EVENTS:   The Roaring 2020s or a Rerun of the 1970s? - Edward Yardeni/Yardeni Research - 24 Mar 26   Best Equity Short Ideas Conference Call 13 - Thomas Chanos/Badger Consultants & Dr. Aaron Fletcher/Bios Research & Jonathan Telgener/Channel Dynamics & Ed Steele/Iron Blue Financials & John Zolidis/Quo Vadis Capital & Mark Hiley/The Analyst - 26 Mar 26     ROADSHOWS: Chinese Equity Ideas & Channel Checks Across 50 sub-sectors - Don Ma /Horizon Insights   •   London   23 - 27 Mar 26       Long Short European Equity Research - Harry Grist /The Analyst   •   New York   26 Mar 26       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   27 - 27 Mar 26      
Filters

Fortnightly Publication Highlighting Latest Insights From IRF Providers

Company Research

Almarai (ALMARAI AB) Saudi Arabia

Consumer Staples

AlphaMena

Saudi market volatility has surged in 2025, with the TASI down 11% YTD amid rising geopolitical concerns. Almarai shares have fallen 10.8% YTD despite strong Q1 results, with net profit up 5.6% Y/Y to SAR731m and revenue rising 5.7% to SAR5.77bn. The company continues to pursue growth, recently acquiring Pure Beverages for SAR1.04bn to strengthen its drinks portfolio and tap high-growth markets. AlphaMena sees 25% upside based on their DCF valuation. With resilient fundamentals, strong brand equity and long-term demand growth in Saudi Arabia and Egypt, the recent stock correction presents an attractive entry point. Almarai now trades at a 17-year low EV/EBITDA of 10.8x.

Edition: 214

- 27 June, 2025


Almarai (ALMARAI AB) Saudi Arabia

Consumer Staples

AlphaMena

Most of the GCC equity markets have fallen for the third straight month as the Israel-Gaza war rages on. Almarai, the Gulf’s largest dairy company, is no exception, having seen its share price drop ~20% since the end of Jul. However, this poor performance should not arouse doubts about its solid fundamentals. Almarai recorded a 19.5% y/y increase in its 9M net profits after Zakat and tax to SAR1.678bn with revenues up 5.6% to SAR14.656bn. AlphaMena points to the resilience of the group’s business model thanks to its strong brand image, portfolio optimisation and growing demand. They expect a 6.49% CAGR of revenues and an EBITDA margin average of 29.3% (2023-2025).

Edition: 173

- 10 November, 2023