Update shared on 01 Nov 2025
Fair value Increased 1.11%Narrative Update on Saudi Arabian Mining Company (Ma'aden)
Analysts have modestly raised their price target for Ma'aden from SAR 54.08 to SAR 54.68, citing small improvements in projected revenue growth and profit margins.
What's in the News
- Ivanhoe Electric Inc. has gained access to an additional 1,345 square kilometers of exploration licenses through its 50/50 joint venture with Ma'aden. This expansion increases operations in areas with significant iron oxide, copper, and gold mineralization near the Mahd Ad Dhahab gold mine (Key Developments).
- Ma'aden confirmed it is maintaining its production guidance for the fiscal year 2025. Phosphate output is expected between 5,900 and 6,200 KMT, primary aluminum production is forecast between 850 and 1,150 KMT, and gold output remains on track for 475 to 560 koz (Key Developments).
- Gold prices remain strong as a result of ongoing geopolitical uncertainty and robust global central bank demand, positioning Ma'aden to capitalize on favorable market conditions (Key Developments).
Valuation Changes
- Consensus Analyst Price Target has risen slightly from SAR 54.08 to SAR 54.68.
- Discount Rate has increased minimally from 20.13% to 20.15%.
- Revenue Growth projection has edged up from 4.13% to 4.25%.
- Net Profit Margin estimate is up modestly from 22.93% to 23.04%.
- Future P/E ratio has increased marginally from 41.75x to 41.90x.
Disclaimer
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