Saudi Arabian Undervalued over 20% based on DCF

Dr. Sulaiman Al Habib Medical Services Group

Market Cap: ر.س76.2b

Provides private health and support services in the Kingdom of Saudi Arabia.

Etihad Etisalat

Market Cap: ر.س48.8b

Through its subsidiaries, establishes and operates mobile wireless telecommunication and fiber optic networks in the Kingdom of Saudi Arabia.

Almarai

Market Cap: ر.س46.1b

Operates as an integrated consumer food and beverage company in Saudi Arabia, other Gulf Cooperation Council countries, and internationally.

ADES Holding

Market Cap: ر.س21.7b

Through its subsidiaries, provides oil and gas drilling and production services in Egypt, Algeria, Tunisia, the Kingdom of Saudi Arabia, Kuwait, Qatar, India, Southeast Asia, West/Central Africa, Norway, and other regions.

Flynas

Market Cap: ر.س8.8b

Operates airlines in Saudi Arabia and the Middle East.

National Industrialization

Market Cap: ر.س6.6b

Operates in the petrochemicals, chemicals, metals, wires, and industrial and automotive batteries sectors in the Kingdom of Saudi Arabia, rest of the Middle East, Asia, Africa, Europe, and internationally.

CATRION Catering Holding

Market Cap: ر.س6.0b

Offers catering and other support services to flights operated by Saudi Arabian and other airlines in the Kingdom of Saudi Arabia.

Saudi Ground Services

Market Cap: ر.س5.9b

Provides ground-handling services in the Kingdom of Saudi Arabia.

United Electronics

Market Cap: ر.س5.9b

Engages in the wholesale and retail trade of electric appliances, electronic gadgets, computers and their spare parts and accessories, furniture, and office equipment and tools in the Kingdom of Saudi Arabia and internationally.

Al Moammar Information Systems

Market Cap: ر.س5.7b

Provides information technology solutions and services in the Kingdom of Saudi Arabia.

National Medical Care

Market Cap: ر.س4.4b

Owns, establishes, equips, manages, maintains, and operates healthcare facilities in the Kingdom of Saudi Arabia.

Middle East Healthcare

Market Cap: ر.س3.1b

A healthcare provider, owns and operates a network of hospitals under the Saudi German Hospital name in the Kingdom of Saudi Arabia and internationally.

First Milling

Market Cap: ر.س2.9b

Produces and sells flour products in the Kingdom of Saudi Arabia.

Sustained Infrastructure Holding

Market Cap: ر.س2.8b

An investment holding company, engages in ports and logistics, and water solutions businesses in the Kingdom of Saudi Arabia and internationally.

Riyadh Cement

Market Cap: ر.س2.7b

Produces and sells cement in the Kingdom of Saudi Arabia, the Kingdom of Bahrain, the State of Iraq, State of Yemen, the Hashemite Kingdom of Jordan, and the Sultanate of Oman.

Bawan

Market Cap: ر.س2.6b

Manufactures and sells metal and steel works in the Kingdom of Saudi Arabia.

Jahez International Company for Information Systems Technology

Market Cap: ر.س2.5b

Operates an online food delivery platform under the Jahez brand name in the Kingdom of Saudi Arabia and internationally.

Arabian Mills for Food Products

Market Cap: ر.س2.3b

Produces and sells wheat and feed products in the Kingdom of Saudi Arabia.

Gas Arabian Services

Market Cap: ر.س2.3b

Provides products and services for automation, instrumentation, field services, mechanical, and piping fields in the Kingdom of Saudi Arabia.

Modern Mills

Market Cap: ر.س2.3b

Engages in the manufacture and sale of flour, feed, and bran products in the Kingdom of Saudi Arabia.

Fourth Milling

Market Cap: ر.س2.2b

Engages in the production of flour, feed, bran, and wheat derivatives in the Kingdom of Saudi Arabia and internationally.

Jadwa Investment - Jadwa Reit Saudi Fund

Market Cap: ر.س2.1b

n/a

Edarat Communication and Information Technology

Market Cap: ر.س2.0b

Edarat Communication and Information Technology Co.

Middle East Company for Manufacturing and Producing Paper

Market Cap: ر.س1.6b

Engages in the production and sale of container boards and industrial papers in the Kingdom of Saudi Arabia, Africa, Asia, the Americas, Europe, and Other GCC countries.

Bonyan REIT Fund

Market Cap: ر.س1.6b

A real estate investment fund.

AFG International

Market Cap: ر.س1.5b

Operates as a franchise retailer of fashion products in the Kingdom of Saudi Arabia, Jordan, Egypt, the Republic of Kazakhstan, Uzbekistan, the Republic of Azerbaijan, Georgia, and Armenia.

Alandalus Property

Market Cap: ر.س1.4b

A real estate company, engages in investment, development, and operation of commercial real estate properties in the Kingdom of Saudi Arabia.

Tamkeen Human Resources

Market Cap: ر.س1.2b

Provides labor recruitment and manpower services in the Kingdom of Saudi Arabia.

Halwani Bros

Market Cap: ر.س1.1b

Engages in the manufacturing, packaging, wholesale, and retail trade of food products in the Kingdom of Saudi Arabia, Arab Republic of Egypt, and internationally.

Alamar Foods

Market Cap: ر.س1.0b

Alamar Foods Company, together with its subsidiaries, establishes, operates, and manages quick service restaurants in the Middle East, North Africa, and Pakistan.

INMAR

Market Cap: ر.س916.4m

Engages in establishing and owning real estate properties in the Kingdom of Saudi Arabia.

Basic Chemical Industries

Market Cap: ر.س673.2m

Engages in the manufacture and sale of various chemicals in the Kingdom of Saudi Arabia.

Banan Real Estate

Market Cap: ر.س642.0m

Owns and leases residential and non-residential properties in the Kingdom of Saudi Arabia.

Baazeem Trading

Market Cap: ر.س581.2m

Operates as a fast-moving consumer goods distribution company.

Alinma Retail REIT Fund

Market Cap: ر.س577.0m

A real estate investment fund.

Derayah Financial - Derayah Reit Fund

Market Cap: ر.س573.0m

A real estate investment fund.