Stock 2280 ALMARAI COMPANY
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Financials Almarai Company

Equities

2280

SA000A0ETHT1

Food Processing

Market Closed - Saudi Arabian S.E.
Other stock markets
 08:20:04 2024-05-26 am EDT 		5-day change 1st Jan Change
52.8 SAR -0.75% Intraday chart for Almarai Company -2.76% -5.38%
May. 19 Almarai Co. Closes SAR182 Million Purchase of Etmam Logistics MT
May. 19 Almarai Company completed the acquisition of Etmam Logistics for SAR 180 million. CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 49,500 54,900 48,750 53,500 55,800 52,800 - -
Enterprise Value (EV) 1 62,045 65,649 57,953 63,021 65,687 62,777 62,342 61,153
P/E ratio 27.3 x 27.7 x 30.7 x 30.4 x 27.2 x 22.3 x 19.9 x 17.7 x
Yield 1.72% 1.82% 2.05% 1.87% 1.79% 1.97% 2.18% 2.29%
Capitalization / Revenue 3.45 x 3.57 x 3.08 x 2.86 x 2.85 x 2.55 x 2.38 x 2.22 x
EV / Revenue 4.32 x 4.27 x 3.66 x 3.37 x 3.36 x 3.03 x 2.81 x 2.57 x
EV / EBITDA 13.3 x 15.3 x 15.3 x 14.8 x 14.5 x 12.1 x 11 x 9.83 x
EV / FCF 23.9 x 19.4 x 15.1 x 24.9 x 33.2 x 46.2 x 43.6 x 36.9 x
FCF Yield 4.19% 5.15% 6.6% 4.01% 3.01% 2.16% 2.29% 2.71%
Price to Book 3.34 x 3.5 x 3.02 x 3.21 x 3.14 x 2.75 x 2.53 x 2.32 x
Nbr of stocks (in thousands) 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 - -
Reference price 2 49.50 54.90 48.75 53.50 55.80 52.80 52.80 52.80
Announcement Date 1/19/20 1/24/21 1/23/22 1/23/23 1/21/24 - - -
1SAR in Million2SAR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 14,351 15,357 15,850 18,722 19,576 20,711 22,155 23,788
EBITDA 1 4,663 4,282 3,787 4,256 4,541 5,176 5,686 6,223
EBIT 1 2,590 2,625 2,112 2,456 2,792 3,021 3,309 3,678
Operating Margin 18.05% 17.09% 13.33% 13.12% 14.26% 14.59% 14.94% 15.46%
Earnings before Tax (EBT) 1 1,922 2,028 1,668 1,849 2,166 2,492 2,813 3,169
Net income 1 1,812 1,984 1,564 1,760 2,049 2,353 2,650 2,983
Net margin 12.62% 12.92% 9.87% 9.4% 10.47% 11.36% 11.96% 12.54%
EPS 2 1.810 1.980 1.590 1.760 2.050 2.363 2.655 2.987
Free Cash Flow 1 2,601 3,379 3,827 2,529 1,977 1,358 1,429 1,656
FCF margin 18.12% 22.01% 24.15% 13.51% 10.1% 6.56% 6.45% 6.96%
FCF Conversion (EBITDA) 55.78% 78.91% 101.05% 59.42% 43.53% 26.24% 25.14% 26.61%
FCF Conversion (Net income) 143.56% 170.3% 244.71% 143.7% 96.47% 57.72% 53.94% 55.51%
Dividend per Share 2 0.8500 1.000 1.000 1.000 1.000 1.038 1.151 1.211
Announcement Date 1/19/20 1/24/21 1/23/22 1/23/23 1/21/24 - - -
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
Net sales 1 4,257 4,503 4,610 4,769 4,839 5,067 4,792 4,797 4,920 5,459 5,070 5,078 5,214
EBITDA - - 1,163 - - - - - - - - - -
EBIT 1 418 579.7 680 578.9 500.6 826 760.6 648 557 891.1 806.8 805.4 665
Operating Margin 9.82% 12.87% 14.75% 12.14% 10.35% 16.3% 15.87% 13.51% 11.32% 16.32% 15.91% 15.86% 12.76%
Earnings before Tax (EBT) - - - - - - - - - - - - -
Net income 287 - - - 355.8 - - - 371 692.2 - - -
Net margin 6.74% - - - 7.35% - - - 7.54% 12.68% - - -
EPS 0.2900 - - - - - - - - - - - -
Dividend per Share - - - - - - - - - - - - -
Announcement Date 1/23/22 4/10/22 7/17/22 10/9/22 1/23/23 4/15/23 7/16/23 10/5/23 1/21/24 4/21/24 - - -
1SAR in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 12,545 10,749 9,203 9,521 9,887 9,977 9,542 8,353
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.691 x 2.51 x 2.43 x 2.237 x 2.177 x 1.928 x 1.678 x 1.342 x
Free Cash Flow 1 2,601 3,379 3,827 2,529 1,977 1,358 1,429 1,656
ROE (net income / shareholders' equity) 12.7% 13.1% 9.83% 10.7% 11.9% 12.8% 13.4% 14.1%
ROA (Net income/ Total Assets) 5.5% 6.06% 4.88% 5.51% 6% 6.49% 7.86% 8.41%
Assets 1 32,966 32,746 32,056 31,914 34,134 36,281 33,699 35,459
Book Value Per Share 2 14.80 15.70 16.10 16.70 17.80 19.20 20.90 22.70
Cash Flow per Share 2 4.730 4.200 4.920 3.830 4.480 5.570 5.670 5.930
Capex 1 1,517 824 1,088 1,301 2,506 3,332 3,712 3,659
Capex / Sales 10.57% 5.36% 6.86% 6.95% 12.8% 16.09% 16.75% 15.38%
Announcement Date 1/19/20 1/24/21 1/23/22 1/23/23 1/21/24 - - -
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 Almarai Company

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
15
Last Close Price
52.8 SAR
Average target price
64.7 SAR
Spread / Average Target
+22.54%
Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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