Announcement • Jun 10
AFG International Company, Annual General Meeting, Jun 30, 2026 AFG International Company, Annual General Meeting, Jun 30, 2026, at 20:10 Arab Standard Time. Location: riyadh Saudi Arabia Reported Earnings • May 17
First quarter 2026 earnings released: ر.س0.41 loss per share (vs ر.س0.13 profit in 1Q 2025) First quarter 2026 results: ر.س0.41 loss per share (down from ر.س0.13 profit in 1Q 2025). Revenue: ر.س1.36b (up 2.2% from 1Q 2025). Net loss: ر.س46.7m (down 417% from profit in 1Q 2025). Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Specialty Retail industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. New Risk • Mar 29
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -ر.س591m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Negative equity (-ر.س1.5b). Minor Risk Less than 1 year of cash runway based on current free cash flow (-ر.س591m). Reported Earnings • Mar 13
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: ر.س3.99 loss per share (further deteriorated from ر.س1.32 loss in FY 2024). Revenue: ر.س5.10b (up 5.4% from FY 2024). Net loss: ر.س458.0m (loss widened 203% from FY 2024). Revenue exceeded analyst estimates by 4.3%. Earnings per share (EPS) missed analyst estimates by 79%. Revenue is forecast to grow 1.6% p.a. on average during the next 2 years, compared to a 7.8% growth forecast for the Specialty Retail industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Major Estimate Revision • Jan 17
Consensus EPS estimates fall by 50%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from ر.س4.60b to ر.س4.81b. Forecast EPS reduced from -ر.س0.457 to -ر.س0.685 per share. Specialty Retail industry in Saudi Arabia expected to see average net income growth of 9.5% next year. Consensus price target of ر.س14.87 unchanged from last update. Share price fell 5.2% to ر.س18.02 over the past week. New Risk • Dec 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Saudi stocks, typically moving 7.3% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.3% average weekly change). Negative equity (-ر.س1.2b). Price Target Changed • Nov 25
Price target increased by 13% to ر.س14.87 Up from ر.س13.13, the current price target is an average from 3 analysts. New target price is 35% below last closing price of ر.س22.92. Stock is up 77% over the past year. The company is forecast to post a net loss per share of ر.س0.69 next year compared to a net loss per share of ر.س1.32 last year. Reported Earnings • Nov 08
Third quarter 2025 earnings released: ر.س1.10 loss per share (vs ر.س0.15 profit in 3Q 2024) Third quarter 2025 results: ر.س1.10 loss per share (down from ر.س0.15 profit in 3Q 2024). Revenue: ر.س1.21b (up 3.3% from 3Q 2024). Net loss: ر.س126.1m (down ر.س143.3m from profit in 3Q 2024). Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Specialty Retail industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Announcement • Sep 16
Al-Futtaim Group acquired 49.95% stake in Fawaz Abdulaziz Al Hokair & Company (SASE:4240) from Fawaz Abdulaziz Alhokair, Abdul Majeed Abdulaziz Alhokair, Salman Abdulaziz Alhokair, Saudi FAS Holding Company and FAS Real Estate Company. Al-Futtaim Group company signed a share purchase agreement to acquire 49.95% stake in Fawaz Abdulaziz Al Hokair & Company (SASE:4240) from Fawaz Abdulaziz Alhokair, Abdul Majeed Abdulaziz Alhokair, Salman Abdulaziz Alhokair, Saudi FAS Holding Company and FAS Real Estate Company for SAR 2.52 billion on July 18, 2025. Pursuant to the provisions of the share purchase agreement, the Selling Shareholders will sell a part of their stake in the Fawaz Abdulaziz Al Hokair & Company, amounting to 57,325,841 shares, representing 49.95% of the entire share capital of the Company (the "Sale Shares") to Al Futtaim Retail Company, through a private transaction for an aggregate value of SAR 2.52 billion, at a price of 44 Saudi Riyals per share in the Fawaz Abdulaziz Al Hokair & Company. As part of the completion conditions of the agreement, Al-Futtaim and Cenomi Retail are currently negotiating a shareholder loan agreement pursuant to which Al-Futtaim will extend a shareholder loan of an amount not less than SAR 1.3 billion, upon completion of the transaction, to help strengthen Cenomi Retail’s balance sheet and support its next phase of growth, the entry of which is a completion condition for the private transaction between the selling shareholders and Al-Futtaim. JPMorgan Chase & Co. (NYSE:JPM) acted as financial advisor to Al-Futtaim Group company. Lazard acted as financial advisor to Al-Futtaim Group company. AS&H Clifford Chance acted as legal advisor to Al-Futtaim Group company.
