TASI · 7010

stc

Discounted cash-flow valuation

EDITABLE, SOURCE-LINKED MODEL

Shareholder cash-flow DCF

An equity model for stc’s consolidated group, including its banking business. It forecasts common earnings, capital retained for growth and cash available to shareholders. STC Bank deposits and cash are not treated as industrial debt or excess cash.

Valuation date2026-06-30Financials through H1 2026

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 / SHARE23.87 SAR

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

TERMINAL SHARE OF VALUE42.9%Stress-test long-term assumptions below

30 Jun 2036FORECASTCommon earnings13.7B SARModeled shareholder cash10.84B SAR

2026-06-30 — 2036-06-30Common earnings · -7%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 flows68,134.69

PV of terminal value51,193.67

Common equity value119,328.36

Shares, millions5,000

✓ 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%
9.50%
10.00%
10.50%
11.00%
11.50%

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	14,728.87	3,399.47	11,329.4	0.9050	10,252.85
2028-06-30	14,794.51	3,388.14	11,406.37	0.8190	9,341.63
2029-06-30	14,818.04	3,365.06	11,452.98	0.7412	8,488.51
2030-06-30	14,797.85	3,329.88	11,467.97	0.6707	7,691.97
2031-06-30	14,732.53	3,282.31	11,450.22	0.6070	6,950.28
2032-06-30	14,620.93	3,222.14	11,398.8	0.5493	6,261.6
2033-06-30	14,462.16	3,149.21	11,312.95	0.4971	5,623.93
2034-06-30	14,255.61	3,063.49	11,192.12	0.4499	5,035.17
2035-06-30	14,000.95	2,964.97	11,035.97	0.4071	4,493.14
2036-06-30	13,698.18	2,853.79	10,844.39	0.3684	3,995.6

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.

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Analyst estimates

stc · Q1 2026

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

Actual · SAR million

Revenue

Q1 2026HISTORICAL COMPARISONAverage estimate19.64B SARActual19.94B SAR

Hover or tap to exploreSAR

Analysts: 15
Reported difference from estimate: +1.5%

All estimates and actuals · SAR million

Metric	Estimate	Actual	Analysts
Revenue	19,635	19,939	15
Shareholder net profit	3,382	3,696	14

stc · Source, page 5 ↗ · Amounts and percentage differences are issuer-reported and rounded. Higher costs are not inherently better.The newer H1 release reports Q2 profit 4% above estimates without the same numerical comparison table. H1 release ↗

Every number, with its source

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

TTM parent earnings, excluding FY2025 discontinued loss14,728.8714,882.163 + 7,319.138 − 7,472.431

Initial earnings / closing common book (%)17.33TTM parent earnings ÷ 84,986.806 × 100; a model anchor, not an average-equity ROE

Reported input	Period	Value	Unit	Source
Parent profit from continuing operations	FY2025	14,882.163	SAR m	Page 95 ↗
Parent profit	H1 2026	7,319.138	SAR m	Page 5 ↗
Parent profit	H1 2025 comparative	7,472.431	SAR m	Page 5 ↗
Equity attributable to parent holders	30 Jun 2026	84,986.806	SAR m	Page 4 ↗
Issued shares / diluted convention	30 Jun 2026	5,000	m shares	Page 21 ↗
Outstanding shares excluding treasury	30 Jun 2026	4,993.024	m shares	Page 21 ↗
Group revenue	FY2025	77,818.675	SAR m	Page 53 ↗
Group revenue	H1 2026	40,110.089	SAR m	Page 5 ↗

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