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  • Saudi Flag
    FIRST LOOK NOTES
    13 Mar 2025
    Saudi Telecom Co (STC)
    HOLD
    SAR 44.00
    SAR 46.00
    +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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  • Saudi Flag
    FIRST LOOK NOTES
    21 Nov 2024
    Saudi Telecom Co (STC)
    BUY
    SAR 39.70
    SAR 46.00
    +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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  • Saudi Flag
    FIRST LOOK NOTES
    30 Jul 2024
    Saudi Telecom Co (STC)
    BUY
    SAR 38.65
    SAR 46.00
    +19.02%

    Increase in mobile subscribers coupled with higher contributions from subsidiaries drove top-line

    STC Group (“STC, “the Company”) recorded a 9.8% YOY growth in net profit to SAR 3,304 Mn in 2Q24, higher than our estimate of SAR 3,090 Mn.
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  • Saudi Flag
    FIRST LOOK NOTES
    21 May 2024
    Saudi Telecom Co (STC)
    BUY
    SAR 38.00
    SAR 46.00
    +21.05%

    Increase in mobile subscribers coupled with higher voice and data volumes drove profitability

    STC’s KSA Mobile subscribers rose 10.4% YOY to 26.9 Mn in 1Q24, while fixed subscribers marginally increased 2.2% YOY to 5.6 Mn in 1Q24.
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  • Saudi Flag
    FIRST LOOK NOTES
    06 Mar 2024
    Saudi Telecom Co (STC)
    ACCUMULATE
    SAR 40.55
    SAR 46.00
    +13.44%

    Substantial rise in other expenses and financial charges dragged the bottom-line

    STC Group (“STC, “the Company”) recorded a 17.5% YOY decline in net profit to SAR 2,274 Mn in 4Q23, lower than our estimate of SAR 2,706 Mn. The decline in profit is mainly attributable to higher direct cost coupled with a significant rise in other expenses and net finance cost partially offset by a rise in revenue and lower operating expenses.
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  • Saudi Flag
    FIRST LOOK NOTES
    22 Nov 2023
    Saudi Telecom Co (STC)
    BUY
    SAR 38.30
    SAR 46.00
    +20.10%

    Strong top-line growth of subsidiaries and one-time gain supported profitability

    STC Group ("STC, "the Company") recorded 10.4% YOY growth in net profit to SAR 4,904 Mn in 3Q23, higher than our estimate of SAR 4,443 Mn. The increase in profit is mainly attributable to growth in revenue supported by a growth in mobile subscribers, finance income partially offset by higher direct costs, G&A expense and finance cost.
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  • Saudi Flag
    FIRST LOOK NOTES
    21 Aug 2023
    Saudi Telecom Co (STC)
    BUY
    SAR 40.75
    SAR 47.00
    +15.34%

    Growth in revenue weighed by investment in new domains impacted margins

    STC Group (“STC, “the Company”) recorded 6.0% YOY growth in net profit to SAR 3,008 Mn in 2Q23, lower than our estimate of SAR 3,463 Mn.
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  • Saudi Flag
    FIRST LOOK NOTES
    21 Aug 2023
    Saudi Telecom Co (STC)
    BUY
    SAR 40.75
    SAR 47.00
    +15.34%

    Growth in revenue weighed by investment in new domains impacted margins

    STC Group (“STC, “the Company”) recorded 6.0% YOY growth in net profit to SAR 3,008 Mn in 2Q23, lower than our estimate of SAR 3,463 Mn.
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  • Saudi Flag
    FIRST LOOK NOTES
    18 May 2023
    Saudi Telecom Co (STC)
    BUY
    SAR 44.30
    SAR 54.00
    +21.90%

    Strong revenue growth and strategic investments supported profitability

    Saudi Telecom Company’s (STC/the Group) net profit rose 2.4% YOY to SAR 3,109 Mn in 1Q23, slightly lower than our estimate of SAR 3,231 Mn. The increase in primarily attributable to the strong rise in revenue and EBITDA partially offset by an increase in direct cost and increase in depreciation and amortization expenses.
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Commercial International Bank (COMI) Telecom Egypt