Horizon Educational Co. (9603) fair value: what the stock is really worth
As of Oct 27, 2026: fair value (intrinsic value) of Horizon Educational Co. stock SAR 33.35, price SAR 81.20, upside -58.9%, quality 37 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Oct 29, 2026.
How to read this chart
29‑month range 48.18 SAR – 89.09 SAR · fair‑value band 30.18 SAR – 35.89 SAR · the 81.20 SAR price screens above the 33.35 SAR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 29, 2026.
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Horizon Educational Company provides education services in the Kingdom of Saudi Arabia. It offers preschool, kindergarten, primary, intermediate, and secondary education; and provides educational transportation. The company was founded in 1999 and is based in Riyadh, the Kingdom of Saudi Arabia.
Stock analysis
Horizon Educational Co. (9603) currently trades at 81.20 SAR, while our model-based Fair Value estimate is 33.35 SAR, 58.9% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 71.75 SAR per share, and 3 of the 14 models we run sit above the 81.20 SAR price.
Bear case: the Asset-Based group reads lowest at 19.86 SAR, and 11 of the 14 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 30.18 SAR (bear) to 35.89 SAR (bull), the price of 81.20 SAR sits above 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 37/100 (below-average quality), in the Consumer Defensive sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Horizon Educational Co. reported revenue of 40.8M SAR in FY2025 versus 32.6M SAR in FY2022, a compound +7.7%/yr. Reported net income was 9.9M SAR in FY2025, compounding +11.7%/yr from FY2022.
Key figures
Market cap 203M SAR (≈ $54.1M) Micro · P/E ratio 15.4 · P/S ratio 2.99 · EPS (TTM) 5.26 SAR · Dividend yield 4.4% · Net margin 22.4% · Return on equity 19.1% · Return on assets (EBIT) 14.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 74 out of 100 (low confidence).
What moves the price
The share trades about 7% below its 52-week high and 25% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at 12% fair-value upside, at −59%, 9603 screens richer than that median.
Fair Value models
Bear30.18 SARFair Value 33.35 SARBull35.89 SAR
Price 81.20 SAR · Upside -58.9%
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 12 months old). Earnings retained since then (1.66 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.
Best data coverage
Residual Income25.44 SAR28.31 SAR33.11 SAR73
EPV35.50 SAR39.23 SAR42.22 SAR70
Gordon GGM19.83 SAR22.93 SAR25.85 SAR67
All 14 models by family
Earnings-Based
Graham-Dodd27.05 SAR44.72 SAR54.25 SAR64
EPV35.50 SAR39.23 SAR42.22 SAR70
Dividend Discount
Gordon GGM19.83 SAR22.93 SAR25.85 SAR67
DDM Multi-Stage19.83 SAR24.07 SAR28.37 SAR65
Multiples
P/E Multiple65.63 SAR87.50 SAR109.38 SAR63
P/S Multiple14.68 SAR19.57 SAR24.46 SAR58
P/B Multiple88.93 SAR118.57 SAR148.21 SAR55
EV/EBIT64.02 SAR88.42 SAR112.83 SAR63
EV/EBITDA51.51 SAR71.75 SAR91.99 SAR64
EV/Revenue4.50 SAR10.37 SAR16.24 SAR48
Asset-Based
NCAV (Graham)14.82 SAR19.86 SAR29.64 SAR51
Economic Profit
Residual Income25.44 SAR28.31 SAR33.11 SAR73
ROIC Compounder35.71 SAR39.89 SAR43.98 SAR67
Growth Earnings
Growth-Adj P/E46.26 SAR66.09 SAR85.91 SAR65
The fair value above starts from this blend and is adjusted for dilution from new shares.
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.41/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−4.8%
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.
+7.7%
’22
’23
’24
’25
What shareholders gained per year (last 3 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 3 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.
+4.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.4%
Dividend (yield on the price)4.4%
Profit margin 2022 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.23% → 33%
Compare Horizon Educational Co. 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.Education & Training Services · 114 stocks
Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score37 · Bottom 25%
Fair Value upside−58.9% · Bottom 25%
Profitability
Return on equity (12 months)19.1% · Top 25%
Return on assets9.9% · Top 25%
Net margin (12 months)22.4% · Top 25%
Operating margin (12 months)22.6% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)66.3% · Top 25%
Dividend yield (12 months)4.4% · Above median
Valuation Multiplesvs Education & Training Services median · lower = cheaper
P/E (12 months)15.4× · Cheaper than median
P/B2.74× · Pricier than median
P/S (12 months)2.99× · Pricier than median
EV/EBITDA9.9× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 51
FUTURE (revenue growth)100· sector 19
PAST (return on equity)76· sector 27
HEALTH (low debt)0· sector 95
DIVIDEND (yield)89· sector 48
VALUE 0: the price sits above our fair-value range.
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.
Is Horizon Educational Co. (9603) overvalued or undervalued?
As of Oct 29, 2026, our model estimates a fair value of 33.35 SAR versus a price of 81.20 SAR, about −59% upside (overvalued).
What is the fair value of 9603?
Our model-based fair value for Horizon Educational Co. is 33.35 SAR (as of Oct 29, 2026), built from audited fundamentals. The current price: 81.20 SAR.
What is the quality score of 9603?
Horizon Educational Co. has a Quality Score of 37/100. 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 Horizon Educational Co. (9603)?
