Saudi Electricity Company (5110) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Saudi Electricity Company stock SAR 45.43, price SAR 15.54, upside +192.3%, quality 47 out of 100. Rating: strongly undervalued. Calculated from audited financials with 14 of our 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 9, 2026.
How to read this chart
60‑month range 11.91 SAR – 25.65 SAR · fair‑value band 31.80 SAR – 59.05 SAR · the 15.54 SAR price screens below the 45.43 SAR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 9, 2026.
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Saudi Energy Company, together with its subsidiaries, generates, transmits, and distributes electricity in the Kingdom of Saudi Arabia. It operates through Generation, Transmission, Distribution and Subscriber Services, and Others segments.
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The company engages in the construction, lease, management, and operation of electric and fiber optic networks to provide telecommunication services; electricity transmission activities; management of construction projects; development of detailed designs; purchase of materials; execution of projects in the energy sector; water purification and desalination; wireless telecommunication activities; management of computing facilities; preparation of data hosting sites on networks; development, management, lease, buy, and sale of land and real estate; and investment activities.
In addition, it provides support services for the issuance of international bonds and sukuks, and wholesale services for infrastructures. It serves governmental, industrial, agricultural, commercial, and residential consumers.
The company was formerly known as Saudi Electricity Company and change its name to Saudi Energy Company in March 2026. The company was incorporated in 2000 and is based in Riyadh, the Kingdom of Saudi Arabia.
Stock analysis
Saudi Electricity Company (5110) currently trades at 15.54 SAR, while our model-based Fair Value estimate is 45.43 SAR, implying the stock looks roughly 66% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 45.43 SAR per share, and 8 of the 14 models we run sit above the 15.54 SAR price.
Bear case: the Dividend Discount group reads lowest at 10.99 SAR, and 6 of the 14 models stay below the price. Data coverage for this calculation is high.
Scenario range: 31.80 SAR (bear) to 59.05 SAR (bull), the price of 15.54 SAR sits below 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 47/100 (below-average quality), in the Utilities sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Saudi Electricity Company reported revenue of 102B SAR in FY2025 versus 69.3B SAR in FY2021, a compound +10.2%/yr. Reported net income was 13.0B SAR in FY2025, compounding −2.6%/yr from FY2021.
Key figures
Market cap 64.7B SAR (≈ $17.3B) Large · P/E ratio 14.9 · P/S ratio 1.90 · EPS (TTM) 1.04 SAR · Dividend yield 4.5% · Net margin 12.7% · Return on equity 5.2% · Return on assets (EBIT) 3.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (medium confidence).
What moves the price
The share trades about 15% below its 52-week high and 20% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −38% fair-value upside, at 192%, 5110 screens cheaper than that median.
Fair Value models
Bear31.80 SARFair Value 45.43 SARBull59.05 SAR
Price 15.54 SAR · Upside +192.3%
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 (0.2916 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.44/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+15.3%
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.
+12.3%
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.
+8.3%
Start year 2020 (pandemic). Over 10 years: +9.4% a year
Revenue growth 19 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.
+9.1%
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What shareholders gained per year (last 5 years) ⓘ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.
+38.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+33.8%
Dividend (yield on the price)4.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.33.8% vs 19.9%, picking up
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.11% → 18%
AI conclusion: The regulated revenue framework delivers stability and shields results from tariff changes, yet negative free cash flow together with high debt signals weak excess profitability.
Main risk: Independent power producers such as ACWA Power could expand their renewable generation capacity and capture market share from SEC in the generation segment or exert downward pressure on power prices through competitive bids.
Bull case: SEC could strengthen its position as the regulated grid operator by integrating large-scale renewables from IPPs into its network using smart grid and AI technologies, thereby securing stable transmission revenues amid rising demand.
Bear case: If IPPs such as ACWA Power secure a growing share of new generation projects, SEC might see reduced volumes or margins in its generation activities while remaining exposed to high capital needs for grid expansion.
The regulated revenue framework protects results from the upcoming electricity tariff changes starting in 2027, as the company has confirmed no material financial impact after review. This setup anchors the utility business amid Saudi energy demand growth and project pipelines, yet it also limits upside from efficiency gains or market shifts. Our models see it as undervalued, but will the regulatory buffer drive steady returns or cap the ability to capture higher growth?
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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.Utilities - Regulated Electric · 155 stocks
Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score47 · Below median
Fair Value upside+195.0% · Top 25%
Profitability
Return on equity (12 months)5.2% · Bottom 25%
Return on assets2.0% · Bottom 25%
Net margin (12 months)12.5% · Above median
Operating margin (12 months)21.1% · Above median
Growth and dividend
Revenue growth (quarter YoY)11.3% · Above median
Dividend yield (12 months)4.5% · Top 25%
Balance sheet
Debt / equity1.97× · Highest 25%
Valuation Multiplesvs Utilities - Regulated Electric median · lower = cheaper
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). "Saudi Electricity Company Fair Value". https://www.fairvalue-calculator.com/stock/5110
Frequently asked questions
Is Saudi Electricity Company (5110) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 45.43 SAR versus a price of 15.54 SAR, about +192% upside (undervalued).
What is the fair value of 5110?
Our model-based fair value for Saudi Electricity Company is 45.43 SAR (as of Nov 9, 2026), built from audited fundamentals. The current price: 15.54 SAR.
What is the quality score of 5110?
Saudi Electricity Company has a Quality Score of 47/100. 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 Saudi Electricity Company (5110)?
Our model-based price target is the fair value of 45.43 SAR (as of Nov 9, 2026) from 14 valuation models. Cautious scenario 31.80 SAR, optimistic scenario 59.05 SAR. It is a calculation from audited fundamentals, not an analyst target.
