Financials Saudi Steel Pipes Company

Equities

1320

SA12B050KK11

Iron & Steel

Market Closed - Saudi Arabian S.E. Other stock markets 07:58:15 2024-06-13 EDT			5-day change	1st Jan Change
67.1 ^SAR	-0.30%		-0.30%	+84.85%

05-24	Saudi Steel Pipe Declares FY23 Dividend Payout	MT
05-23	Saudi Steel Pipes Company Recommends Cash Dividend for the Financial Year 2023	CI

Valuation

Fiscal Period: December	2019	2022	2023	2024	2025	2026
Capitalization ¹	1,045	904.7	1,835	3,412	-	-
Enterprise Value (EV) ¹	1,301	904.7	2,164	3,773	3,386	3,412
P/E ratio	-39 x	-	-	-	13.5 x	-
Yield	-	-	-	-	-	-
Capitalization / Revenue	1.56 x	1.21 x	1.37 x	1.74 x	1.66 x	1.58 x
EV / Revenue	1.94 x	1.21 x	1.62 x	1.93 x	1.64 x	1.58 x
EV / EBITDA	120 x	8.15 x	8.04 x	8.77 x	7.66 x	-
EV / FCF	30 x	-	7.04 x	-120 x	8.75 x	-
FCF Yield	3.33%	-	14.2%	-0.83%	11.4%	-
Price to Book	-	-	-	-	-	-
Nbr of stocks (in thousands)	50,547	50,542	50,542	50,542	-	-
Reference price ²	20.68	17.90	36.30	67.50	67.50	67.50
Announcement Date	20-04-01	23-02-26	24-03-04	-	-	-

¹SAR in Million²SAR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2022	2023	2024	2025	2026
Net sales ¹	671.6	747.6	1,335	1,957	2,061	2,162
EBITDA ¹	10.84	111	269.2	430	442	-
EBIT ¹	-33.93	69.51	225.2	361	372	-
Operating Margin	-5.05%	9.3%	16.87%	18.45%	18.05%	-
Earnings before Tax (EBT)	-	-	-	-	-	-
Net income ¹	-26.83	-	217.3	230	252	266
Net margin	-4%	-	16.28%	11.75%	12.23%	12.3%
EPS	-0.5300	-	-	-	4.990	-
Free Cash Flow ¹	43.31	-	307.6	-31.4	387	-
FCF margin	6.45%	-	23.04%	-1.6%	18.78%	-
FCF Conversion (EBITDA)	399.55%	-	114.26%	-	87.56%	-
FCF Conversion (Net income)	-	-	141.57%	-	153.57%	-
Dividend per Share	-	-	-	-	-	-
Announcement Date	20-04-01	23-02-26	24-03-04	-	-	-

¹SAR in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2024 Q1
Net sales ¹	109.6	184.1	211.8	204.8	146.9	166.9	-	317.5	515
EBITDA	-	-	-	-	-	-	-	-	-
EBIT ¹	4.126	20.42	17.42	21.18	9.981	7.696	-	50.98	90
Operating Margin	3.76%	11.09%	8.22%	10.34%	6.79%	4.61%	-	16.06%	17.48%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-
Net income ¹	-	-	-	-	-	-	84.56	-	76
Net margin	-	-	-	-	-	-	-	-	14.76%
EPS	-	-	-	-	-	-	1.658	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-
Announcement Date	22-02-24	22-05-10	22-08-10	22-11-10	23-02-26	23-05-07	23-08-10	23-11-09	24-04-28

¹SAR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2022	2023	2024	2025	2026
Net Debt ¹	255	-	330	361	-	-
Net Cash position ¹	-	-	-	-	25.9	-
Leverage (Debt/EBITDA)	23.56 x	-	1.224 x	0.8395 x	-	-
Free Cash Flow ¹	43.3	-	308	-31.4	387	-
ROE (net income / shareholders' equity)	-4.93%	-	34.2%	27.4%	23.4%	19.9%
ROA (Net income/ Total Assets)	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-
Book Value Per Share	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-
Capex ¹	5.75	-	7.79	12.8	13.6	-
Capex / Sales	0.86%	-	0.58%	0.65%	0.66%	-
Announcement Date	20-04-01	23-02-26	24-03-04	-	-	-

¹SAR in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for Saudi Steel Pipes Company

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

67.5 SAR

Average target price

46.85 SAR

Spread / Average Target

-30.59%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Iron, Steel Mills & Foundries

	1st Jan change	Capi.
SAUDI STEEL PIPES COMPANY	+84.85%	909M
JSW STEEL LIMITED	+5.58%	26.69B
BAOSHAN IRON & STEEL CO., LTD.	+11.97%	19.86B
JINDAL STEEL & POWER LIMITED	+41.21%	12.8B
CHINA STEEL CORPORATION	-12.96%	11.06B
CITIC PACIFIC SPECIAL STEEL GROUP CO., LTD	+3.63%	10.12B
BHARAT FORGE LIMITED	+44.52%	9.51B
INNER MONGOLIA BAOTOU STEEL UNION CO., LTD.	-2.74%	8.88B
JINDAL STAINLESS LIMITED	+41.35%	7.84B
TERNIUM S.A.	-12.43%	7.22B

Iron, Steel Mills & Foundries