Financials Yanbu National Petrochemical Company

Equities

2290

SA000A0HNF36

Commodity Chemicals

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
36.7 ^SAR	+0.27%		-2.00%	-3.55%

Apr. 18	Yansab Names Successor to Outgoing CEO	MT
Apr. 18	Yanbu National Petrochemical Company Announces CEO Changes	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	31,444	35,944	38,644	23,400	21,403	20,644	-	-
Enterprise Value (EV) ¹	28,425	33,055	34,995	19,877	18,855	18,876	18,464	18,352
P/E ratio	28.8 x	53.3 x	25.3 x	56.2 x	-44.2 x	45.6 x	22.3 x	18 x
Yield	6.26%	3.91%	4.37%	-	4.6%	4.74%	5.8%	5.72%
Capitalization / Revenue	5.18 x	7.14 x	5.22 x	3.33 x	4.72 x	3.19 x	2.95 x	2.86 x
EV / Revenue	4.69 x	6.57 x	4.73 x	2.83 x	4.16 x	2.92 x	2.64 x	2.54 x
EV / EBITDA	11.5 x	17.5 x	12 x	11.9 x	26.6 x	11.8 x	8.35 x	7.84 x
EV / FCF	13.5 x	22.1 x	15.5 x	13.8 x	354 x	32.5 x	13.3 x	11.2 x
FCF Yield	7.41%	4.53%	6.45%	7.27%	0.28%	3.08%	7.53%	8.91%
Price to Book	1.95 x	2.4 x	2.57 x	1.67 x	1.8 x	1.82 x	1.86 x	1.89 x
Nbr of stocks (in thousands)	562,500	562,500	562,500	562,500	562,500	562,500	-	-
Reference price ²	55.90	63.90	68.70	41.60	38.05	36.70	36.70	36.70
Announcement Date	1/23/20	1/21/21	1/19/22	2/5/23	2/21/24	-	-	-

¹SAR in Million²SAR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	6,065	5,035	7,400	7,024	4,533	6,462	6,990	7,221
EBITDA ¹	2,482	1,891	2,923	1,676	709	1,597	2,211	2,342
EBIT ¹	1,096	727.6	1,651	515	-486.3	466.6	1,099	1,286
Operating Margin	18.07%	14.45%	22.31%	7.33%	-10.73%	7.22%	15.73%	17.8%
Earnings before Tax (EBT) ¹	1,225	817.5	1,729	555.4	-383.3	685.1	1,173	1,120
Net income ¹	1,090	677.6	1,500	414	-485.1	446.8	911.4	1,151
Net margin	17.97%	13.46%	20.27%	5.89%	-10.7%	6.91%	13.04%	15.94%
EPS ²	1.940	1.200	2.720	0.7400	-0.8600	0.8048	1.643	2.043
Free Cash Flow ¹	2,105	1,497	2,257	1,445	53.22	581.5	1,390	1,636
FCF margin	34.71%	29.73%	30.5%	20.57%	1.17%	9%	19.89%	22.66%
FCF Conversion (EBITDA)	84.81%	79.14%	77.23%	86.2%	7.51%	36.4%	62.88%	69.86%
FCF Conversion (Net income)	193.16%	220.9%	150.48%	348.97%	-	130.16%	152.56%	142.12%
Dividend per Share ²	3.500	2.500	3.000	-	1.750	1.740	2.129	2.100
Announcement Date	1/23/20	1/21/21	1/19/22	2/5/23	2/21/24	-	-	-

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	1,780	1,922	1,971	2,062	1,595	1,396	667	1,323	1,098	1,445	1,507	1,626	1,631	1,690
EBITDA ¹	-	658.7	582.4	564.9	248	198	-73.87	315	147.6	-	386.4	389.1	400.3	415.2
EBIT ¹	215.4	382.2	296.2	276.9	-46	-95	-366.6	13	-153.4	20.72	93.79	90.6	100.4	113.9
Operating Margin	12.1%	19.88%	15.03%	13.43%	-2.88%	-6.81%	-54.96%	0.98%	-13.97%	1.43%	6.22%	5.57%	6.16%	6.74%
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	-	-	-	46.15	107.6	107.8	119.7	131.3
Net income ¹	179.8	334.9	283	288.5	-61	-97	-369.7	27.44	-161.3	18.46	34.48	98.78	109.7	152.8
Net margin	10.1%	17.42%	14.36%	13.99%	-3.82%	-6.95%	-55.43%	2.07%	-14.69%	1.28%	2.29%	6.08%	6.73%	9.04%
EPS ²	0.3200	0.6000	0.5000	0.5100	-0.1100	-0.1700	-0.6600	0.0500	-0.2900	0.0400	0.0980	0.0964	0.1059	0.2715
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	0.7500	-	1.000	-
Announcement Date	10/19/21	1/19/22	4/19/22	7/26/22	10/26/22	2/5/23	5/8/23	7/23/23	10/26/23	2/21/24	-	-	-	-

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	3,019	2,889	3,649	3,523	2,548	1,768	2,180	2,291
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,105	1,497	2,257	1,445	53.2	582	1,390	1,636
ROE (net income / shareholders' equity)	6.53%	4.35%	10.2%	2.85%	-3.74%	3.83%	8.61%	10.3%
ROA (Net income/ Total Assets)	5.87%	3.83%	8.64%	2.38%	-3.08%	5.6%	6.67%	7.1%
Assets ¹	18,571	17,691	17,362	17,414	15,730	7,978	13,670	16,213
Book Value Per Share ²	28.70	26.60	26.70	25.00	21.20	20.20	19.80	19.40
Cash Flow per Share ²	4.790	3.320	4.710	3.330	1.730	1.060	3.870	-
Capex ¹	592	370	395	428	918	491	402	510
Capex / Sales	9.76%	7.35%	5.33%	6.09%	20.26%	7.59%	5.76%	7.06%
Announcement Date	1/23/20	1/21/21	1/19/22	2/5/23	2/21/24	-	-	-

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 Yanbu National Petrochemical Company

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

36.7 SAR

Average target price

40.74 SAR

Spread / Average Target

+11.02%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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