Al-Futtaim Group company completed the acquisition of 49.95% stake in Fawaz Abdulaziz Al Hokair & Company (SASE:4240) from Fawaz Abdulaziz Alhokair, Abdul Majeed Abdulaziz Alhokair, Salman Abdulaziz Alhokair, Saudi FAS Holding Company and FAS Real Estate Company on September 15, 2025. Major Estimate Revision • Aug 20
Consensus revenue estimates increase by 15% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from ر.س4.50b to ر.س5.16b. EPS estimate unchanged from -ر.س0.69 at last update. Specialty Retail industry in Saudi Arabia expected to see average net income growth of 18% next year. Consensus price target down from ر.س13.73 to ر.س13.13. Share price fell 10% to ر.س22.99 over the past week. Reported Earnings • Aug 11
Second quarter 2025 earnings released: ر.س0.71 loss per share (vs ر.س0.73 profit in 2Q 2024) Second quarter 2025 results: ر.س0.71 loss per share (down from ر.س0.73 profit in 2Q 2024). Revenue: ر.س1.13b (down 7.2% from 2Q 2024). Net loss: ر.س82.0m (down 198% from profit in 2Q 2024). Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Specialty Retail industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Board Change • Jul 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Abdullah Mattar was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Jun 27
Fawaz Abdulaziz Alhokair Co Approves the Appointment of Abdullah Mohammed Mattar as an Independent Member of Board of Directors, Effective April 17, 2025 Fawaz Abdulaziz Alhokair Co at its Ordinary General Assembly meeting held on June 25, 2025, approved the Board of Directors resolution to appoint Mr. Abdullah Mohammed Mattar as an independent Member of Board of Directors, effective April 17, 2025 to complete the current term of the Board of Directors ending on August 11, 2026, replacing the former member Mr. Suliman AlGhafees (independent member). Announcement • Jun 05
Fawaz Abdulaziz Al Hokair & Company, Annual General Meeting, Jun 25, 2025 Fawaz Abdulaziz Al Hokair & Company, Annual General Meeting, Jun 25, 2025, at 20:00 Arab Standard Time. Location: riyadh Saudi Arabia New Risk • May 27
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.1x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). Share price has been highly volatile over the past 3 months (9.1% average weekly change). Negative equity (-ر.س1.0b). Minor Risk Large one-off items impacting financial results. Price Target Changed • Apr 30
Price target increased by 7.1% to ر.س11.00 Up from ر.س10.28, the current price target is an average from 4 analysts. New target price is 21% below last closing price of ر.س13.84. Stock is up 19% over the past year. The company is forecast to post a net loss per share of ر.س0.64 next year compared to a net loss per share of ر.س1.32 last year. Price Target Changed • Apr 08
Price target decreased by 14% to ر.س10.53 Down from ر.س12.21, the current price target is an average from 3 analysts. New target price is 8.9% below last closing price of ر.س11.56. Stock is down 4.5% over the past year. The company is forecast to post a net loss per share of ر.س0.69 next year compared to a net loss per share of ر.س1.32 last year. New Risk • Apr 06
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Saudi stocks, typically moving 7.3% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.3% average weekly change). Negative equity (-ر.س1.0b). Reported Earnings • Mar 29
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: ر.س1.32 loss per share (improved from ر.س9.79 loss in FY 2023). Revenue: ر.س4.85b (down 7.4% from FY 2023). Net loss: ر.س152.0m (loss narrowed 87% from FY 2023). Revenue missed analyst estimates by 7.7%. Earnings per share (EPS) also missed analyst estimates by 65%. Revenue is forecast to grow 4.9% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Specialty Retail industry in Saudi Arabia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Price Target Changed • Dec 31
Price target increased by 8.4% to ر.س12.21 Up from ر.س11.27, the current price target is an average from 3 analysts. New target price is 8.9% below last closing price of ر.س13.40. Stock is down 24% over the past year. The company is forecast to post a net loss per share of ر.س1.07 next year compared to a net loss per share of ر.س9.79 last year. New Risk • Nov 15
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.08x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.08x net interest cover). Share price has been highly volatile over the past 3 months (7.6% average weekly change). Negative equity (-ر.س830m). Reported Earnings • Nov 12
