TASI · 7202

solutions by stc

Discounted cash-flow valuation

EDITABLE, SOURCE-LINKED MODEL

Equity cash-flow DCF builder

The latest statements are reviewed below, including the royalty reversal and the June balance sheet. A complete current lease and other-claims bridge is not yet reconciled, so the report figures do not automatically produce a fair value.

Valuation date2026-06-30Scenario basis date

Earnings basis & source figures

Reported TTM revenue is SAR 13,247.463m and operating profit is SAR 1,729.832m. Removing only the identified SAR 63m royalty reversal gives SAR 1,666.832m before further review; this is not a fully normalized profit estimate. Historical analyst comparisons below remain separate from DCF assumptions.

Review figures and sources ↓

INPUT REVIEW REQUIRED

Start with a documented basis

Official reference figures ↓

H1 operating profit includes a SAR 63m reversal of royalties accrued from 2022. The June report also groups some lease and other obligations within broader liabilities. Both recurring earnings and the full value-to-equity bridge need review before an automatic DCF.

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

solutions by stc · Q2 2026

Compared with reported results—not a forward forecast. These estimates do not feed the DCF calculation.

Actual · SAR million

Revenue

Q2 2026HISTORICAL COMPARISONAverage estimate3.09B SARActual3.24B SAR

Hover or tap to exploreSAR

Analysts: 14
Reported difference from estimate: +5%

All estimates and actuals · SAR million

Metric	Estimate	Actual	Analysts
Revenue	3,087	3,240	14
Cost of sales	2,408	2,452	8
Gross profit	682	788	9
EBITDA	527	597	9
Operating profit · EBIT	440	506	9
Net profit after zakat	418	453	14

solutions by stc · Source, page 7 ↗ · Amounts and percentage differences are issuer-reported and rounded. Higher costs are not inherently better.

Every number, with its source

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

Reported TTM revenue13,247.4612,730.189 + 6,242.703 − 5,725.429

Reported TTM operating profit1,729.831,641.431 + 905.459 − 817.058

Operating profit less royalty reversal only — not normalized earnings1,666.831,729.832 − 63

June borrowings — excludes leases873.09762.528 + 110.564

Reported input	Period	Value	Unit	Source
Revenue	FY2025	12,730.189	SAR m	Page 9 ↗
Revenue	H1 2026	6,242.703	SAR m	Page 4 ↗
Comparative revenue	H1 2025 comparative	5,725.429	SAR m	Page 4 ↗
Operating profit	FY2025	1,641.431	SAR m	Page 9 ↗
Operating profit	H1 2026	905.459	SAR m	Page 4 ↗
Comparative operating profit	H1 2025 comparative	817.058	SAR m	Page 4 ↗
Prior-year royalty expense reversalNote 5: trademark royalty terms were amended and accrued amounts from 1 January 2022 onward recalculated. This historical release is not recurring operating revenue.	H1 2026	63	SAR m	Page 13 ↗
Prior-year zakat provision reversalNote 10 identifies the final FY2024 assessment. Already included in the reported net zakat charge; not an additional recurring tax benefit.	H1 2026	7.6	SAR m	Page 15 ↗
Parent shareholder profit after zakat and tax	H1 2026	823.778	SAR m	Page 4 ↗
Cash and cash equivalents	30 Jun 2026	1,496.47	SAR m	Page 6 ↗
Short-term murabaha outside cash equivalents	30 Jun 2026	70	SAR m	Page 6 ↗
Current borrowings	30 Jun 2026	762.528	SAR m	Page 15 ↗
Non-current borrowings	30 Jun 2026	110.564	SAR m	Page 15 ↗
Non-current lease and other liabilitiesThis combined non-current caption is not the total of all current and non-current leases. The current portion is not separately quantified in the reviewed interim notes.	30 Jun 2026	198.34	SAR m	Page 6 ↗
Employee benefit obligations	30 Jun 2026	734.193	SAR m	Page 6 ↗
Parent shareholder accounting equity	30 Jun 2026	4,151.386	SAR m	Page 6 ↗
Non-controlling interests	30 Jun 2026	42.919	SAR m	Page 6 ↗
Non-current investments and other assetsIncludes customer finance-lease receivables, contract-fulfilment costs, deferred tax and employee loans. Do not add the entire subtotal as a non-operating investment.	30 Jun 2026	484.653	SAR m	Page 14 ↗
Issued ordinary shares120m shares at SAR 10 each. The proposed one-for-one bonus remains conditional in this report; no automatic doubling of shares or halving of per-share history.	30 Jun 2026	120	m shares	Page 19 ↗

Model boundaries

The royalty reversal is an identified historical operating benefit. The SAR 1,666.832m subtotal excludes only that item; ECL releases, contractual provisions, share-based compensation, tax effects and future royalty terms still need recurring-earnings review.
The June lease and other-claims bridge is incomplete. Do not carry the FY2025 current lease or acquisition earnout forward unchanged, equate right-of-use assets with lease debt, or assume the combined non-current caption includes current obligations.
The non-current investment-and-other-assets subtotal contains operating assets. June note 8 separately identifies SAR 144.880m of FVTPL investments, while note 9 shows SAR 349.489m of equity-accounted investments. Their valuation treatment requires consistent exclusion of related earnings from operating cash flows.
The May-approved dividend was paid on 11 June 2026 and is already reflected in the June balance sheet. The report’s later proposed purchase of an additional 11.76% of Giza for SAR 135m was not completed at the reporting date. Neither should be silently deducted twice.
The share count is dated June. The proposed one-for-one bonus requires approvals; verify its effective date before changing per-share calculations. A proposal does not retrospectively change as-reported financial statements.
Analyst estimates compared with Q2 actual results are historical evidence, not a forecast curve, management guidance, discount rate or approved DCF assumption. No unavailable forward consensus has been inferred.
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.