TASI · 1120

ARB

Discounted cash-flow valuation

EDITABLE, SOURCE-LINKED MODEL

Bank equity DCF

Discounts cash available to ordinary shareholders after capital retained for growth. Reconciles to a residual-income valuation. Common equity excludes Tier 1 sukuk and non-controlling interests; earnings are after sukuk distributions.

Valuation date2026-06-30Financials through H1 2026

Growth presets change only initial growth relative to the starting assumptions and keep your other edits. Growth is capped by available funding; higher growth does not necessarily mean higher value.

Adjust an assumption

Initial common-book growth%

Why this number?

Illustrative starting growth, fading linearly to terminal growth across the forecast. Not management guidance.

Initial return on common book%

Why this number?

Anchored to TTM ordinary earnings / closing common equity. This is not the reported ROE on average equity; it is the first forecast year’s editable return.

Terminal return on common book%

Why this number?

Illustrative long-run return. The model fades the starting return toward this value; no permanent advantage is assumed without showing it here.

Required equity return%

Why this number?

Your required return in nominal SAR. The default is an illustrative hurdle rate, not a measured market WACC, beta or analyst estimate.

Terminal growth%

Why this number?

Perpetual nominal growth after the forecast. Must remain below the discount rate and be supportable by retained capital.

Forecast horizonyr

Why this number?

End-of-year discounting. The first forecast covers the 12 months after the reporting date; these are not calendar-year guidance figures.

Starting assumptions are editable, not published forecasts. Growth presets change initial growth by two percentage points within funding limits, without changing the discount rate or terminal return.

SCENARIO VALUE / SHARE39.48 SAR

At the reporting date—not a live price target or recommendation.

TERMINAL SHARE OF VALUE51.24%Stress-test long-term assumptions below

30 Jun 2036FORECASTCommon earnings29.98B SARModeled shareholder cash23.99B SAR

2026-06-30 — 2036-06-30Common earnings · 20.02%Modeled shareholder cash · —

Hover or tap · drag between periods to compareSAR

The first point is the editable model anchor (derived from the selected earnings basis); hatched bars are forecasts. Hover, tap or use arrow keys to inspect. Drag across periods to compare. Projected cash flows are not announced distributions.

From cash flows to share value · SAR millions

PV of forecast cash flows115,489.97

PV of terminal value121,376.88

Common equity value236,866.85

Shares, millions6,000

✓ Reconciles to residual income within calculation precision

Valuation sensitivity

Select a cell to apply its discount rate and terminal growth together.

SAR per share · discount rate × terminal growth
Discount / growth	2.00%	2.50%	3.00%	3.50%	4.00%
9.50%
10.00%
10.50%
11.00%
11.50%

What does your reference price imply?

Your reference price (SAR)Price dateNo live price feed. A price dated after the model’s valuation date is not a same-date comparison.

Year-by-year forecast

SAR millions. Reinvestment funds growth; it is not an additional operating expense.

Year ending	Common earnings	Reinvestment	Cash flow	Discount factor	Present value
2027-06-30	24,983.58	9,653.86	15,329.72	0.9050	13,873.05
2028-06-30	26,156.36	9,702.13	16,454.23	0.8190	13,475.75
2029-06-30	27,216.16	9,646.46	17,569.7	0.7412	13,021.99
2030-06-30	28,142.52	9,479.46	18,663.06	0.6707	12,517.96
2031-06-30	28,916.28	9,195.63	19,720.65	0.6070	11,970.43
2032-06-30	29,520.12	8,791.65	20,728.47	0.5493	11,386.59
2033-06-30	29,939.14	8,266.65	21,672.49	0.4971	10,773.9
2034-06-30	30,161.32	7,622.37	22,538.95	0.4499	10,139.94
2035-06-30	30,178	6,863.34	23,314.66	0.4071	9,492.24
2036-06-30	29,984.22	5,996.84	23,987.38	0.3684	8,838.12

Formulas & reconciliation

Earningsₜ = opening common equityₜ × ROEₜ. Retained capitalₜ = opening common equityₜ × growthₜ. Shareholder cashₜ = earningsₜ − retained capitalₜ. Closing common equityₜ = opening common equityₜ + retained capitalₜ.

PVₜ = cash flowₜ ÷ (1 + discount rate)ᵗ. Terminal value = terminal cash flow ÷ (discount rate − terminal growth). PV of terminal = terminal value ÷ (1 + discount rate)ᴺ.

Terminal cash = closing common equityᴺ × (terminal ROE − g). Residual-income check = opening common equity + PV of (earnings − required return on opening equity) + PV of terminal residual income + one-time present-value adjustment. Share value = (PV of shareholder cash + PV of terminal cash + one-time present-value adjustment) / shares.

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Analyst estimates

Published estimates

No verified numerical analyst forecast

Reviewed sources do not publish a numerical forward consensus for this company. DCF assumptions are shown separately and are not analyst estimates.

Every number, with its source

Reported inputs below are converted to SAR millions where needed. Page references are PDF page numbers.

TTM ordinary earnings after sukuk costs24,983.5823,414.808 + (13,763.688 − 754.025) − (12,057.051 − 616.161)

Initial earnings / closing common book (%)20.7TTM ordinary earnings ÷ 120,673.262 × 100; not reported average-equity ROE

Reported input	Period	Value	Unit	Source
Earnings after equity sukuk payments	FY2025	23,414.808	SAR m	Page 72 ↗
Profit attributable to bank shareholders	H1 2026	13,763.688	SAR m	Page 5 ↗
Tier 1 sukuk costs	H1 2026	754.025	SAR m	Page 31 ↗
Profit attributable to bank shareholders	H1 2025 comparative	12,057.051	SAR m	Page 5 ↗
Tier 1 sukuk costs	H1 2025 comparative	616.161	SAR m	Page 31 ↗
Common shareholders’ equity	30 Jun 2026	120,673.262	SAR m	Page 4 ↗
Equity sukuk — excluded from common equity	30 Jun 2026	31,743.5	SAR m	Page 4 ↗
Issued ordinary shares after bonus issue	30 Jun 2026	6,000	m shares	Page 31 ↗

One-time present-value adjustment

The source facts above never change. These are model overrides only. Enter an additional present-value cost as negative or asset as positive; it applies once, without changing recurring profit or book growth. Do not deduct an already recorded provision, liability or approved dividend again.

Additional present-value adjustment · SAR m