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ر.س1.17b (down 1.4% from 3Q 2023). Net income: ر.س17.0m (up ر.س221.1m from 3Q 2023). Profit margin: 1.5% (up from net loss in 3Q 2023). Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Specialty Retail industry in Saudi Arabia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Price Target Changed • Oct 02
Price target decreased by 9.2% to ر.س11.55 Down from ر.س12.72, the current price target is an average from 5 analysts. New target price is 13% above last closing price of ر.س10.26. Stock is down 49% over the past year. The company is forecast to post earnings per share of ر.س0.69 next year compared to a net loss per share of ر.س9.79 last year. Announcement • Aug 17
Fawaz Abdulaziz Alhokair Company Appoints Salim Fakhouri as New Chief Executive Officer Fawaz Abdulaziz Alhokair Company (Cenomi Retail) has announced the appointment of Salim Fakhouri as its new Chief Executive Officer. Announcing the decision, the board of directors said Fakhouri had been the acting CEO to Cenomi retail since March this year.An industry veteran, Fakhouri has over two decades of fashion retail experience across the Middle East and North Africa region. He was the CEO, Fashion for Cenomi Retail since November 2021. Prior to that, he served as the president of the Fashion Division for Azadea Group Holding. New Risk • Aug 15
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Saudi stocks, typically moving 8.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.0% average weekly change). Negative equity (-ر.س930m). Minor Risk Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: ر.س0.71 (vs ر.س1.46 in 2Q 2023) Second quarter 2024 results: EPS: ر.س0.71 (down from ر.س1.46 in 2Q 2023). Revenue: ر.س1.26b (down 22% from 2Q 2023). Net income: ر.س82.0m (down 51% from 2Q 2023). Profit margin: 6.5% (down from 10% in 2Q 2023). Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Specialty Retail industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 38% per year, which means it has not declined as severely as earnings. Announcement • Jun 10
Fawaz Abdulaziz Al Hokair & Company, Annual General Meeting, Jun 30, 2024 Fawaz Abdulaziz Al Hokair & Company, Annual General Meeting, Jun 30, 2024, at 20:20 Arab Standard Time. Location: riyadh Saudi Arabia Price Target Changed • Jun 04
Price target decreased by 15% to ر.س13.25 Down from ر.س15.51, the current price target is an average from 5 analysts. New target price is 56% above last closing price of ر.س8.49. Stock is down 48% over the past year. The company is forecast to post earnings per share of ر.س0.69 next year compared to a net loss per share of ر.س9.79 last year. Reported Earnings • May 29
First quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2024 results: ر.س1.32 loss per share (further deteriorated from ر.س0.48 loss in 1Q 2023). Revenue: ر.س1.33b (down 6.4% from 1Q 2023). Net loss: ر.س151.7m (loss widened 177% from 1Q 2023). Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Specialty Retail industry in Asia. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 41% per year, which means it is performing significantly worse than earnings. Announcement • May 08
Fawaz Abdulaziz Al Hokair Co. Announces Resignation of Bander Sulaiman Alghfees as Board Member (Independent Fawaz Abdulaziz Al Hokair Co. announced resignation of Bander Sulaiman Alghfees, board member (independent), from his membership in the Board of Directors due to his personal reasons. Effective date: May 6, 2024. New Risk • Apr 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Saudi stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Negative equity (-ر.س806m). Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Buy Or Sell Opportunity • Apr 23
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 36% to ر.س10.96. The fair value is estimated to be ر.س14.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.3% over the last 3 years. Meanwhile, the company became loss making. Price Target Changed • Apr 11
Price target decreased by 9.2% to ر.س16.57 Down from ر.س18.26, the current price target is an average from 6 analysts. New target price is 37% above last closing price of ر.س12.10. Stock is down 26% over the past year. The company is forecast to post earnings per share of ر.س0.46 next year compared to a net loss per share of ر.س9.78 last year. Reported Earnings • Apr 04
