TASI · 7205

DBS

Discounted cash-flow valuation

EDITABLE, SOURCE-LINKED MODEL

Equity cash-flow DCF

Starts from audited FY2025 equity and earnings in the CMA prospectus. The model retains capital explicitly and reconciles to residual income. It is a scenario based on one audited post-reorganization year, not an analyst forecast.

Valuation date2025-12-31Financials through H1 2026

Earnings basis & source figures

FY2025 audited prospectus basis: SAR 50.542m profit, SAR 170.830m closing equity and 70.000m issued shares. No Q2 2026 OCR amount, market price or unavailable analyst estimate is used.

Review figures and sources ↓

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 / SHARE3.47 SAR

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

TERMINAL SHARE OF VALUE49.35%Stress-test long-term assumptions below

31 Dec 2030FORECASTCommon earnings22.9M SARModeled shareholder cash18.13M SAR

2025-12-31 — 2030-12-31Common earnings · -54.68%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 flows122.97

PV of terminal value119.83

Common equity value242.8

Shares, millions70

✓ 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	1.50%	2.00%	2.50%	3.00%	3.50%
10.50%
11.00%
11.50%
12.00%
12.50%

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
2026-12-31	50.54	5.12	45.42	0.8969	40.73
2027-12-31	44.32	5.06	39.26	0.8044	31.58
2028-12-31	37.64	4.98	32.66	0.7214	23.56
2029-12-31	30.5	4.88	25.61	0.6470	16.57
2030-12-31	22.9	4.77	18.13	0.5803	10.52

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.

↗

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.

Initial earnings / closing equity (%)29.5950.542253 ÷ 170.829875 × 100

EPS denominator cross-check (m shares)70.250.542253 ÷ 0.72; agrees approximately after reported EPS rounding

Reported input	Period	Value	Unit	Source
Revenue	FY2025	315.347	SAR m	Page 22 ↗
Operating profit	FY2025	50.773	SAR m	Page 22 ↗
Profit for the year	FY2025	50.542	SAR m	Page 22 ↗
Total accounting equity	31 Dec 2025	170.83	SAR m	Page 21 ↗
Cash and cash equivalents	31 Dec 2025	28.48	SAR m	Page 21 ↗
Issued ordinary sharesSAR 70m share capital and reported SAR 0.72 basic/diluted EPS both support a 70m-share denominator. Saudi Exchange later identifies the same issued count.	31 Dec 2025	70	m shares	Page 21 ↗
Reported EPS — cross-check only50.542253m profit divided by 70m shares equals SAR 0.722 per share before rounding.	FY2025	0.72	SAR m	Page 22 ↗
Net cash from operating activitiesWorking-capital absorption makes reported operating cash much lower than accounting profit; it is not substituted for distributable cash.	FY2025	1.392	SAR m	Page 24 ↗
Saudi Exchange issued-share referenceReference cross-check only; the audited prospectus supplies the model denominator.	Reviewed 7 Sep 2026	70	m shares	Saudi Exchange ↗

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

Model boundaries

FY2025 includes the acquisition of GCS Solutions and capital restructuring. One audited year does not establish a durable margin, growth rate or return on equity.
Receivables and unbilled revenue rose materially and reported operating cash flow was only SAR 1.392m. The equity model does not separately forecast contract assets, collection timing or working-capital financing.
The 3% growth, 11.5% discount rate and 12% terminal return are transparent editable scenario controls, not company guidance, measured cost of equity or analyst consensus.
The model uses closing accounting equity and issued shares. Future dividends, employee benefits, acquisitions, new shares and OCI can break the clean-surplus relationship and require an adjustment.
The Q2 2026 Arabic PDF has weak structured OCR in the current archive. No unreadable interim amount is used to update the audited starting anchors.

Model source review: 2026-09-07. Not investment advice.