Company Valuation: Riyad REIT Fund

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,459 1,691 1,696 1,521 1,168 851.6
Change - 15.88% 0.3% -10.32% -23.25% -27.06%
Enterprise Value (EV) 1 1,672 2,129 2,221 2,041 1,746 1,458
Change - 27.31% 4.32% -8.11% -14.48% -16.5%
P/E 32.4x 17.5x 19.1x 70.3x -6.23x -63.3x
PBR 0.92x 1.06x 1.11x 1.04x 0.95x 0.73x
PEG - 0x -2.42x -0.9x 0x 0.7x
Capitalization / Revenue 7.85x 6.81x 6.16x 4.95x 4.41x 3.09x
EV / Revenue 8.99x 8.57x 8.06x 6.64x 6.6x 5.29x
EV / EBITDA 18.5x 15.6x 15.5x 14.5x 18.2x 11.1x
EV / EBIT 25.5x 20.2x 19.8x 19x 28.1x 14.8x
EV / FCF 19.3x 44.8x 32.2x 16x 49.4x 23.6x
FCF Yield 5.19% 2.23% 3.11% 6.25% 2.02% 4.24%
Dividend per Share 2 0.45 0.74 0.69 0.4 0.31 0.32
Rate of return 5.29% 7.51% 6.98% 4.51% 4.56% 6.45%
EPS 2 0.2624 0.5623 0.5179 0.1261 -1.091 -0.0784
Distribution rate 171% 132% 133% 317% -28.4% -408%
Net sales 1 186 248.5 275.6 307.5 264.5 275.5
EBITDA 1 90.25 136.5 143.4 141.2 95.75 131.3
EBIT 1 65.59 105.6 112.4 107.4 62.15 98.4
Net income 1 45.06 96.55 88.93 21.65 -187.3 -13.46
Net Debt 1 213.1 438 524.8 519.8 578 606
Reference price 2 8.500 9.850 9.880 8.860 6.800 4.960
Nbr of stocks (in thousands) 171,697 171,697 171,697 171,697 171,697 171,697
Announcement Date 3/31/21 3/29/22 3/31/23 3/28/24 3/28/25 3/31/26
1SAR in Million2SAR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 222M
4.96x9.34x12.39x6.89% 4.46B
17.88x14.73x18.73x5.44% 966M
14.94x - - 6.39% 236M
Average 12.60x 12.04x 15.56x 6.24% 1.47B
Weighted average by Cap. 7.58x 10.30x 13.52x 6.62%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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