SAUDI ARABIAN MINING COMPANY (MA'ADEN) |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 51.8 SAR | +0.58% |
|
-5.82% | +6.69% |
| Apr. 21 | Ma’aden Reports Reformation of Audit Committee | MT |
| Apr. 18 | Rio Tinto, Saudi’s Manara Said to Eye Minority Stake in Zambian Copper Mines | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 54,638 | 49,839 | 96,601 | 159,238 | 179,236 | 191,137 | - | - |
| Enterprise Value (EV) 1 | 98,953 | 92,854 | 135,811 | 185,900 | 202,707 | 214,927 | 210,874 | 210,903 |
| P/E ratio | -71.6 x | -238 x | 18.5 x | 17.1 x | 113 x | 61.1 x | 39.4 x | 38.5 x |
| Yield | - | - | - | - | - | - | 0.24% | - |
| Capitalization / Revenue | 3.08 x | 2.68 x | 3.61 x | 3.95 x | 6.12 x | 6.25 x | 5.76 x | 5.43 x |
| EV / Revenue | 5.58 x | 5 x | 5.07 x | 4.62 x | 6.92 x | 7.03 x | 6.36 x | 5.99 x |
| EV / EBITDA | 17.9 x | 16.5 x | 11.3 x | 10 x | 19.9 x | 20 x | 16.7 x | 15.5 x |
| EV / FCF | 295 x | -197 x | 27.3 x | 13.9 x | 53.8 x | 46.5 x | 38.8 x | 42.9 x |
| FCF Yield | 0.34% | -0.51% | 3.66% | 7.22% | 1.86% | 2.15% | 2.58% | 2.33% |
| Price to Book | 1.71 x | 1.65 x | 2.71 x | 1.77 x | 3.86 x | 3.83 x | 3.46 x | 3.2 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 | 51.80 | 51.80 | 51.80 |
| 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 | 30,582 | 33,167 | 35,209 |
| EBITDA 1 | 5,522 | 5,632 | 11,985 | 18,550 | 10,193 | 10,721 | 12,658 | 13,626 |
| EBIT 1 | 885.6 | 810.6 | 7,414 | 13,537 | 3,816 | 5,872 | 7,780 | 7,866 |
| Operating Margin | 4.99% | 4.36% | 27.69% | 33.61% | 13.04% | 19.2% | 23.46% | 22.34% |
| Earnings before Tax (EBT) 1 | -1,111 | -694.9 | 5,671 | 13,018 | 2,592 | 5,021 | 7,335 | 7,167 |
| Net income 1 | -739.5 | -209 | 5,228 | 9,319 | 1,577 | 3,380 | 5,365 | 5,402 |
| Net margin | -4.17% | -1.12% | 19.53% | 23.14% | 5.39% | 11.05% | 16.18% | 15.34% |
| EPS 2 | -0.2067 | -0.0567 | 1.417 | 2.527 | 0.4300 | 0.8472 | 1.315 | 1.346 |
| Free Cash Flow 1 | 335 | -472.1 | 4,969 | 13,416 | 3,770 | 4,618 | 5,436 | 4,921 |
| FCF margin | 1.89% | -2.54% | 18.56% | 33.31% | 12.88% | 15.1% | 16.39% | 13.98% |
| FCF Conversion (EBITDA) | 6.07% | - | 41.46% | 72.32% | 36.99% | 43.07% | 42.94% | 36.12% |
| FCF Conversion (Net income) | - | - | 95.05% | 143.96% | 239.06% | 136.63% | 101.32% | 91.1% |
| Dividend per Share 2 | - | - | - | - | - | - | 0.1250 | - |
| 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 Q3 | 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 | 6,699 | 8,519 | 8,914 | 11,876 | 10,014 | 9,472 | 8,045 | 6,966 | 6,226 | 8,035 | 7,719 | 7,509 | 7,676 | 7,604 |
| EBITDA 1 | - | - | 4,404 | - | 4,067 | 4,321 | 2,174 | 2,119 | 1,813 | 3,227 | 1,984 | 2,035 | 2,364 | 2,684 |
| EBIT 1 | 1,873 | 2,882 | - | 5,554 | 2,954 | 1,767 | 930.2 | 843.4 | 212 | 1,831 | 920.1 | 966.1 | 1,295 | 1,611 |
| Operating Margin | 27.96% | 33.82% | - | 46.76% | 29.49% | 18.65% | 11.56% | 12.11% | 3.41% | 22.78% | 11.92% | 12.87% | 16.88% | 21.19% |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net income | 1,272 | 2,090 | 2,172 | 4,028 | 2,103 | 1,016 | 419.4 | 350.9 | -83 | 890 | - | - | - | - |
| Net margin | 18.99% | 24.53% | 24.37% | 33.92% | 21% | 10.73% | 5.21% | 5.04% | -1.33% | 11.08% | - | - | - | - |
| EPS 2 | 0.3433 | 0.5667 | - | 1.093 | 0.5667 | 0.2800 | 0.1133 | 0.1000 | -0.0200 | 0.2400 | 0.0692 | 0.0777 | 0.1387 | 0.2082 |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 10/25/21 | 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 | - | - | - | - |
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 | 23,790 | 19,737 | 19,766 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 8.025 x | 7.637 x | 3.272 x | 1.437 x | 2.303 x | 2.219 x | 1.559 x | 1.451 x |
| Free Cash Flow 1 | 335 | -472 | 4,969 | 13,416 | 3,770 | 4,618 | 5,436 | 4,921 |
| ROE (net income / shareholders' equity) | -2.53% | -0.69% | 15.9% | 23.1% | 3.45% | 6.51% | 9.46% | 9.1% |
| ROA (Net income/ Total Assets) | - | -0.22% | 5.23% | 8.67% | 1.41% | 3.11% | 4.74% | 4.64% |
| Assets 1 | - | 97,200 | 100,033 | 107,462 | 111,709 | 108,560 | 113,146 | 116,485 |
| Book Value Per Share 2 | 8.670 | 8.190 | 9.660 | 24.40 | 12.60 | 13.50 | 15.00 | 16.20 |
| Cash Flow per Share 2 | 0.8800 | 1.060 | 2.550 | 4.320 | 2.040 | 2.430 | 2.480 | 2.830 |
| Capex 1 | 2,770 | 4,377 | 4,447 | 2,520 | 3,759 | 6,466 | 7,692 | 7,673 |
| Capex / Sales | 15.62% | 23.56% | 16.61% | 6.26% | 12.84% | 21.14% | 23.19% | 21.79% |
| 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
Trading Rating
Investor Rating
ESG Refinitiv
B+
Sell
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
10
Last Close Price
51.8
SAR
Average target price
34.24
SAR
Spread / Average Target
-33.90%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +6.69% | 50.97B | |
| -14.40% | 143B | |
| -6.66% | 117B | |
| -0.55% | 71.07B | |
| +13.30% | 48.38B | |
| +34.12% | 39.93B | |
| +22.92% | 26.1B | |
| +32.58% | 21.36B | |
| +58.44% | 18.57B | |
| +53.37% | 17.66B |
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