Full year 2023 earnings released: ر.س9.78 loss per share (vs ر.س1.09 profit in FY 2022) Full year 2023 results: ر.س9.78 loss per share (down from ر.س1.09 profit in FY 2022). Revenue: ر.س5.23b (down 14% from FY 2022). Net loss: ر.س1.12b (down ر.س1.25b from profit in FY 2022). Like-for-like sales growth: Down 5.1% vs FY 2022 Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Specialty Retail industry in Asia. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Major Estimate Revision • Apr 03
Consensus EPS estimates fall by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ر.س5.50b to ر.س5.28b. EPS estimate also fell from ر.س0.553 per share to ر.س0.453 per share. Net income forecast to shrink 230% next year vs 18% growth forecast for Specialty Retail industry in Saudi Arabia . Consensus price target down from ر.س18.26 to ر.س17.36. Share price fell 27% to ر.س12.42 over the past week. Board Change • Feb 25
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Mohamad Mourad was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 22
Fawaz Abdulaziz Al Hokair & Company Announces CEO Changes Fawaz Abdulaziz Al Hokair & Company (Cenomi Retail) announced that the Board of Directors has accepted the resignation of Cenomi Retail CEO, Dr. Gunther Helm, for personal reasons, effective from 29th February 2024. The Board of Directors has also approved the appointment of Mr. Salim Fakhouri as acting CEO of Cenomi Retail effective 1st March 2024. With over two decades of fashion retail experience across MENA, Mr. Salim Fakhouri has been CEO - Fashion for Cenomi Retail since November 2021. Prior to that served as President of the Fashion Division for Azadea Group Holding. New Risk • Nov 19
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.2% Last year net profit margin: 0.9% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.8x net interest cover). Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ر.س17.34, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 13x in the Specialty Retail industry in Asia. Total loss to shareholders of 55% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ر.س12.40 per share. New Risk • Nov 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Share price has been highly volatile over the past 3 months (7.6% average weekly change). Earnings are forecast to decline by an average of 1.4% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Reported Earnings • Nov 10
Third quarter 2023 earnings released: ر.س1.78 loss per share (vs ر.س0.17 profit in 3Q 2022) Third quarter 2023 results: ر.س1.78 loss per share (down from ر.س0.17 profit in 3Q 2022). Revenue: ر.س1.19b (down 14% from 3Q 2022). Net loss: ر.س204.1m (down ر.س223.9m from profit in 3Q 2022). Revenue is forecast to grow 2.1% p.a. on average during the next 5 years, compared to a 10% growth forecast for the Specialty Retail industry in Asia. Over the last 3 years on average, earnings per share has increased by 125% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Buying Opportunity • Nov 10
Now 20% undervalued Over the last 90 days, the stock is up 22%. The fair value is estimated to be ر.س25.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 2.1% per annum. Earnings is also forecast to grow by 30% per annum over the same time period. Announcement • Sep 08
Fawaz Abdulaziz Al Hokair & Company Announces Executive Appointments Fawaz Abdulaziz Alhokair Company (Cenomi Retail) announced Fawaz bin Abdulaziz Alhokair as the Chairman of the board for the coming three years. Cenomi Retail also named Abdulmajeed bin Abdulaziz Alhokair as the Vice Chairman, according to a bourse disclosure. The two officials assumed their roles for a new board term that began on 12 August 2023 and will remain in position until 11 August 2026. The board members greenlighted the key appointments during their meeting that was held on 5 September 2023. Price Target Changed • Sep 03
Price target increased by 7.3% to ر.س18.67 Up from ر.س17.40, the current price target is an average from 7 analysts. New target price is 12% below last closing price of ر.س21.14. Stock is down 0.8% over the past year. The company is forecast to post a net loss per share of ر.س0.48 compared to earnings per share of ر.س1.09 last year. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ر.س19.80, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 14x in the Specialty Retail industry in Asia. Total loss to shareholders of 47% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ر.س15.11 per share. Reported Earnings • Aug 11
