Stock 1180 THE SAUDI NATIONAL BANK
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Financials The Saudi National Bank

Equities

1180

SA13L050IE10

Banks

Market Closed - Saudi Arabian S.E.
Other stock markets
 08:20:02 2024-05-23 am EDT 		5-day change 1st Jan Change
33.95 SAR -3.41% Intraday chart for The Saudi National Bank -4.63% -12.16%
May. 07 Saudi Electricity Co. Secures $1 Billion Murabaha Loan MT
May. 05 Gulf bourses end higher as Fed cut hopes rise RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 147,315 129,635 285,663 224,132 229,737 201,833 - -
Enterprise Value (EV) 1 147,315 129,635 285,663 224,132 229,737 201,833 201,833 201,833
P/E ratio 13.4 x 11.8 x 21.6 x 12.5 x 12 x 10.1 x 9.23 x 8.52 x
Yield 4.67% - 2.41% 3.37% - 5.18% 5.61% 6.21%
Capitalization / Revenue 7.15 x 6.04 x 10 x 6.79 x 6.64 x 5.5 x 5.05 x 4.73 x
EV / Revenue 7.15 x 6.04 x 10 x 6.79 x 6.64 x 5.5 x 5.05 x 4.73 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 2.14 x 1.63 x 1.76 x 1.35 x 1.31 x 1.2 x 1.12 x 1.05 x
Nbr of stocks (in thousands) 3,988,229 3,987,224 5,914,352 5,917,669 5,944,035 5,945,000 - -
Reference price 2 36.94 32.51 48.30 37.88 38.65 33.95 33.95 33.95
Announcement Date 1/29/20 2/16/21 2/2/22 2/1/23 2/5/24 - - -
1SAR in Million2SAR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 20,607 21,458 28,462 33,003 34,589 36,700 39,947 42,668
EBITDA - - - - - - - -
EBIT 1 14,276 14,961 18,599 23,220 24,232 26,112 29,333 31,810
Operating Margin 69.28% 69.72% 65.34% 70.36% 70.06% 71.15% 73.43% 74.55%
Earnings before Tax (EBT) 1 12,919 12,933 14,438 21,277 22,773 23,296 25,668 28,050
Net income 1 11,401 11,440 12,670 18,580 20,010 20,243 22,374 23,863
Net margin 55.33% 53.31% 44.51% 56.3% 57.85% 55.16% 56.01% 55.93%
EPS 2 2.760 2.752 2.235 3.038 3.230 3.366 3.677 3.985
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 1.725 - 1.162 1.275 - 1.758 1.905 2.108
Announcement Date 1/29/20 2/16/21 2/2/22 2/1/23 2/5/24 - - -
1SAR in Million2SAR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 S1 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 - 7,389 8,065 8,373 8,448 8,118 8,731 8,497 8,737 8,625 8,939 9,057 9,357 9,520 - -
EBITDA - - - - - - - - - - - - - - - -
EBIT - 4,577 5,640 5,808 6,017 5,755 6,290 5,888 5,975 6,079 6,274 - - - - -
Operating Margin - 61.95% 69.93% 69.36% 71.23% 70.9% 72.04% 69.29% 68.39% 70.48% 70.19% - - - - -
Earnings before Tax (EBT) - 3,897 - 5,307 5,407 5,405 5,794 5,795 5,673 - 5,696 - - - - -
Net income 1 5,530 3,350 4,502 4,589 4,725 4,770 5,022 5,016 5,010 4,963 5,040 4,967 5,044 5,108 - -
Net margin - 45.34% 55.82% 54.81% 55.93% 58.76% 57.52% 59.03% 57.34% 57.54% 56.38% 54.84% 53.9% 53.66% - -
EPS 2 - - - - - - - 0.8100 0.8000 0.8100 0.8200 0.8226 0.8466 0.8618 - -
Dividend per Share 2 - - - - - - - - - - - 0.8819 - 0.9417 - 1.021
Announcement Date 8/5/21 2/2/22 4/27/22 8/1/22 10/30/22 2/1/23 5/1/23 8/2/23 10/24/23 2/5/24 4/29/24 - - - - -
1SAR in Million2SAR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 17.1% 15.5% 10.5% 11.6% 11.7% 12.1% 12.4% 12.5%
ROA (Net income/ Total Assets) 2.38% 2.07% 1.04% 2% 2.02% 1.9% 1.91% 1.9%
Assets 1 479,717 553,132 1,214,067 929,790 991,281 1,067,691 1,172,373 1,256,336
Book Value Per Share 2 17.30 19.90 27.40 28.00 29.60 28.30 30.40 32.50
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 1/29/20 2/16/21 2/2/22 2/1/23 2/5/24 - - -
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 The Saudi National Bank

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
15
Last Close Price
33.95 SAR
Average target price
46.94 SAR
Spread / Average Target
+38.26%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Islamic Banks

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Islamic Banks
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