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Saudi Energy Company (5110) Fair Value & Analysis

Utilities · SA · Market cap 70.7B SAR

SE Saudi Energy Company 5110 · SR
Price16.95 SAR
Fair Value45.43 SAR
Upside+168.0%
Quality47/100
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Expensive Growth
Solidly profitable · 13.3% net margin
High debt · negative free cash flow
4.12% dividend yield
Ranks above peers (9/13)
Moderate moat 45/100
Evidence: High Range 31.80 SAR – 66.17 SAR Share as image

Fair value as of: Jul 31, 2026

From 16 valuation models · updated 10 days ago

Share price −4.8% over the past month.

Below-average quality, screening 168% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (31.80 SAR). The market is more pessimistic than our downside scenario.
  • Solid quality (47/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (31.80 SAR to 66.17 SAR) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

25.65 SAR 11.25 SAR Fair Value 45.43 SAR Jan 2020 Jul 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 31, 2026.

How to read this chart

60‑month range 11.25 SAR – 25.65 SAR · fair‑value band 31.80 SAR – 66.17 SAR · the 16.95 SAR price screens below the 45.43 SAR fair value. Dashed = 300-day average. As of Jul 31, 2026.

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Analysis

Saudi Energy Company (5110) currently trades at 16.95 SAR, while our model-based Fair Value estimate is 45.43 SAR, implying the stock looks roughly 168.0% undervalued today. The Quality Score stands at 47/100 (below-average quality), in the Utilities sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Saudi Energy Company generated revenue of 104B SAR at a net margin of 13.3%. Revenue grew 9.4% year over year. It earns a return on equity of 5.4%. Net debt stands at 372B SAR. Fundamentals as of Jul 31, 2026

Our scenario range runs from 31.80 SAR (bear case) to 66.17 SAR (bull case); at 16.95 SAR, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 8% below its 52-week high and 34% above its 52-week low, currently above its 200-day average. For context, the median of 10 Utilities peers we cover trades at -27% fair-value upside, at 168%, 5110 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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. Evidence
Highest evidence
Residual Income 20.71 SAR 27.60 SAR 83.73 SAR 76
ROIC Compounder 5.64 SAR 11.28 SAR 72
Gordon GGM 6.43 SAR 13.38 SAR 21.22 SAR 70
All 16 models by family
Earnings-Based
Graham-Dodd 21.18 SAR 77.95 SAR 105.26 SAR 54
Lynch FV 18.64 SAR 26.63 SAR 34.61 SAR 50
PEG = 1.0 18.64 SAR 26.63 SAR 34.61 SAR 46
EPV 5.64 SAR 11.28 SAR 59
Dividend Discount
Gordon GGM 6.43 SAR 13.38 SAR 21.22 SAR 70
DDM Multi-Stage 6.43 SAR 11.28 SAR 14.04 SAR 61
Multiples
P/E Multiple 42.04 SAR 56.05 SAR 70.07 SAR 63
P/S Multiple 39.70 SAR 52.94 SAR 66.17 SAR 58
P/B Multiple 27.24 SAR 36.32 SAR 45.40 SAR 55
EV/EBIT 11.28 SAR 28.17 SAR 45.07 SAR 53
EV/EBITDA 35.09 SAR 59.92 SAR 84.75 SAR 54
EV/Revenue 1.59 SAR 19.16 SAR 36.73 SAR 43
Asset-Based
NCAV (Graham) 10.09 SAR 13.52 SAR 20.18 SAR 50
Economic Profit
Residual Income 20.71 SAR 27.60 SAR 83.73 SAR 76
ROIC Compounder 5.64 SAR 11.28 SAR 72
Growth Earnings
Growth-Adj P/E 31.80 SAR 45.43 SAR 59.05 SAR 68

Widest divergence: Growth Earnings (45.43 SAR) versus Economic Profit (5.64 SAR). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 104B SAR
Revenue growth (YoY) +9.4%
Net margin 13.3%
Return on equity 5.4%
Free cash flow −43.1B SAR FY2025
P/E ratio 14.8
More key figures
Operating margin 14.3%
EPS (TTM) 1.15 SAR
Dividend yield 4.1%
EPS growth (YoY) -35.0%
Net debt 372B SAR FY2025

Figures from reported company fundamentals · as of Jul 31, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 47/100

Of which business quality 44 · Market factors (momentum, volatility) 72

Profitability 30
Margins and returns on capital today
Quality Growth 66
Are margins and returns improving?
Cashflow 50
Earnings quality: real cash, not paper profit
Fin. Strength 6
Balance sheet, leverage, solvency risk
Investment 50
Disciplined investing over empire-building
Low Volatility 92
Calm price path (market factor)
Momentum 61
Price trend over the last 3–12 months (market factor)
52W Momentum 66
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

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.

