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2290.SE (Reuters)
YANSAB AB Equity (Bloomberg)
Yanbu National Petrochemical Company
CMP: SR14.6
» Being a subsidiary of SABIC, the Company has an advantage of guaranteed takeoff through the well established
platform of SABIC.
» YANSAB is planned to commence its production by 4Q2008 and expected to post after tax profit of SR73.4mn.
SRmn 2006 2007 2008E 2009E 2010E 2011E
Sales Revenue - - 2,110 12,858 12,952 12,831
Gross Profit - - 114 1,534 1,625 1,620
Operating Profit (49) (83) (308) (212) (262) (420)
Net Profit 140 110 73 581 734 795
Total Assets 7,082 15,309 22,952 25,141 25,984 26,090
Total Liabilities 1,329 9,587 17,156 18,765 18,874 18,184
Total Shareholders’ Equity & Minority Interest 5,753 5,723 5,796 6,376 7,111 7,906
Ratios
Current Ratio (x) 0.7 1.4 0.2 0.3 0.3 0.2
EBITDA N/A 114 456 3,129 3,352 3,477
EV N/A 36,143 20,912 19,413 18,276 17,325
EV/EBITDA (x) N/A N/A 45.8 6.2 5.5 5.0
EBITDA Margin% N/A N/A 21.6% 24.3% 25.9% 27.1%
Net Profit Margin% N/A N/A 3.5% 4.5% 5.7% 6.2%
Return On Average Assets % 2.0% 1.0% 0.4% 2.4% 2.9% 3.1%
Return On Average Equity % 2.4% 1.9% 1.3% 9.5% 10.9% 10.6%
EPS N/A 0.2 0.1 1.0 1.3 1.4
Book Value Per Share N/A 17.0 30.5 33.4 33.6 32.3
Dividend Payout % N/A 0.0% 0.0% 0.0% 0.0% 0.0%
Market Price N/A 52.8 14.6 14.6 14.6 14.6
P/E Ratio (x) N/A N/A N/A 14.1 11.2 10.3
P/BV (x) N/A 3.1 0.5 0.4 0.4 0.5
Historical P / E & P / BV multiples pertain to respective year -end prices, while those for future years are based on closing prices on the TASI as of Dec 29, 2008
(Source: Company Reports & Global Research)
Global Investment House 94 Saudi Arabia Economic Overview - January 2009