TASI · 8313

RASAN

Discounted cash-flow valuation

EDITABLE, SOURCE-LINKED MODEL

Equity cash-flow DCF builder

Rasan’s June statements are reviewed below. Prior-period revenue, employee-share costs and cash-flow classifications changed in this report. A comparable full-year forecast basis has not been established, so no automatic valuation is shown.

Valuation date2026-06-30Scenario basis date

Earnings basis & source figures

Rasan is a brokerage and technology platform, not a policy underwriter. The reviewed six-month profit is SAR 174.129m after SAR 41.696m of employee-share expense. A further SAR 27.114m of share-based payments was capitalized into software. Neither amount is treated as free cash for shareholders.

Review figures and sources ↓

INPUT REVIEW REQUIRED

Start with a documented basis

Official reference figures ↓

Use the restated comparison: H1 2025 revenue is SAR 284.936m in the latest report, not the earlier SAR 244.736m. The old FY2025 revenue figure cannot be mixed into a rolling revenue forecast without reconciling the revised basis.

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.

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Reviewed sources do not publish a numerical forward consensus for this company.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

Restated H1 2025 revenue284.94244.735828 − 14.775572 + 81.635092 − 26.659373

Employee-share cost: expensed plus capitalized68.8141.696212 + 27.113970

Total June lease liabilities23.915.964589 + 17.941665

Reported input	Period	Value	Unit	Source
Revenue	H1 2026	517.475	SAR m	Page 5 ↗
Restated comparative revenue	H1 2025 restated	284.936	SAR m	Page 5 ↗
Earlier revenue before restatement	H1 2025 original	244.736	SAR m	Page 27 ↗
Original annual revenue — unreconciled basisThe later report changes gross/net revenue presentation. This original annual figure is not a verified comparable TTM input.	FY2025 original	653.252	SAR m	Page 9 ↗
Operating profit	H1 2026	179.829	SAR m	Page 5 ↗
Restated comparative operating profit	H1 2025 restated	64.909	SAR m	Page 5 ↗
Net profit after zakat and tax	H1 2026	174.129	SAR m	Page 5 ↗
Restated comparative net profit	H1 2025 restated	64.906	SAR m	Page 5 ↗
Employee-share expense in profitThis cost is already deducted in reported profit. A non-cash addback does not eliminate its economic cost or shareholder dilution.	H1 2026	41.696	SAR m	Page 19 ↗
Employee-share costs capitalized into software	H1 2026	27.114	SAR m	Page 19 ↗
Cash and cash equivalentsIncludes SAR 300m of short-term deposits (note 3, page 14); do not add them again.	30 Jun 2026	607.756	SAR m	Page 4 ↗
Time deposits outside cash equivalents	30 Jun 2026	331.766	SAR m	Page 4 ↗
Current lease liabilities	30 Jun 2026	5.965	SAR m	Page 4 ↗
Non-current lease liabilities	30 Jun 2026	17.942	SAR m	Page 4 ↗
Employee benefit obligations	30 Jun 2026	14.147	SAR m	Page 4 ↗
Total accounting equity	30 Jun 2026	965.063	SAR m	Page 4 ↗
Issued ordinary shares77,507,000 issued shares at SAR 1 nominal value. Not the weighted-average EPS denominator or a verification of subsequent share events.	30 Jun 2026	77.507	m shares	Page 18 ↗
Reported operating cash flowIncludes the non-cash employee-share addback; it is not automatically distributable free cash flow.	H1 2026	203.147	SAR m	Page 7 ↗
Restated comparative operating cash flow	H1 2025 restated	76.941	SAR m	Page 7 ↗

Model boundaries

Note 20 restates the comparative revenue and cost presentation for gateway rebates, insurer reimbursements and BNPL discounts. No compatible restated full-year revenue table was identified in the reviewed reports. Do not mix original FY revenue with revised half-year figures or simply double H1 revenue.
Employee-share expense follows staged monthly vesting. Forecasts need both recurring compensation and the economic effect of capitalized employee awards. Adding back the expense while ignoring dilution or replacement compensation would overstate shareholder cash flow.
The platform acts as an intermediary for gross premium balances. Those agency receivables and insurer payables were derecognized; they are not underwriting assets or new free cash. Cash and term deposits still require an operating-liquidity review before being classified as excess.
The former designated Tameeni account was reclassified from restricted cash to cash because it is accessible on demand (note 20). The historical restricted balance must not be deducted again from the revised cash balance.
The January 2025 reconciliation in note 20 prints unchanged asset and liability totals despite reducing gross receivables and payables. Those inconsistent totals are not used to establish a valuation base. The June closing statement is separately reported.
These are June report facts, not a completed recurring-earnings forecast or verification of subsequent capital events. Growth, discount rates, terminal assumptions and analyst forecasts remain unverified.
Common book and normalized earnings must use the same consolidation scope. Remove non-ordinary claims, discontinued activities and one-off earnings where appropriate.
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.