Al ELM Information Security Company CJSC (7203) fair value: what the stock is really worth
As of Nov 8, 2026: fair value (intrinsic value) of Al ELM Information Security Company CJSC stock SAR 900, price SAR 596, upside +51.2%, quality 76 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
57‑month range 156.44 SAR – 1,229 SAR · fair‑value band 501.01 SAR – 1,306 SAR · the 595.50 SAR price screens below the 900.46 SAR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Elm Company, together with its subsidiaries, provides information security services in Saudi Arabia. It operates through Digital Business, Business Process Outsourcing, and Professional Services segments.
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The company provides integrated technology business solutions; advisory and professional services in data analysis and artificial intelligence; installation, maintenance, and support services; consultation services; computer system programming and consultancy; information technology services; data processing; and website hosting services.
It also engages in the establishment, development, operation, and management of communications and information technology facilities; management of call and service centers; investment activities; and retail sale of information and communication equipment in specialized stores.
In addition, the company offers system analysis; software maintenance and web page design; customer service; financial technology solutions; cybersecurity; research and development; bus transport of passengers between cities; catering; inspection services for systems; marketing services; reservation services for tourist accommodation units; and reception and farewell services for pilgrims.
Further, it designs and programs software; develops applications; establishes infrastructure for hosting websites on the Internet; exchanges credit information; manages and operates data information centers; imports, develops, sell, and maintains hardware, software, information systems, and communication networks; and provides sites for buying and selling through the Internet, as well as training and workforce development services.
The company was formerly known as Al-ELM Information Security Company. Elm Company was incorporated in 1988 and is based in Riyadh, Saudi Arabia.
Stock analysis
Al ELM Information Security Company CJSC (7203) currently trades at 595.50 SAR, while our model-based Fair Value estimate is 900.46 SAR, implying the stock looks roughly 34% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 1,004 SAR per share, and 15 of the 26 models we run sit above the 595.50 SAR price.
Bear case: the Dividend Discount group reads lowest at 160.63 SAR, and 11 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 501.01 SAR (bear) to 1,306 SAR (bull), the price of 595.50 SAR sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 76/100 (high quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Al ELM Information Security Company CJSC reported revenue of 9.5B SAR in FY2025 versus 3.8B SAR in FY2021, a compound +25.4%/yr. Reported net income was 2.1B SAR in FY2025, compounding +38.6%/yr from FY2021.
Key figures
Market cap 46.3B SAR (≈ $12.3B) Large · P/E ratio 21.3 · P/S ratio 4.37 · EPS (TTM) 27.92 SAR · Dividend yield 1.6% · Net margin 22.6% · Return on equity 57.1% · Return on assets (EBIT) 16.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 89 out of 100 (low confidence).
What moves the price
The share trades about 27% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at 20% fair-value upside, at 51%, 7203 screens cheaper than that median.
Fair Value models
Bear501.01 SARFair Value 900.46 SARBull1,306 SAR
Price 595.50 SAR · Upside +51.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (15.80 SAR per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+27.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+27.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+30.9%
Start year 2020 (pandemic)
Revenue growth 8 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+21.6%
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’25
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+40.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+38.9%
Dividend (yield on the price)1.6%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.14% → 22%
2025 sits 58% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+5.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+12.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (Saudi Arabia: IMF forecast 2.1% a year to 2030, 1.7% from 2016 to 2025) that is about +3.2% a year for the price and +10.3% for the forecasts.
AI conclusion: Financial metrics indicate solid profitability backed by a five-year transaction-based contract, yet insufficient data leaves confirmation of a durable competitive moat impossible.
Main risk: Heavy reliance on Saudi government clients and access to national databases could expose revenue and margins to shifts in public spending priorities or data policies.
Bull case: By deepening sovereign AI capabilities such as its Nuha model and expanding transaction-based platforms, Elm could secure additional long-term government mandates and diversify into private-sector services.
Bear case: If government digitization priorities shift or data-access rules tighten, Elm might see slower growth in its core digital and BPO segments with limited ability to replace lost recurring revenue streams.
Elm secured a five-year contract in September to develop and operate a product safety platform for the Saudi Standards organization. Revenue will come from transaction sharing rather than a fixed amount, so the contribution depends on how widely the platform gets used. Will adoption generate the scale needed to offset recent quarterly shortfalls, or will variable economics keep the upside contained?
