Recent Research

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  FIRST LOOK NOTES

  27 Feb 2026

  Saudi Telecom Co (STC)

  BUY

  Last Closing Price

  SAR 41.82

  Target Price

  SAR 50.00

  Upside (%)

  +19.56%

  Saudi Equity Research - Saudi Telecom Company (STC) 4Q25 - First Look Note

  Mobile subscribers in KSA rose 5.9% YOY to 30.0 Mn in 4Q25, while fixed subscribers expanded 5.0% YOY to 6.0 Mn. The Company entered into a strategic partnership with AST SpaceMobile in 4Q25 to deliver space-based telecommunications services.

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• 

  FIRST LOOK NOTES

  06 Nov 2025

  Saudi Telecom Co (STC)

  ACCUMULATE

  Last Closing Price

  SAR 44.62

  Target Price

  SAR 50.00

  Upside (%)

  +12.06%

  Saudi Equity Research - Saudi Telecom Company (STC) 3Q25 - First Look Note

  Mobile subscribers in KSA increased 5.9% YOY to 29.24 Mn and fixed subscriber grew 6.4% YOY to 6.05 Mn in 3Q25. Center 3 plans to invest SAR 37.5 Bn to expand data center capacity to 1 gigawatt by 2030, supporting rising AI and cloud computing demand.

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• 

  FIRST LOOK NOTES

  29 Jul 2025

  Saudi Telecom Co (STC)

  BUY

  Last Closing Price

  SAR 42.12

  Target Price

  SAR 50.00

  Upside (%)

  +18.71%

  Saudi Telecom Company (STC)- 2Q25 First Look Note

  EBITDA rose 6.9% YOY to SAR 6,168 Mn, while EBITDA margin rose 129 bps YOY to 31.7% in 2Q25. The Company’s KSA mobile subscriber surged 5.7% YOY to 28.93 Mn, whereas the fixed subscriber base grew 5.6% YOY to 5.98 Mn in 2Q25.

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• 

  FIRST LOOK NOTES

  01 May 2025

  Saudi Telecom Co (STC)

  HOLD

  Last Closing Price

  SAR 47.60

  Target Price

  SAR 50.00

  Upside (%)

  +5.04%

  Saudi Equity Research - Saudi Telecom Company (STC) 1Q25 - First Look Note

  EBITDA rose 5.2% YOY to SAR 6,120 Mn while EBITDA margin rose by 110 bps YOY to 31.9% in 1Q25. Signed a SAR 32.64 Bn contract with a government entity to build and operate telecom infrastructure over 15 years, with revenues starting in 4Q26.

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• 

  FIRST LOOK NOTES

  13 Mar 2025

  Saudi Telecom Co (STC)

  HOLD

  Last Closing Price

  SAR 44.00

  Target Price

  SAR 46.00

  Upside (%)

  +4.55%

  Saudi Equity Research - Saudi Telecom Company (STC) 4Q24 - First Look Note

  EBITDA expanded 13.6% YOY to SAR 5,570 Mn in 4Q24. EBITDA margin of the Company expanded by 102 bps YOY to 28.9% in 4Q24. STC Group completed the sale of a 51% stake in TAWAL to PIF. Solutions segment revenue rose 30.1% YOY to SAR 3,731 Mn in 4Q24.

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• 

  FIRST LOOK NOTES

  21 Nov 2024

  Saudi Telecom Co (STC)

  BUY

  Last Closing Price

  SAR 39.70

  Target Price

  SAR 46.00

  Upside (%)

  +15.87%

  Saudi Equity Research - Saudi Telecom Company (STC) 3Q24 - First Look Note

  STC’s KSA Mobile subscribers rose 7.9% YOY to 27.6 Mn in 3Q24. While fixed subscribers marginally increased 2.3% YOY to 5.7 Mn in 3Q24. STC Group entered into an agreement with Saudi PIF for the sale of a 51% stake in Tawal, tower owning and operating entity of STC, which is expected to operate a portfolio of more than 30K towers.

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