Financials Mobile Telecommunications Company K.S.C.P.

Equities

ZAIN

KW0EQ0601058

Wireless Telecommunications Services

End-of-day quote Kuwait S.E. 06:00:00 2024-06-09 pm EDT 5-day change 1st Jan Change
0.45 KWD 0.00% Intraday chart for Mobile Telecommunications Company K.S.C.P. -0.22% -11.24%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,596 2,622 2,575 2,436 2,194 1,947 - -
Enterprise Value (EV) 1 3,877 3,598 3,831 3,667 2,194 3,127 3,105 3,035
P/E ratio 12 x 14.1 x 13.8 x 12.5 x 10.1 x 9.87 x 8.19 x 7.34 x
Yield 5.5% 5.45% 5.55% 6.22% - 8.18% 8.22% 9.82%
Capitalization / Revenue 1.56 x 1.61 x 1.7 x 1.41 x 1.15 x 0.99 x 0.96 x 0.93 x
EV / Revenue 2.33 x 2.21 x 2.52 x 2.12 x 1.15 x 1.59 x 1.53 x 1.45 x
EV / EBITDA 5.32 x 5.34 x 6.1 x 5.45 x 3.11 x 4.46 x 4.16 x 3.9 x
EV / FCF 11.6 x 11.5 x 58.6 x 15.4 x - 20 x 15.4 x 10.7 x
FCF Yield 8.66% 8.68% 1.71% 6.51% - 4.99% 6.49% 9.33%
Price to Book 2 x 1.99 x 2.16 x 1.98 x - 1.59 x 1.08 x 1.03 x
Nbr of stocks (in thousands) 4,327,059 4,327,059 4,327,059 4,327,059 4,327,059 4,327,059 - -
Reference price 2 0.6000 0.6060 0.5950 0.5630 0.5070 0.4500 0.4500 0.4500
Announcement Date 2/13/20 2/25/21 2/10/22 3/14/23 3/7/24 - - -
1KWD in Million2KWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,661 1,627 1,517 1,728 1,909 1,962 2,035 2,094
EBITDA 1 728.4 673.4 627.8 673 704.8 700.5 745.4 777.4
EBIT 1 352.5 312.6 271.5 402.2 359.4 354.8 398.9 436.8
Operating Margin 21.22% 19.22% 17.9% 23.27% 18.83% 18.09% 19.6% 20.86%
Earnings before Tax (EBT) 1 283.6 242.3 214.8 245.9 331.8 261.9 330 361.5
Net income 1 216.9 185.2 185.7 196 215.5 193.3 230.1 246.1
Net margin 13.06% 11.38% 12.24% 11.34% 11.29% 9.85% 11.31% 11.75%
EPS 2 0.0500 0.0430 0.0430 0.0450 0.0500 0.0456 0.0549 0.0613
Free Cash Flow 1 335.6 312.4 65.35 238.8 - 156 201.5 283
FCF margin 20.21% 19.2% 4.31% 13.82% - 7.95% 9.9% 13.52%
FCF Conversion (EBITDA) 46.07% 46.39% 10.41% 35.48% - 22.27% 27.03% 36.4%
FCF Conversion (Net income) 154.7% 168.7% 35.18% 121.84% - 80.71% 87.57% 115.01%
Dividend per Share 2 0.0330 0.0330 0.0330 0.0350 - 0.0368 0.0370 0.0442
Announcement Date 2/13/20 2/25/21 2/10/22 3/14/23 3/7/24 - - -
1KWD in Million2KWD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 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 1 381.6 407.6 421.1 441.1 458.3 468.4 461.4 485.1 494.1 466.1 477.5 516.6 525.5
EBITDA 149.8 153.6 166.4 - 182.1 165.4 182.2 182.9 174.4 147.7 - - -
EBIT 58.78 70.73 81.42 - - 85.41 98.16 100.5 - 63.85 - - -
Operating Margin 15.4% 17.35% 19.34% - - 18.24% 21.28% 20.72% - 13.7% - - -
Earnings before Tax (EBT) - - - - - - 74.07 - - - - - -
Net income 50.33 - 50.41 - - - 57.49 60.49 - - - - -
Net margin 13.19% - 11.97% - - - 12.46% 12.47% - - - - -
EPS 2 0.0120 0.0110 0.0120 0.0130 0.0100 0.0130 0.0130 0.0140 0.0100 0.007000 0.0100 0.0100 0.0100
Dividend per Share - - - - - - - - - - - - -
Announcement Date 2/10/22 4/24/22 7/18/22 11/9/22 3/14/23 5/10/23 8/8/23 11/14/23 3/7/24 5/14/24 - - -
1KWD in Million2KWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,280 976 1,256 1,231 - 1,180 1,157 1,088
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.758 x 1.449 x 2.001 x 1.829 x - 1.684 x 1.553 x 1.399 x
Free Cash Flow 1 336 312 65.3 239 - 156 202 283
ROE (net income / shareholders' equity) 16.5% 14.2% 14.8% 16.2% - 14.1% 16.7% 17.6%
ROA (Net income/ Total Assets) 4.59% 3.84% 3.83% 4.02% - 4.7% 4.6% 5.3%
Assets 1 4,727 4,824 4,855 4,875 - 4,112 5,002 4,643
Book Value Per Share 2 0.3000 0.3000 0.2700 0.2800 - 0.2800 0.4200 0.4400
Cash Flow per Share 2 0.1500 0.1400 0.1000 0.1200 - 0.1300 0.1500 0.1500
Capex 1 316 307 346 260 - 272 323 329
Capex / Sales 19.04% 18.84% 22.81% 15.06% - 13.88% 15.88% 15.71%
Announcement Date 2/13/20 2/25/21 2/10/22 3/14/23 3/7/24 - - -
1KWD in Million2KWD
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
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
6
Last Close Price
0.45 KWD
Average target price
0.582 KWD
Spread / Average Target
+29.33%
Consensus
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