RESEARCH January 2012 Financials USD mn Income Statement Total Revenue Cost of Sales Total Operating Expense Net Income
2006
2007
2008
2009
2010
2011E
2012E
23,024 13,628 14,786 5,412
33,659 20,870 22,712 7,207
40,221 28,016 30,462 5,875
27,498 19,865 22,483 2,420
40,530 27,583 30,424 5,742
50,298 32,660 35,931 8,496
58,648 40,086 44,591 8,616
Balance Sheet Cash Total Assets Total Current Liabilities Total Liabilities Long Term Loans Total Shareholder's Equity
10,550 44,429 6,652 24,991 8,964 19,438
12,235 67,670 8,983 43,359 20,119 24,311
13,609 72,478 7,089 45,026 23,568 27,452
15,254 79,173 8,580 50,301 26,813 28,872
13,508 84,699 11,816 52,486 25,029 32,213
15,683 91,559 14,522 55,583 30,010 35,976
16,953 98,060 17,412 58,306 43,485 39,754
8.38 3.06 -31.63 -58.81 9.24 5.17 77,550 27.32 2.29 0.81 9.62 0.40 83 2,443 38,180 71% 65,991
17.82 6.78 47.39 137.26 6.98 11.57 95,321 14.59 2.60 1.91 10.74 0.93 105 1,054 26,198 35% 83,800
23.62 9.28 24.10 47.97 8.10 11.68 88,725 9.74 2.07 2.83 11.99
21.67 8.79 16.60 7.04 7.10 10.50
Analytics Return on Equity (%) Return on Assets (%) Revenue Growth (%) Earnings Growth (%) Assets Growth (%) Equity Growth (%) Historical EV (USD Mn) P/E Price/Book EPS (USD) BVPS (USD) DPS (USD) Market Price (SAR) Annual Trading Volume (mn) Annual Trading Value (USD mn) Turnover Velocity M Cap (USD mn)
27.84 29.64 21.40 12.18 10.65 8.11 10.32 46.19 19.50 5.92 33.15 -18.48 21.64 52.31 7.11 16.91 25.07 12.92 68,579 135,751 51,135 12.97 18.36 7.02 3.61 5.44 1.50 1.80 2.40 1.96 6.48 8.10 9.15 0.89 0.22 0.80 88 165 52 1,416 703 1,660 61,183 20,909 46,579 51% 21% 55% 70,165 127,867 41,177 Source: Reuters Knowledge, Company Accounts, Markaz Research
93 1,403 37,120 35% 74,398
Risk Metrics 6M
1Y
2Y
3Y
5Y
Monthly return stats Average Monthly Return
-2.00%
0.46%
0.82%
0.50%
0.41%
Highest Monthly Return
5.94%
12.87%
12.87%
36.55%
36.55%
Lowest Monthly Return
-10.46%
-10.46%
-15.24%
-32.07%
-32.07%
4
4
4
4
5
67% -17%
50% -17%
83% -17%
44% -17%
47% -78%
18.72%
23.34%
22.80%
44.97%
42.30%
-25%
-28%
-48%
-84%
-56%
Largest Losing Streak (# of Months) % of Negative Months Maximum Drawdown* Standard Deviation %Change in MVX *Largest decline from a previous high Source: Reuters, Markaz Research
Kuwait Financial Centre “Markaz”
12