Advanced Petrochemical Valuation

Q: What is the Fair Price of 2330 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

2330 (SAR29.4) is trading above our estimate of [[fair value]] (SAR27.39)

Is 2330 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 2330 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow

Simply Wall St

ر.س27.39

Fair Value

7.3% overvalued

Number of Analysts

Below Fair Value: 2330 (SAR29.4) is trading above our estimate of fair value (SAR27.39)

Significantly Below Fair Value: 2330 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2330?

Key metric: As 2330 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 2330. This is calculated by dividing 2330's market cap by their current revenue.
What is 2330's PS Ratio?
PS Ratio	3.1x
Sales	ر.س2.49b
Market Cap	ر.س7.60b

2330 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	6.7x
Enterprise Value/EBITDA	43.4x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does 2330's PS Ratio compare to its peers?

The above table shows the PS ratio for 2330 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	1.8x
2350 Saudi Kayan Petrochemical	0.9x	3.73%	ر.س7.7b
2060 National Industrialization	1.5x	1.91%	ر.س6.1b
2310 Sahara International Petrochemical	1.9x	5.64%	ر.س13.8b
2290 Yanbu National Petrochemical	2.7x	2.44%	ر.س16.9b
2330 Advanced Petrochemical	3.1x	28.09%	ر.س7.6b

Price-To-Sales vs Peers: 2330 is expensive based on its Price-To-Sales Ratio (3.1x) compared to the peer average (1.8x).

Price to Sales Ratio vs Industry

How does 2330's PS Ratio compare vs other companies in the Asian Chemicals Industry?

158 Companies	Price / Sales	Estimated Growth	Market Cap

158 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: 2330 is expensive based on its Price-To-Sales Ratio (3.1x) compared to the Asian Chemicals industry average (1.3x).

Price to Sales Ratio vs Fair Ratio

What is 2330's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

2330 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	3.1x
Fair PS Ratio	4.9x

Price-To-Sales vs Fair Ratio: 2330 is good value based on its Price-To-Sales Ratio (3.1x) compared to the estimated Fair Price-To-Sales Ratio (4.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 2330 forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	ر.س29.40	ر.س39.79 +35.33%	13.28%	ر.س50.00	ر.س31.10	n/a	8
May ’26	ر.س30.00	ر.س39.64 +32.13%	13.98%	ر.س50.00	ر.س29.90	n/a	8
Apr ’26	ر.س30.85	ر.س41.37 +34.11%	14.52%	ر.س50.00	ر.س31.40	n/a	7
Mar ’26	ر.س26.80	ر.س41.87 +56.24%	12.54%	ر.س50.00	ر.س34.90	n/a	7
Feb ’26	ر.س31.40	ر.س42.30 +34.71%	14.12%	ر.س53.00	ر.س34.90	n/a	7
Jan ’26	ر.س32.00	ر.س44.61 +39.42%	10.71%	ر.س53.00	ر.س36.10	n/a	7
Dec ’25	ر.س34.10	ر.س44.61 +30.83%	10.71%	ر.س53.00	ر.س36.10	n/a	7
Nov ’25	ر.س36.35	ر.س41.86 +15.17%	21.51%	ر.س53.00	ر.س21.00	n/a	8
Oct ’25	ر.س38.20	ر.س42.80 +12.05%	21.82%	ر.س53.00	ر.س21.00	n/a	8
Sep ’25	ر.س38.10	ر.س42.80 +12.34%	21.82%	ر.س53.00	ر.س21.00	n/a	8
Aug ’25	ر.س39.95	ر.س43.02 +7.68%	21.51%	ر.س53.00	ر.س21.00	n/a	8
Jul ’25	ر.س38.70	ر.س44.45 +14.86%	19.66%	ر.س53.00	ر.س21.00	n/a	10
Jun ’25	ر.س40.10	ر.س44.05 +9.84%	19.14%	ر.س53.00	ر.س21.00	n/a	11
May ’25	ر.س41.95	ر.س44.08 +5.09%	19.09%	ر.س53.00	ر.س21.00	ر.س30.00	11
Apr ’25	ر.س40.90	ر.س43.82 +7.15%	19.15%	ر.س53.00	ر.س21.00	ر.س30.85	12
Mar ’25	ر.س38.25	ر.س43.82 +14.57%	19.15%	ر.س53.00	ر.س21.00	ر.س26.80	12
Feb ’25	ر.س38.70	ر.س43.83 +13.27%	20.64%	ر.س56.00	ر.س21.00	ر.س31.40	11
Jan ’25	ر.س39.00	ر.س45.32 +16.20%	16.78%	ر.س56.00	ر.س29.00	ر.س32.00	11
Dec ’24	ر.س37.40	ر.س45.27 +21.05%	17.55%	ر.س56.00	ر.س29.00	ر.س34.10	10
Nov ’24	ر.س37.40	ر.س46.37 +23.99%	16.68%	ر.س56.00	ر.س29.00	ر.س36.35	10
Oct ’24	ر.س40.00	ر.س46.53 +16.33%	16.26%	ر.س56.00	ر.س29.00	ر.س38.20	10
Sep ’24	ر.س42.55	ر.س45.53 +7.01%	15.77%	ر.س56.00	ر.س29.00	ر.س38.10	10
Aug ’24	ر.س45.60	ر.س45.63 +0.07%	15.68%	ر.س56.00	ر.س29.00	ر.س39.95	10
Jul ’24	n/a	ر.س45.29 0%	16.14%	ر.س56.00	ر.س29.00	ر.س38.70	9
Jun ’24	ر.س44.50	ر.س45.56 +2.38%	16.12%	ر.س56.00	ر.س29.00	ر.س40.10	9
May ’24	ر.س47.60	ر.س45.45 -4.52%	16.74%	ر.س56.00	ر.س29.00	ر.س41.95	9

AnalystConsensusTarget

Consensus Narrative from 8 Analysts

ر.س39.79

Fair Value

26.1% undervalued

Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/05/24 13:11
End of Day Share Price	2025/05/22 00:00
Earnings	2025/03/31
Annual Earnings	2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Advanced Petrochemical Company is covered by 23 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
null null	Alembic Global Advisors
Jassim Al-Jubran	Aljazira Capital Company
Mazen Al-Sudairi	Al Rajhi Capital