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: ر.س1.46 (up from ر.س0.54 in 2Q 2022). Revenue: ر.س1.61b (down 5.4% from 2Q 2022). Net income: ر.س167.2m (up 171% from 2Q 2022). Profit margin: 10% (up from 3.6% in 2Q 2022). Revenue missed analyst estimates by 7.2%. Earnings per share (EPS) exceeded analyst estimates significantly. Revenue is forecast to grow 1.5% p.a. on average during the next 5 years, compared to a 11% growth forecast for the Specialty Retail industry in Asia. Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Announcement • May 09
Arabian Centres in Discussion with Fawaz Abdulaziz Alhokair Co on Potential Merger Arabian Centres Company (SASE:4321) announced that it is in discussions With Fawaz Abdulaziz Al Hokair & Company (Cenomi Retail) (SASE:4240) On A Potential Combination Of Two Companies. Discussions remain at an early stage and parties have not yet reached an agreement. Price Target Changed • Apr 05
Price target decreased by 15% to ر.س17.66 Down from ر.س20.87, the current price target is an average from 8 analysts. New target price is 11% above last closing price of ر.س15.94. Stock is down 38% over the past year. The company is forecast to post earnings per share of ر.س0.54 for next year compared to ر.س0.39 last year. Buying Opportunity • Feb 12
Now 23% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ر.س22.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.8% over the last 3 years. Meanwhile, the company became loss making. Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ر.س18.92, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 14x in the Specialty Retail industry in Asia. Total loss to shareholders of 65% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ر.س12.33 per share. Major Estimate Revision • Dec 21
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate increased from ر.س0.49 to ر.س0.58. Revenue forecast steady at ر.س6.03b. Net income forecast to grow 96% next year vs 12% growth forecast for Specialty Retail industry in Saudi Arabia. Consensus price target down from ر.س22.32 to ر.س20.85. Share price was steady at ر.س15.60 over the past week. Price Target Changed • Dec 03
Price target decreased to ر.س22.32 Down from ر.س24.23, the current price target is an average from 8 analysts. New target price is 27% above last closing price of ر.س17.60. Stock is down 43% over the past year. The company is forecast to post earnings per share of ر.س0.49 for next year compared to ر.س0.39 last year. Major Estimate Revision • Nov 20
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate fell from ر.س0.89 to ر.س0.32 per share. Revenue forecast steady at ر.س6.07b. Net income forecast to grow 99% next year vs 13% growth forecast for Specialty Retail industry in Saudi Arabia. Consensus price target down from ر.س27.39 to ر.س25.00. Share price rose 6.8% to ر.س16.56 over the past week. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Director Abdul Majid Al-Basri was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 12
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: ر.س0.19 (up from ر.س0.19 in 2Q 2022). Revenue: ر.س1.37b (flat on 2Q 2022). Net income: ر.س22.1m (up 1.7% from 2Q 2022). Profit margin: 1.6% (in line with 2Q 2022). Revenue missed analyst estimates by 4.2%. Earnings per share (EPS) also missed analyst estimates by 17%. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Specialty Retail industry in Asia. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 03
Price target decreased to ر.س27.40 Down from ر.س31.57, the current price target is an average from 7 analysts. New target price is 59% above last closing price of ر.س17.20. Stock is down 51% over the past year. The company is forecast to post earnings per share of ر.س1.36 for next year compared to ر.س0.39 last year. Price Target Changed • Oct 11
Price target decreased to ر.س28.53 Down from ر.س31.49, the current price target is an average from 6 analysts. New target price is 58% above last closing price of ر.س18.10. Stock is down 46% over the past year. The company is forecast to post earnings per share of ر.س1.68 for next year compared to ر.س0.39 last year. Major Estimate Revision • Aug 30