Compare Al ELM Information Security Company CJSC with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Information Technology Services · 479 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score76 · Top 25%
Fair Value upside+51.2% · Above median
Profitability
Return on equity (12 months)57.1% · Top 25%
Return on assets17.6% · Top 25%
Net margin (12 months)22.6% · Top 25%
Operating margin (12 months)28.1% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)10.1% · Above median
Dividend yield (12 months)1.6% · Below median
Balance sheet
Debt / equity0.42× · Highest 25%
Valuation Multiplesvs Information Technology Services median · lower = cheaper
P/E (12 months)21.3× · Pricier than median
P/B12.80× · Priciest 25%
P/S (12 months)4.37× · Priciest 25%
Price / free cash flow (fiscal year)19.9× · Pricier than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Al ELM Information Security Company CJSC Fair Value". https://www.fairvalue-calculator.com/stock/7203
Frequently asked questions
Is Al ELM Information Security Company CJSC (7203) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 900.46 SAR versus a price of 595.50 SAR, about +51% upside (undervalued).
What is the fair value of 7203?
Our model-based fair value for Al ELM Information Security Company CJSC is 900.46 SAR (as of Nov 7, 2026), built from audited fundamentals. The current price: 595.50 SAR.
What is the quality score of 7203?
Al ELM Information Security Company CJSC has a Quality Score of 76/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Al ELM Information Security Company CJSC (7203)?
Our model-based price target is the fair value of 900.46 SAR (as of Nov 7, 2026) from 26 valuation models. Cautious scenario 501.01 SAR, optimistic scenario 1,306 SAR. It is a calculation from audited fundamentals, not an analyst target.
What is the Al ELM Information Security Company CJSC stock forecast for 2026?
Our models put fair value at 900.46 SAR, about +51% upside versus a price of 595.50 SAR (undervalued). Cautious scenario 501.01 SAR, optimistic scenario 1,306 SAR. The calculation is refreshed regularly with new filings.
What is the revenue of Al ELM Information Security Company CJSC (7203)?
Al ELM Information Security Company CJSC reported trailing-twelve-month revenue of about 10.6B SAR (latest available figure, as of Nov 7, 2026).
Does Al ELM Information Security Company CJSC pay a dividend?
Al ELM Information Security Company CJSC currently shows a dividend yield of 1.60% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Al ELM Information Security Company CJSC (7203) and when is the ex-dividend date?
Al ELM Information Security Company CJSC pays a dividend of 9.50 SAR per share a year, a dividend yield of 1.6%. The last ex-dividend date was Aug 5, 2026. A dividend has been paid every year since at least 2022. The payout ratio is 34.0% of earnings. Free cash flow covers the dividend 3.15 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Al ELM Information Security Company CJSC (7203)?
For today's price to be fair in a discounted-cash-flow model, Al ELM Information Security Company CJSC would have to grow free cash flow by +5.3 % per year for five years (discount rate 8.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +30.9 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of 7203 use?
Our models discount Al ELM Information Security Company CJSC at 8.6 %: a base by market capitalisation (large), damped by beta 0.44, country premium for Saudi Arabia. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Al ELM Information Security Company CJSC that is +5.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.6 %) and the same formula as our fair value.
How much growth has Al ELM Information Security Company CJSC (7203) delivered so far?
Over the past 5 years revenue at Al ELM Information Security Company CJSC grew +30.9 % a year. The price currently implies free-cash-flow growth of +5.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Al ELM Information Security Company CJSC (7203) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into Al ELM Information Security Company CJSC (+5.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Al ELM Information Security Company CJSC (7203)?
The free-cash-flow yield on the price is 5.03 %: that much free cash flow Al ELM Information Security Company CJSC produces per unit of market value. When it exceeds the discount rate of our models (8.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Al ELM Information Security Company CJSC (7203)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Al ELM Information Security Company CJSC it is 900.46 SAR per share (as of Nov 7, 2026), against a price of 595.50 SAR. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Al ELM Information Security Company CJSC stock overvalued or undervalued in 2026?
As of Nov 7, 2026, 7203 trades below its calculated fair value: price 595.50 SAR, fair value 900.46 SAR, a gap of about +51% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 7203?