What is the Saudi Electricity Company stock forecast for 2026?
Our models put fair value at 45.43 SAR, about +192% upside versus a price of 15.54 SAR (undervalued). Cautious scenario 31.80 SAR, optimistic scenario 59.05 SAR. The calculation is refreshed regularly with new filings.
What is the revenue of Saudi Electricity Company (5110)?
Saudi Electricity Company reported trailing-twelve-month revenue of about 107B SAR (latest available figure, as of Nov 9, 2026).
Does Saudi Electricity Company pay a dividend?
Saudi Electricity Company currently shows a dividend yield of 4.50% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Saudi Electricity Company (5110) and when is the ex-dividend date?
Saudi Electricity Company pays a dividend of 0.7 SAR per share a year, a dividend yield of 4.5%. The last ex-dividend date was May 6, 2026. A dividend has been paid every year since at least 2003. The payout ratio is 67.3% of earnings. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of Saudi Electricity Company (5110)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Saudi Electricity Company it is 45.43 SAR per share (as of Nov 9, 2026), against a price of 15.54 SAR. It is the blended result of 14 valuation models in 6 families (Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Saudi Electricity Company stock overvalued or undervalued in 2026?
As of Nov 9, 2026, 5110 trades below its calculated fair value: price 15.54 SAR, fair value 45.43 SAR, a gap of about +192% (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 5110?
No. The price is what the market pays today (15.54 SAR); the fair value is what the company's own numbers justify (45.43 SAR). For Saudi Electricity Company the two are 29.89 SAR per share apart. That gap is exactly why we show both numbers side by side.
How much is Saudi Electricity Company worth?
The market values Saudi Electricity Company at about 64.7B SAR (market capitalisation, as of Nov 9, 2026). Per share that is 15.54 SAR; our models calculate a fair value of 45.43 SAR per share.
What do the bullish and bearish scenarios say about 5110?
Our models span a range for Saudi Electricity Company: cautious scenario 31.80 SAR, base 45.43 SAR, optimistic 59.05 SAR per share (as of Nov 9, 2026, price 15.54 SAR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 5110?
Saudi Electricity Company trades at a price-to-earnings ratio of 14.9 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 45.43 SAR is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2016 to 2025), reported earnings: 12.7. Other multiples: P/B 0.8, P/S 0.6, EV/EBITDA 5.4.
How solid is the balance sheet of Saudi Electricity Company (5110)?
Balance-sheet figures for Saudi Electricity Company (as of Nov 9, 2026): return on equity 5.2%, debt of 1.97 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is 5110 from its 52-week high?
Saudi Electricity Company trades at 15.54 SAR, about 15% below its 52-week high of 18.37 SAR and 20% above the low of 12.97 SAR (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 45.43 SAR is for.
Which stocks are comparable to Saudi Electricity Company?
From the same area (Utilities) we also value NextEra Energy, Inc, The Southern Company, Duke Energy Corporation, American Electric Power Company, 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 Saudi Electricity Company stock attractive at the current price?
The data as of Nov 9, 2026: price 15.54 SAR, calculated fair value 45.43 SAR (+192%), Quality Score 47/100, from 14 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 5110 calculated?
We run Saudi Electricity Company through 14 models from 6 families: Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 45.43 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. Saudi Electricity Company currently trades 66% 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 Saudi Electricity Company (5110)?
The closing price on Nov 9, 2026 was 15.54 SAR. Our model-based fair value is 45.43 SAR, about +192% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Saudi Electricity Company right now?
The large discount to fair value meets weak quality (47/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (31.80 SAR). The market is more pessimistic than our downside scenario. A fairly wide model range (31.80 SAR to 59.05 SAR) leaves room in how you read the outcome.
Where does the earnings growth of Saudi Electricity Company (5110) come from?
Earnings per share at Saudi Electricity Company grew +19.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +8.3 %, EBIT margin +19.9 %, tax rate −0.3 %, residual (interest, one-offs) −8.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Saudi Electricity Company
How large is the market capitalisation of Saudi Electricity Company (5110)?
The market capitalisation of Saudi Electricity Company is 64.7B SAR (≈ $17.3B). 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 Saudi Electricity Company (5110)?
The price-to-sales ratio of Saudi Electricity Company is 1.90 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Saudi Electricity Company (5110)?
Earnings per share at Saudi Electricity Company are 1.04 SAR (price ÷ EPS = P/E 14.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Saudi Electricity Company (5110)?
The dividend yield of Saudi Electricity Company is 4.5% (payout 67.3%). 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 Saudi Electricity Company (5110)?
The net margin of Saudi Electricity Company is 12.7% (fiscal year 2025). 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 Saudi Electricity Company (5110)?
The return on equity (ROE) of Saudi Electricity Company is 5.2% (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 Saudi Electricity Company (5110)?
On an EBIT basis the return on assets of Saudi Electricity Company is 3.1% (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 Saudi Electricity Company (5110)?
The operating margin of Saudi Electricity Company is 21.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Saudi Electricity Company (5110)?
Revenue at Saudi Electricity Company is growing +11.3% versus a year earlier (3y avg +12.3%). 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 Saudi Electricity Company (5110)?
Earnings per share at Saudi Electricity Company are growing −14.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Saudi Electricity Company (5110) generate?
The free cash flow of Saudi Electricity Company is −43.1B SAR (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Saudi Electricity Company (5110) carry?
The net debt of Saudi Electricity Company is 372B SAR (fiscal year 2025). 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 9, 2026