TASI · 8250

GIG

Discounted cash-flow valuation

EDITABLE, SOURCE-LINKED MODEL

Insurance equity DCF

Models GIG’s shareholder earnings after zakat and tax, less capital retained for growth. Its insurance investments and liabilities remain inside accounting equity, without an industrial cash/debt bridge.

Valuation date2026-06-30Financials through H1 2026

Earnings basis & source figures

Earnings basis: FY2025 shareholder profit of SAR 126.189m + H1 2026 SAR 82.468m − H1 2025 SAR 61.232m = SAR 147.425m for the trailing 12 months. Reported earnings are not normalized. June accounting equity is SAR 1,210.250m.

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?

SAR 147.425m reported TTM earnings / SAR 1,210.250m closing equity. This is a model input on closing book, not reported ROE on average equity. Investment fair-value movements and ordinary deferred tax remain in earnings.

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 / SHARE23.63 SAR

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

TERMINAL SHARE OF VALUE43.08%Stress-test long-term assumptions below

30 Jun 2036FORECASTCommon earnings178.1M SARModeled shareholder cash139.38M SAR

2026-06-30 — 2036-06-30Common earnings · 20.81%Modeled shareholder cash · —

Hover or tap · drag between periods to compareSAR

TTM · REPORTED SHAREHOLDER PROFIT · 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 flows706.08

PV of terminal value534.49

Common equity value1,240.57

Shares, millions52.5

✓ 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
2027-06-30	147.43	36.31	111.12	0.8969	99.66
2028-06-30	150.9	36.7	114.2	0.8044	91.86
2029-06-30	154.38	37.07	117.3	0.7214	84.62
2030-06-30	157.84	37.41	120.43	0.6470	77.92
2031-06-30	161.28	37.72	123.56	0.5803	71.7
2032-06-30	164.7	37.99	126.72	0.5204	65.95
2033-06-30	168.1	38.23	129.88	0.4667	60.62
2034-06-30	171.47	38.43	133.04	0.4186	55.69
2035-06-30	174.8	38.59	136.21	0.3754	51.14
2036-06-30	178.1	38.72	139.38	0.3367	46.93

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.

Accounting common equity1,210.253,157.205 − 1,946.955

Reported TTM shareholder earnings147.42126.189 + 82.468 − 61.232

Initial return on closing book (%)12.18147.425 ÷ 1,210.250 × 100

Reported input	Period	Value	Unit	Source
Profit attributable to shareholders	FY2025	126.189	SAR m	Page 9 ↗
Profit attributable to shareholders	H1 2026	82.468	SAR m	Page 6 ↗
Comparative shareholder profit	H1 2025 comparative	61.232	SAR m	Page 6 ↗
Closing accounting equityAssets of 3,157.205 less liabilities of 1,946.955. No non-controlling-interest line is reported.	30 Jun 2026	1,210.25	SAR m	Page 5 ↗
Issued and paid-up ordinary sharesSAR 525m capital divided into 52.5m shares at SAR 10 each, unchanged from December 2025.	30 Jun 2026	52.5	m shares	Page 22 ↗
Current income-tax chargeLess ordinary deferred-tax credit of 1.868 equals the reported income-tax expense of 13.531. No exceptional prior-year tax credit is assumed or removed.	FY2025	15.399	SAR m	Page 71 ↗
FVTPL unrealized investment loss retained in earningsShown here as the magnitude of the reported loss, not an add-back to the earnings anchor.	H1 2026	10.807	SAR m	Page 34 ↗
Statutory reserve — restricted distributionNote 18 on PDF page 35 says this reserve is unavailable for distribution until liquidation. Accounting equity is not freely distributable regulatory surplus.	30 Jun 2026	190.444	SAR m	Page 5 ↗
Dividend paid and already deducted from bookSAR 1.2 per share for FY2025; board resolution 9 April 2026 and General Assembly approval 14 May 2026. Already included in the equity roll-forward and financing cash flows; not added again.	H1 2026	63	SAR m	Page 36 ↗

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

Book growth of 3%, terminal growth of 2.5%, a 10-year horizon and an 11.5% equity discount rate are editable scenario choices, not company guidance, analyst consensus or a measured cost of equity. Return on book fades to 11.5%, assuming no perpetual excess return.
The earnings anchor is reported TTM profit, not normalized underwriting earnings. Investment fair-value movements, deferred tax, insurance-pool results and reserve development remain. No exceptional tax adjustment has been invented; H1 note 17 says 2021–2025 assessments are under review.
Accounting equity is not freely distributable regulatory surplus. The statutory reserve is restricted. H1 note 19 states solvency compliance at 31 March 2026; that wording is not recast as a June solvency test or quantified spare capital. Regulatory requirements, claims and reinsurance stress are not independently forecast.
Modeled shareholder cash is earnings less assumed capital retention, not a declared dividend. Clean-surplus accounting is assumed; future OCI, capital issues, acquisitions and reserve changes can alter available distributions. The residual-income check verifies arithmetic, not the economic assumptions.
The SAR 63m dividend paid in H1 is already deducted from June equity. It is not added again, and the 52.5m denominator uses June issued shares. Comparisons with a later market price require matching the capital, share count and dividend entitlement to that date.

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