Decision-grade analysis of Saudi listed equities
A company can grow revenue for years and still destroy value. It happens whenever the return it earns on the money it invests falls short of what that money costs. This site measures that gap across the Saudi market, one sector at a time.
The workings are on every page: statements normalised for comparison, every ratio shown with its formula, and reported profit checked against the cash actually collected. Benchmarks are Saudi sector peers, never global averages. Where a figure can't be verified, this site says so. Nothing here is a recommendation to buy or sell.
Industries
Coverage roadmap
Common-size statements, ratio suite, ROIC−WACC bridge and valuation cross-check, benchmarked to the correct Saudi sector cohort.
Common-size statements, ratio suite, ROIC−WACC bridge and valuation cross-check, benchmarked to the correct Saudi sector cohort.
Common-size statements, ratio suite, ROIC−WACC bridge and valuation cross-check, benchmarked to the correct Saudi sector cohort.
Common-size statements, ratio suite, ROIC−WACC bridge and valuation cross-check, benchmarked to the correct Saudi sector cohort.
Common-size statements, ratio suite, ROIC−WACC bridge and valuation cross-check, benchmarked to the correct Saudi sector cohort.
Common-size statements, ratio suite, ROIC−WACC bridge and valuation cross-check, benchmarked to the correct Saudi sector cohort.
Common-size statements, ratio suite, ROIC−WACC bridge and valuation cross-check, benchmarked to the correct Saudi sector cohort.
Common-size statements, ratio suite, ROIC−WACC bridge and valuation cross-check, benchmarked to the correct Saudi sector cohort.
Common-size statements, ratio suite, ROIC−WACC bridge and valuation cross-check, benchmarked to the correct Saudi sector cohort.
Common-size statements, ratio suite, ROIC−WACC bridge and valuation cross-check, benchmarked to the correct Saudi sector cohort.
Method
Market structure. Tadawul Main Market and the Nomu Parallel Market are never treated as interchangeable. Nomu's lighter disclosure obligations and thinner free float are priced explicitly into the cost of equity and into the margin of safety on any recommendation.
Zakat versus corporate income tax. Saudi and GCC-national-owned equity is subject to zakat, levied on the zakat base rather than on profit, and so does not behave like a conventional interest tax shield. Foreign-owned equity is subject to corporate income tax. Mixed ownership carries a blend. Where the ownership split is not yet confirmed from the issuer's disclosures, this site says so and uses the effective charge actually reported rather than substituting a plausible-sounding assumption.
WACC. Risk-free rate from the Saudi government sukuk curve, not a foreign proxy. Equity risk premium as a mature-market premium plus a Saudi country risk premium. Beta re-levered to the target's own capital structure. Cost of debt from the issuer's actual interest expense over its interest-bearing debt.
Quality of earnings. NOPAT is reconciled against operating cash flow before any conclusion is drawn from a profitability trend. Where the two diverge, the divergence is the headline, not a footnote.