Our model-based price target is the fair value of 33.35 SAR (as of Oct 29, 2026) from 14 valuation models. Cautious scenario 30.18 SAR, optimistic scenario 35.89 SAR. It is a calculation from audited fundamentals, not an analyst target.
What is the Horizon Educational Co. stock forecast for 2026?
Our models put fair value at 33.35 SAR, about −59% upside versus a price of 81.20 SAR (overvalued). Cautious scenario 30.18 SAR, optimistic scenario 35.89 SAR. The calculation is refreshed regularly with new filings.
What is the revenue of Horizon Educational Co. (9603)?
Horizon Educational Co. reported trailing-twelve-month revenue of about 67.9M SAR (latest available figure, as of Oct 29, 2026).
Does Horizon Educational Co. pay a dividend?
Horizon Educational Co. currently shows a dividend yield of 4.43% relative to its recent price (as of Oct 29, 2026).
What is the intrinsic value of Horizon Educational Co. (9603)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Horizon Educational Co. it is 33.35 SAR per share (as of Oct 29, 2026), against a price of 81.20 SAR. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Horizon Educational Co. stock overvalued or undervalued in 2026?
As of Oct 29, 2026, 9603 trades above its calculated fair value: price 81.20 SAR, fair value 33.35 SAR, a gap of about −59% (overvalued). 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 9603?
No. The price is what the market pays today (81.20 SAR); the fair value is what the company's own numbers justify (33.35 SAR). For Horizon Educational Co. the two are 47.85 SAR per share apart. That gap is exactly why we show both numbers side by side.
How much is Horizon Educational Co. worth?
The market values Horizon Educational Co. at about 203M SAR (market capitalisation, as of Oct 29, 2026). Per share that is 81.20 SAR; our models calculate a fair value of 33.35 SAR per share.
What do the bullish and bearish scenarios say about 9603?
Our models span a range for Horizon Educational Co.: cautious scenario 30.18 SAR, base 33.35 SAR, optimistic 35.89 SAR per share (as of Oct 29, 2026, price 81.20 SAR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 9603?
Horizon Educational Co. trades at a price-to-earnings ratio of 15.4 (as of Oct 29, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 33.35 SAR is built from several models across several years. Other multiples: P/B 2.7, P/S 3.0, EV/EBITDA 9.9.
How solid is the balance sheet of Horizon Educational Co. (9603)?
Balance-sheet figures for Horizon Educational Co. (as of Oct 29, 2026): return on equity 19.1%. They feed the Quality Score of 37/100, which measures business quality independently of the share price.
How far is 9603 from its 52-week high?
Horizon Educational Co. trades at 81.20 SAR, about 7% below its 52-week high of 87.58 SAR and 25% above the low of 64.87 SAR (as of Oct 27, 2026). Distance from the high says nothing about value: that is what the fair value of 33.35 SAR is for.
Which stocks are comparable to Horizon Educational Co.?
From the same area (Consumer Defensive) we also value New Oriental Education & Technology Group, Laureate Education, Inc, Covista Inc, Grand Canyon Education, Inc, 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 Horizon Educational Co. stock attractive at the current price?
The data as of Oct 29, 2026: price 81.20 SAR, calculated fair value 33.35 SAR (−59%), Quality Score 37/100, 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 9603 calculated?
We run Horizon Educational Co. through 14 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 33.35 SAR, 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 13.1 % above its aggregate fair value. Horizon Educational Co. itself currently trades above fair value. 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 Horizon Educational Co. (9603)?
The closing price on Oct 27, 2026 was 81.20 SAR. Our model-based fair value is 33.35 SAR, about −59% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Horizon Educational Co. right now?
The price sits above even our optimistic bull case (35.89 SAR). The favourable scenario is already priced in. Weak quality (37/100) and above fair value at the same time, the margin of safety is missing on both counts.
Key figures of Horizon Educational Co.
How large is the market capitalisation of Horizon Educational Co. (9603)?
The market capitalisation of Horizon Educational Co. is 203M SAR (≈ $54.1M). 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 Horizon Educational Co. (9603)?
The price-to-sales ratio of Horizon Educational Co. is 2.99 (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 Horizon Educational Co. (9603)?
Earnings per share at Horizon Educational Co. are 5.26 SAR (price ÷ EPS = P/E 15.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Horizon Educational Co. (9603)?
The dividend yield of Horizon Educational Co. is 4.4% (payout 68.4%). 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 Horizon Educational Co. (9603)?
The net margin of Horizon Educational Co. is 22.4% (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 Horizon Educational Co. (9603)?
The return on equity (ROE) of Horizon Educational Co. is 19.1% (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 Horizon Educational Co. (9603)?
On an EBIT basis the return on assets of Horizon Educational Co. is 14.3% (avg 4y). 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 Horizon Educational Co. (9603)?
The operating margin of Horizon Educational Co. is 22.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Horizon Educational Co. (9603)?
Revenue at Horizon Educational Co. is growing +66.3% versus a year earlier (3y avg +7.7%). 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 Horizon Educational Co. (9603)?
Earnings per share at Horizon Educational Co. are growing +38.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Horizon Educational Co. (9603) generate?
The free cash flow of Horizon Educational Co. is −15.0M 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 Horizon Educational Co. (9603) carry?
The net debt of Horizon Educational Co. is 23.0M 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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Some data
Oct 29, 2026