Stock 2382 ADES HOLDING COMPANY
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Financials ADES Holding Company

Equities

2382

SA55SG6H5716

Oil & Gas Drilling

Market Closed - Saudi Arabian S.E.
Other stock markets
 08:20:04 2024-05-30 am EDT 		5-day change 1st Jan Change
18.06 SAR -0.33% Intraday chart for ADES Holding Company +3.56% -24.75%
May. 26 Ades Holding Secures SAR2 Billion Deep Drilling Rigs Contracts in Kuwait MT
May. 26 ADES Holding Company's Subsidiary Continues Its Expansion in Kuwait with an Award for Six Onshore Contracts CI

Valuation

Fiscal Period: December 2023 2024 2025 2026
Capitalization 1 26,285 5,273 - -
Enterprise Value (EV) 2 28,929 7,765 7,865 7,736
P/E ratio 40.7 x 23.6 x 18.4 x 15.5 x
Yield - 2.52% 3.11% 3.84%
Capitalization / Revenue 22.8 x 3.25 x 2.95 x 2.72 x
EV / Revenue 25 x 4.78 x 4.4 x 3.99 x
EV / EBITDA 50.7 x 9.81 x 8.98 x 8.05 x
EV / FCF -61.5 x 23.7 x 25.7 x 17.8 x
FCF Yield -1.63% 4.22% 3.89% 5.62%
Price to Book 4.57 x 3.27 x 2.99 x 2.74 x
Nbr of stocks (in thousands) 1,095,191 1,095,191 - -
Reference price 3 24.00 18.06 18.06 18.06
Announcement Date 3/6/24 - - -
1SAR in Million2USD in Million3SAR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2022 2023 2024 2025 2026
Net sales 1 477.8 452.1 657.7 1,155 1,624 1,789 1,938
EBITDA 1 193.4 193.6 - 570.3 791.5 875.4 960.4
EBIT 1 124.4 104.4 - 346.2 478.3 517.2 555.4
Operating Margin 26.04% 23.1% - 29.97% 29.45% 28.91% 28.66%
Earnings before Tax (EBT) 1 40.87 30.97 - 141.1 261.2 345.3 407.2
Net income 1 28.63 19.62 104.1 117.9 219 282 337.2
Net margin 5.99% 4.34% 15.83% 10.21% 13.48% 15.76% 17.4%
EPS 2 - - - 0.5900 0.7636 0.9823 1.164
Free Cash Flow 1 -7.355 47.82 - -470.8 327.6 305.9 434.4
FCF margin -1.54% 10.58% - -40.76% 20.17% 17.1% 22.42%
FCF Conversion (EBITDA) - 24.7% - - 41.39% 34.94% 45.23%
FCF Conversion (Net income) - 243.73% - - 149.6% 108.46% 128.84%
Dividend per Share 2 - - - - 0.4552 0.5614 0.6943
Announcement Date 4/7/20 3/30/21 9/21/23 3/6/24 - - -
1USD in Million2SAR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 257.8 249.3 202.8 287.6 339.3 408.5 412.6 408.5 409.1
EBITDA 1 103.3 99.91 - 128.7 168.6 - 197.8 201.8 202.3
EBIT 1 - - - 83.04 112.1 128.1 118.2 114.7 113.3
Operating Margin - - - 28.88% 33.03% 31.36% 28.64% 28.07% 27.69%
Earnings before Tax (EBT) - - - - - 61.69 - - -
Net income 17.62 - 5.623 - 44.48 52.62 - - -
Net margin 6.83% - 2.77% - 13.11% 12.88% - - -
EPS - - - - - - - - -
Dividend per Share - - - - - - - - -
Announcement Date 4/7/20 9/22/20 3/30/21 11/9/23 3/6/24 5/15/24 - - -
1USD in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2022 2023 2024 2025 2026
Net Debt 1 606 670 - 2,644 2,491 2,591 2,462
Net Cash position 1 - - - - - - -
Leverage (Debt/EBITDA) 3.135 x 3.458 x - 4.636 x 3.147 x 2.96 x 2.563 x
Free Cash Flow 1 -7.35 47.8 - -471 328 306 434
ROE (net income / shareholders' equity) 16.3% 8.48% - 11.1% 14.1% 16.2% 17.6%
ROA (Net income/ Total Assets) 5.55% 2.67% - 2.61% 4.13% 5.92% 6.91%
Assets 1 516 733.9 - 4,522 5,308 4,766 4,881
Book Value Per Share 2 - - - 5.250 5.530 6.030 6.580
Cash Flow per Share 2 - - - 3.030 1.550 2.200 -
Capex 1 179 118 - 1,079 153 388 339
Capex / Sales 37.54% 26.02% - 93.44% 9.43% 21.71% 17.49%
Announcement Date 4/7/20 3/30/21 9/21/23 3/6/24 - - -
1USD 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 ADES Holding Company

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
10
Last Close Price
18.06 SAR
Average target price
19.37 SAR
Spread / Average Target
+7.24%
Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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Other Oil & Gas Drilling
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