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate increased from ر.س0.37 to ر.س1.56. Revenue forecast steady at ر.س6.05b. Net income forecast to grow 239% next year vs 16% growth forecast for Specialty Retail industry in Saudi Arabia. Consensus price target down from ر.س33.42 to ر.س31.46. Share price fell 2.0% to ر.س22.34 over the past week. Reported Earnings • Aug 25
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: ر.س0.50 (up from ر.س0.41 in 1Q 2022). Revenue: ر.س1.71b (flat on 1Q 2022). Net income: ر.س57.6m (up 23% from 1Q 2022). Profit margin: 3.4% (up from 2.8% in 1Q 2022). Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 72%. Over the next year, revenue is forecast to grow 3.1%, compared to a 18% growth forecast for the Specialty Retail industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improved over the past week After last week's 17% share price gain to ر.س23.00, the stock trades at a forward P/E ratio of 38x. Average forward P/E is 15x in the Specialty Retail industry in Asia. Total loss to shareholders of 42% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ر.س17.35 per share. Price Target Changed • Aug 17
Price target decreased to ر.س32.66 Down from ر.س38.24, the current price target is an average from 4 analysts. New target price is 48% above last closing price of ر.س22.12. Stock is down 43% over the past year. The company is forecast to post earnings per share of ر.س0.61 for next year compared to ر.س0.39 last year. Major Estimate Revision • Aug 10
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate fell from ر.س0.68 to ر.س0.61. Revenue forecast unchanged from ر.س6.03b at last update. Net income forecast to grow 47% next year vs 15% growth forecast for Specialty Retail industry in Saudi Arabia. Consensus price target down from ر.س38.24 to ر.س35.67. Share price rose 7.2% to ر.س19.30 over the past week. Major Estimate Revision • Jul 30
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate increased from ر.س0.72 to ر.س1.04. Revenue forecast steady at ر.س6.03b. Net income forecast to grow 47% next year vs 14% growth forecast for Specialty Retail industry in Saudi Arabia. Consensus price target broadly unchanged at ر.س38.24. Share price was steady at ر.س18.20 over the past week. Major Estimate Revision • Jul 08
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate fell from ر.س1.16 to ر.س1.04 per share. Revenue forecast steady at ر.س6.07b. Net income forecast to grow 194% next year vs 16% growth forecast for Specialty Retail industry in Saudi Arabia. Consensus price target up from ر.س35.79 to ر.س37.64. Share price fell 14% to ر.س17.92 over the past week. Reported Earnings • Jul 06
Full year 2022 earnings released Full year 2022 results: Revenue: ر.س5.92b (up 40% from FY 2021). Net income: ر.س38.0m (up ر.س1.13b from FY 2021). Profit margin: 0.6% (up from net loss in FY 2021). Like-for-like sales growth: 37.0% vs FY 2021 Over the next year, revenue is forecast to grow 3.7%, compared to a 15% growth forecast for the retail industry in Saudi Arabia. Price Target Changed • Jul 01
Price target increased to ر.س22.36 Up from ر.س20.13, the current price target is an average from 6 analysts. New target price is 96% above last closing price of ر.س11.38. Stock is down 52% over the past year. The company is forecast to post earnings per share of ر.س0.32 next year compared to a net loss per share of ر.س5.19 last year. Announcement • May 26
Fawaz Abdulaziz Al Hokair & Company, Annual General Meeting, Jun 15, 2022 Fawaz Abdulaziz Al Hokair & Company, Annual General Meeting, Jun 15, 2022, at 15:30 Coordinated Universal Time. Board Change • Apr 27
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Non-Executive Director Abdul Majid Al-Basri was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 11
Fawaz Abdulaziz Alhokair Co. Announces Management Chnages Fawaz Abdulaziz Alhokair Co. announced that the board of directors has accepted the resignation of the Company’s Chief Executive Officer (“CEO”), Mr. Marwan Aziz Moukarzel effective from 30 April 2022. Mr. Moukarzel accepted a position as CEO – International with Saudi FAS Holding Company, the Company’s major shareholder. The Board of Directors has also approved the appointment of Mr. Mohamad Rafic Mourad, currently the Chairman of Fawaz Abdulaziz Alhokair Co’s executive committee, as interim CEO of Alhokair effective from 01 May 2022 until a permanent replacement for Mr. Moukarzel is finalized. 
