TASI · 8070

ARABIAN SHIELD

Discounted cash-flow valuation

EDITABLE, SOURCE-LINKED MODEL

Insurance equity DCF builder

Arabian Shield’s reported earnings and June balance sheet are reviewed below. Trailing shareholder earnings remain a loss. A profitable recovery path has not been established, so no automatic steady-state valuation is shown.

Valuation date2026-06-30Scenario basis date

Earnings basis & source figures

Reported shareholder result after zakat and tax: FY2025 loss SAR 43.753m + H1 2026 profit SAR 7.725m − H1 2025 loss SAR 23.460m = TTM loss SAR 12.568m. Six-month columns are used, not Q2 alone. June accounting equity is SAR 1,642.439m after the separately shown employee-benefit remeasurement. Neither book value nor policyholder investments establish distributable excess capital.

Review figures and sources ↓

INPUT REVIEW REQUIRED

Start with a documented basis

Official reference figures ↓

Reported TTM shareholder loss: SAR 12.568m. The H1 2026 profit does not erase the rolling loss. A recovery forecast needs evidence; no positive return or recovery date has been assumed.

Missing inputs are not zero-filled. Total equity is not automatically common equity. Review the statements and notes, then enter the adjusted basis.

Common equity · SAR mNormalized annual ordinary earnings · SAR mDiluted ordinary shares · millionsValuation dateReport URL supporting your inputs

I reviewed the source, aligned dates, non-ordinary claims and capital constraints. These are my inputs, not a RUKNasi verification.This positive, steady-state model is not suitable for an unresolved loss-making or negative-equity turnaround.

↗

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Reviewed sources do not publish a numerical forward consensus for this company.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.

Reported TTM shareholder result after zakat and tax-12.57−43.753 + 7.725 − (−23.460)

Closing total accounting equity1,642.447,109.123 − 5,466.684

Cash-flow cash reconciled to balance-sheet cash259.17249.619 + 9.549 restricted cash

Reported input	Period	Value	Unit	Source
Shareholder result after zakat and tax	FY2025	-43.753	SAR m	Page 151 ↗
Shareholder result after zakat and tax	H1 2026	7.725	SAR m	Page 6 ↗
Comparative shareholder result after zakat and tax	H1 2025 comparative	-23.46	SAR m	Page 6 ↗
Total accounting equityAssets 7,109.123 less liabilities 5,466.684. The shareholder-equity subtotal of 1,643.780 precedes a separately displayed −1.341 employee-benefit remeasurement. Do not add both equity totals.	30 Jun 2026	1,642.439	SAR m	Page 5 ↗
Goodwill included in assetsRetained in reported accounting equity, not treated as available cash or verified regulatory capital.	30 Jun 2026	364.948	SAR m	Page 5 ↗
Investment for unit-linked contractsContract-related assets are not added to shareholder value as spare cash.	30 Jun 2026	3,065.844	SAR m	Page 5 ↗
Total insurance service result	H1 2026	-10.248	SAR m	Page 6 ↗
Cash on the balance sheet	31 Dec 2025	259.168	SAR m	Page 150 ↗
Cash at the end of the cash-flow statement	31 Dec 2025	249.619	SAR m	Page 154 ↗
Restricted cash excluded from cash flowsNote 9 reconciles 249.619 of cash-flow cash plus 9.549 restricted cash to 259.168 on the balance sheet. The restriction relates to unactivated visit visas; it is not a missing cash-flow value.	31 Dec 2025	9.549	SAR m	Page 213 ↗

Model boundaries

A positive H1 result does not establish sustainable profitability: the rolling after-tax result is a loss. No profitable terminal return, recovery growth rate or recovery date is supplied.
An insurer needs an equity and capital-based valuation, not an ordinary-company cash-flow model that treats policyholder investments as distributable cash. Future claims, underwriting margins, regulatory capital and dividends require explicit evidence.
June total equity includes goodwill and is not independently verified regulatory or distributable capital. The employee-benefit remeasurement is already included in the total; it must not be added or deducted twice.
The statements show weighted-average shares in rounded thousands. An exact current issued-share denominator and any later capital events still need a dated source review before a per-share valuation.
The restricted-cash reconciliation is dated 31 December 2025, not June 2026. It explains the published FY cash balances without replacing either figure or inferring later restrictions.
Keep policyholder funds separate. Insurance contract liabilities, reinsurance, IFRS 17 changes and solvency buffers cannot be treated as spare shareholder cash.
Use a verified same-date, fully diluted ordinary-share denominator. The current issued share count shown for reference may reflect later bonus issues, capital reductions or rights issues.
Earnings less retained capital is a clean-surplus equity model. It does not separately forecast working capital, acquisitions, OCI or regulatory capital. It is not suitable for unresolved negative-equity or loss-making turnaround cases.
Growth and return defaults are illustrative controls, not analyst forecasts. Dividends and accounting earnings do not by themselves establish distributable free cash flow.

Model source review: 2026-09-06. Not investment advice.