Full company description

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. 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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Saudi Energy 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.

Growth Quality 44/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
102B SAR
Latest YoY
+15.3%
Avg. growth/yr (3Y) 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.
+12.3%
Avg. growth/yr (5Y) 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.
+8.3%
Avg. growth/yr (19Y) 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.
+9.1%
Revenue +10.2%/yr
FY21 69.3B SAR
FY22 72.1B SAR
FY23 75.3B SAR
FY24 88.7B SAR
FY25 102B SAR
Net income −2.6%/yr
FY21 14.4B SAR
FY22 15.1B SAR
FY23 10.2B SAR
FY24 −1.9B SAR
FY25 13.0B SAR
Character of growth · EPS growth decomposed (2014-2025) +19.0 % p.a.
Revenue per share +8.3 pp

of which total revenue +8.3 pp · buybacks/dilution +0.0 pp

EBIT margin +19.9 pp
Tax rate −0.3 pp
Residual (interest, one-offs) −8.8 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Saudi Energy Company Fair Value". https://www.fairvalue-calculator.com/stock/5110

Peer Group

Utilities - Regulated Electric · 154 stocks

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.

Quality Score 47 · Above median
Fair Value upside +168% · Top 25%
Return on equity (TTM) 5% · Bottom 25%
Return on assets 2% · Bottom 25%
Net margin (TTM) 13% · Above median
Operating margin (TTM) 14% · Below median
Revenue growth 9% · Above median
Dividend yield (TTM) 4.1% · Top 25%
Debt / equity 1.97× · Higher than 75% of peers

Valuation Multiples vs Utilities - Regulated Electric median · lower = cheaper

P/E (TTM) 14.8× · Cheaper than median
P/B 0.84× · Cheaper than median
P/S (TTM) 0.68× · Cheaper than median
EV/EBITDA 5.6× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 7
FUTURE 47 · sector 32
PAST 21 · sector 39
HEALTH 2 · sector 54
DIVIDEND 82 · sector 56

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Utilities - Regulated Electric stocks, each showing price versus our Fair Value estimate (as of Jul 31, 2026).

Stock Price Fair Value vs Fair Value
NextEra Energy, Inc NEE $88.80 $32.94 -63%
The Southern Company SO $95.61 $61.06 -36%
Duke Energy Corporation DUK $126.11 $97.11 -23%
National Grid plc NGG 61,175 ARS 44,377 ARS -27%
American Electric Power Company AEP $132.50 $79.33 -40%
Dominion Energy, Inc D $70.08 $46.92 -33%
NTPC Limited NTPC ₹341.85 ₹377.16 +10%
CEZ, a. s. CEZ 232.40 PLN 159.33 PLN -31%
Power Grid Corporation POWERGRID ₹283.55 ₹252.77 -11%
China National Nuclear Power Co 601985 ¥8.91 ¥7.69 -14%

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Frequently asked questions

Is Saudi Energy Company (5110) overvalued or undervalued?
As of Jul 31, 2026, our model estimates a fair value of 45.43 SAR versus a price of 16.95 SAR, about +168% (undervalued).
What is the fair value of 5110?
Our model-based fair value for Saudi Energy Company is 45.43 SAR (as of Jul 31, 2026), built from audited fundamentals. The current price is 16.95 SAR.
What is the quality score of 5110?
Saudi Energy 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 revenue of Saudi Energy Company (5110)?
Saudi Energy Company reported trailing-twelve-month revenue of about 104B SAR (latest available figure, as of Jul 31, 2026).
What is the net profit margin of 5110?
The net profit margin of Saudi Energy Company is about 13.3%, meaning it keeps roughly 13.3% of revenue as net income. Based on the latest reported figures.
Does Saudi Energy Company pay a dividend?
Saudi Energy Company currently shows a dividend yield of about 4.12% relative to its recent price (as of Jul 31, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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