No. The price is what the market pays today (595.50 SAR); the fair value is what the company's own numbers justify (900.46 SAR). For Al ELM Information Security Company CJSC the two are 304.96 SAR per share apart. That gap is exactly why we show both numbers side by side.
How much is Al ELM Information Security Company CJSC worth?
The market values Al ELM Information Security Company CJSC at about 46.3B SAR (market capitalisation, as of Nov 7, 2026). Per share that is 595.50 SAR; our models calculate a fair value of 900.46 SAR per share.
What do the bullish and bearish scenarios say about 7203?
Our models span a range for Al ELM Information Security Company CJSC: cautious scenario 501.01 SAR, base 900.46 SAR, optimistic 1,306 SAR per share (as of Nov 7, 2026, price 595.50 SAR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 7203?
Al ELM Information Security Company CJSC trades at a price-to-earnings ratio of 21.3 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 900.46 SAR is built from several models across several years. Other multiples: P/B 12.8, P/S 4.4, EV/EBITDA 17.5.
How solid is the balance sheet of Al ELM Information Security Company CJSC (7203)?
Balance-sheet figures for Al ELM Information Security Company CJSC (as of Nov 7, 2026): return on equity 57.1%, debt of 0.42 per unit of equity. They feed the Quality Score of 76/100, which measures business quality independently of the share price.
How far is 7203 from its 52-week high?
Al ELM Information Security Company CJSC trades at 595.50 SAR, about 27% below its 52-week high of 817.80 SAR and 18% above the low of 505.50 SAR (as of Nov 8, 2026). Distance from the high says nothing about value: that is what the fair value of 900.46 SAR is for.
Which stocks are comparable to Al ELM Information Security Company CJSC?
From the same area (Technology) we also value International Business Machines Corporation, Accenture plc, Tata Consultancy Services Limited, Infosys Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Al ELM Information Security Company CJSC stock attractive at the current price?
The data as of Nov 7, 2026: price 595.50 SAR, calculated fair value 900.46 SAR (+51%), Quality Score 76/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 7203 calculated?
We run Al ELM Information Security Company CJSC through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 900.46 SAR builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Al ELM Information Security Company CJSC currently trades 34% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Al ELM Information Security Company CJSC (7203)?
The closing price on Nov 8, 2026 was 595.50 SAR. Our model-based fair value is 900.46 SAR, about +51% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Al ELM Information Security Company CJSC right now?
The rarer combination: high quality (76/100) AND below fair value. That earns a closer look rather than a quick verdict. The model range is unusually wide (501.01 SAR to 1,306 SAR). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Key figures of Al ELM Information Security Company CJSC
How large is the market capitalisation of Al ELM Information Security Company CJSC (7203)?
The market capitalisation of Al ELM Information Security Company CJSC is 46.3B SAR (≈ $12.3B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Al ELM Information Security Company CJSC (7203)?
The price-to-sales ratio of Al ELM Information Security Company CJSC is 4.37 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Al ELM Information Security Company CJSC (7203)?
Earnings per share at Al ELM Information Security Company CJSC are 27.92 SAR (price ÷ EPS = P/E 21.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Al ELM Information Security Company CJSC (7203)?
The dividend yield of Al ELM Information Security Company CJSC is 1.6% (payout 34.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Al ELM Information Security Company CJSC (7203)?
The net margin of Al ELM Information Security Company CJSC is 22.6% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Al ELM Information Security Company CJSC (7203)?
The return on equity (ROE) of Al ELM Information Security Company CJSC is 57.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Al ELM Information Security Company CJSC (7203)?
On an EBIT basis the return on assets of Al ELM Information Security Company CJSC is 16.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Al ELM Information Security Company CJSC (7203)?
The operating margin of Al ELM Information Security Company CJSC is 28.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Al ELM Information Security Company CJSC (7203)?
Revenue at Al ELM Information Security Company CJSC is growing +10.1% versus a year earlier (3y avg +27.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Al ELM Information Security Company CJSC (7203)?
Earnings per share at Al ELM Information Security Company CJSC are growing +39.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Al ELM Information Security Company CJSC (7203) carry?
The net debt of Al ELM Information Security Company CJSC is 791M SAR (fiscal year 2025, ≈ 0.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 7, 2026