait S.E.
Other stock markets
 06:00:00 2024-04-24 pm EDT 		5-day change 1st Jan Change
0.434 KWD -0.23% Intraday chart for Salhia Real Estate Company K.S.C.P. +5.60% +6.22%
Feb. 11 Salhia Real Estate Company K.S.C.P. Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 Salhia Real Estate Company K.S.C.P. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 163.1 204.9 248.8 262.1 264.1 233.7
Enterprise Value (EV) 1 295.5 362.2 405.8 452.3 472.5 465.5
P/E ratio 9.41 x 9.54 x 11.7 x 28 x 18.2 x 14.7 x
Yield 6.07% 6% 5.96% 2.84% 2.92% 3.5%
Capitalization / Revenue 3.59 x 4.59 x 12.9 x 12.4 x 7.35 x 5.76 x
EV / Revenue 6.5 x 8.12 x 21 x 21.5 x 13.1 x 11.5 x
EV / EBITDA 15.7 x 18.9 x 76.9 x 39.1 x 21.5 x 18.1 x
EV / FCF 24.8 x 20.4 x 42.1 x 44.5 x 35.8 x -27.9 x
FCF Yield 4.03% 4.89% 2.38% 2.25% 2.8% -3.58%
Price to Book 1.09 x 1.26 x 1.49 x 1.62 x 1.58 x 1.3 x
Nbr of stocks (in thousands) 572,293 568,931 572,627 573,536 567,545 571,990
Reference price 2 0.2851 0.3602 0.4345 0.4570 0.4653 0.4086
Announcement Date 2/13/19 2/12/20 2/9/21 2/14/22 2/13/23 2/11/24
1KWD in Million2KWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 45.46 44.62 19.35 21.07 35.94 40.59
EBITDA 1 18.81 19.18 5.276 11.55 21.99 25.71
EBIT 1 13.44 13.51 0.6331 8.246 16.62 19.53
Operating Margin 29.56% 30.27% 3.27% 39.14% 46.25% 48.11%
Earnings before Tax (EBT) 1 17.89 22.01 21.48 9.63 15.06 16.24
Net income 1 17.31 21.51 21.31 9.349 14.56 16.01
Net margin 38.08% 48.22% 110.17% 44.37% 40.52% 39.45%
EPS 2 0.0303 0.0378 0.0372 0.0163 0.0256 0.0279
Free Cash Flow 1 11.92 17.73 9.642 10.16 13.21 -16.69
FCF margin 26.21% 39.73% 49.84% 48.24% 36.75% -41.11%
FCF Conversion (EBITDA) 63.36% 92.42% 182.76% 87.98% 60.08% -
FCF Conversion (Net income) 68.83% 82.4% 45.24% 108.72% 90.71% -
Dividend per Share 2 0.0173 0.0216 0.0259 0.0130 0.0136 0.0143
Announcement Date 2/13/19 2/12/20 2/9/21 2/14/22 2/13/23 2/11/24
1KWD in Million2KWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 132 157 157 190 208 232
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 7.039 x 8.198 x 29.76 x 16.46 x 9.481 x 9.016 x
Free Cash Flow 1 11.9 17.7 9.64 10.2 13.2 -16.7
ROE (net income / shareholders' equity) 11.7% 13.6% 12.7% 5.69% 8.84% 9.24%
ROA (Net income/ Total Assets) 2.72% 2.45% 0.11% 1.36% 2.56% 2.78%
Assets 1 636.7 879.9 19,752 685.7 568.3 575.2
Book Value Per Share 2 0.2600 0.2900 0.2900 0.2800 0.3000 0.3100
Cash Flow per Share 2 0.0100 0.0100 0.0100 0.0100 0.0100 0.0100
Capex 1 2.61 1.32 0.54 1.17 5.61 12.3
Capex / Sales 5.74% 2.96% 2.78% 5.54% 15.61% 30.39%
Announcement Date 2/13/19 2/12/20 2/9/21 2/14/22 2/13/23 2/11/24
1KWD in Million2KWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Real Estate Development & Operations

1st Jan change Capi.
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