Financials Etihad Etisalat Company

Equities

7020

SA000A0DM9P2

Wireless Telecommunications Services

Market Closed - Saudi Arabian S.E. 08:20:07 2024-06-11 am EDT 5-day change 1st Jan Change
50.8 SAR 0.00% Intraday chart for Etihad Etisalat Company +0.40% +3.57%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 19,250 22,060 23,986 26,758 37,768 39,116 - -
Enterprise Value (EV) 1 32,892 32,615 35,890 36,956 45,687 45,786 44,191 43,203
P/E ratio 625 x 28.1 x 22.4 x 16.2 x 16.9 x 15.5 x 13.8 x 12.4 x
Yield - 1.75% 2.73% 2.45% 2.96% 3.77% 4.49% 5.6%
Capitalization / Revenue 1.43 x 1.57 x 1.62 x 1.71 x 2.25 x 2.19 x 2.09 x 2 x
EV / Revenue 2.45 x 2.32 x 2.42 x 2.36 x 2.73 x 2.56 x 2.36 x 2.21 x
EV / EBITDA 6.65 x 6.1 x 6.42 x 6 x 6.9 x 6.74 x 6.17 x 5.77 x
EV / FCF 23.4 x 40.7 x 13.4 x 10.3 x 11.9 x 14.5 x 13.1 x 12.4 x
FCF Yield 4.27% 2.45% 7.47% 9.72% 8.44% 6.88% 7.63% 8.04%
Price to Book 1.4 x 1.53 x 1.58 x 1.64 x 2.14 x 2.08 x 1.96 x 1.85 x
Nbr of stocks (in thousands) 770,000 770,000 770,000 770,000 770,000 770,000 - -
Reference price 2 25.00 28.65 31.15 34.75 49.05 50.80 50.80 50.80
Announcement Date 2/18/20 2/21/21 2/21/22 2/20/23 2/20/24 - - -
1SAR in Million2SAR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 13,450 14,046 14,834 15,669 16,763 17,862 18,706 19,511
EBITDA 1 4,947 5,350 5,594 6,161 6,625 6,788 7,159 7,486
EBIT 1 967 1,367 1,668 2,310 2,977 3,116 3,406 3,698
Operating Margin 7.19% 9.73% 11.24% 14.74% 17.76% 17.45% 18.21% 18.95%
Earnings before Tax (EBT) 1 80.55 826 1,149 1,779 2,449 2,699 2,962 3,299
Net income 1 31.18 783.3 1,072 1,657 2,232 2,463 2,776 2,971
Net margin 0.23% 5.58% 7.23% 10.58% 13.32% 13.79% 14.84% 15.23%
EPS 2 0.0400 1.020 1.390 2.150 2.900 3.273 3.684 4.083
Free Cash Flow 1 1,404 800.6 2,680 3,591 3,855 3,150 3,370 3,472
FCF margin 10.44% 5.7% 18.07% 22.92% 23% 17.64% 18.02% 17.8%
FCF Conversion (EBITDA) 28.39% 14.96% 47.91% 58.28% 58.19% 46.41% 47.08% 46.38%
FCF Conversion (Net income) 4,503.62% 102.21% 250.01% 216.71% 172.71% 127.94% 121.4% 116.88%
Dividend per Share 2 - 0.5000 0.8500 0.8500 1.450 1.917 2.282 2.844
Announcement Date 2/18/20 2/21/21 2/21/22 2/20/23 2/20/24 - - -
1SAR in Million2SAR
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 2025 Q1 2025 Q2
Net sales 1 3,897 3,811 3,899 3,828 4,132 4,051 4,248 4,100 4,364 4,545 4,657 4,400 4,605 - -
EBITDA 1 1,496 1,445 1,482 1,487 1,747 1,554 1,586 1,596 1,889 1,651 1,671 1,660 1,737 - -
EBIT 1 492 467.7 518.9 533.6 789.8 627 656 689 1,005 753 741.4 758.7 776.3 - -
Operating Margin 12.62% 12.27% 13.31% 13.94% 19.12% 15.48% 15.44% 16.8% 23.04% 16.57% 15.92% 17.24% 16.86% - -
Earnings before Tax (EBT) 342.8 349.5 384.3 393.3 651.6 507.2 530 - 840.6 - - - - - -
Net income 1 320.8 319 359.5 372.5 605.9 464.9 497 524 745.9 638 545.9 561.7 580.6 - -
Net margin 8.23% 8.37% 9.22% 9.73% 14.67% 11.48% 11.7% 12.78% 17.09% 14.04% 11.72% 12.76% 12.61% - -
EPS 2 0.4200 0.4100 0.4700 0.4800 0.7900 0.6000 0.6500 0.6800 0.9700 0.8300 0.7089 0.7294 0.7540 - -
Dividend per Share 2 0.8500 - - - 0.8500 - 1.150 - 1.450 - - - 1.450 - -
Announcement Date 2/21/22 4/25/22 8/3/22 10/23/22 2/20/23 5/15/23 7/30/23 10/22/23 2/20/24 5/12/24 - - - - -
1SAR in Million2SAR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 13,642 10,554 11,904 10,199 7,918 6,670 5,075 4,087
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.758 x 1.973 x 2.128 x 1.655 x 1.195 x 0.9825 x 0.709 x 0.5459 x
Free Cash Flow 1 1,404 801 2,680 3,591 3,855 3,151 3,370 3,472
ROE (net income / shareholders' equity) 0.23% 5.56% 7.23% 10.5% 13.1% 13.7% 14.4% 15%
ROA (Net income/ Total Assets) 0.08% 2.02% 2.76% 4.19% 5.8% 7% 7.15% 8.1%
Assets 1 38,930 38,816 38,903 39,568 38,498 35,179 38,824 36,676
Book Value Per Share 2 17.90 18.80 19.70 21.20 22.90 24.40 25.90 27.40
Cash Flow per Share 2 4.560 5.420 6.250 7.380 7.500 8.060 8.650 10.30
Capex 1 2,105 3,369 2,132 2,093 1,916 2,879 3,101 3,336
Capex / Sales 15.65% 23.99% 14.37% 13.36% 11.43% 16.12% 16.58% 17.1%
Announcement Date 2/18/20 2/21/21 2/21/22 2/20/23 2/20/24 - - -
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
C
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
12
Last Close Price
50.8 SAR
Average target price
59.76 SAR
Spread / Average Target
+17.63%
Consensus
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