Horizon Educational Co. (9603) fair value: what the stock is really worth
We calculate from audited financials what Horizon Educational Co. is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.
How to read this chart
27‑month range 49.43 SAR – 91.40 SAR · fair‑value band 30.18 SAR – 35.89 SAR · the 76.20 SAR price screens above the 33.35 SAR fair value. Dashed = 300-day average. As of Sep 13, 2026.
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 76.20 SAR, while our model-based Fair Value estimate is 33.35 SAR, implying the stock looks roughly 128.5% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 67.61 SAR per share, and 3 of the 14 models we run sit above the 76.20 SAR price.
Bear case: the Asset-Based group reads lowest at 19.86 SAR, and 11 of the 14 models stay below the price. Evidence for this calculation is medium.
Scenario range: 30.18 SAR (bear) to 35.89 SAR (bull), the price of 76.20 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 36/100 (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 191M SAR (≈ $50.7M) · P/E ratio 17.7 · P/S ratio 4.32 · EPS (TTM) 4.30 SAR · Net margin 24.4% · Return on equity 17.0% · Return on assets (EBIT) 14.3% · Operating margin 24.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 15% 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 11% fair-value upside, at −56%, 9603 screens richer than that median.
Fair Value models
Bear 30.18 SARFair Value 33.35 SARBull 35.89 SAR
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (5.26 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.Evidence ⓘEvidence = 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.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.
−0.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.4%
Dividend (yield on the price)0.0%
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 · 140 stocks
Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score36 · Bottom 25%
Fair Value upside−29% · Below median
Profitability
Return on equity (TTM)17% · Top 25%
Return on assets6% · Top 25%
Net margin (TTM)24% · Top 25%
Operating margin (TTM)24% · Top 25%
Growth and dividend
Revenue growth67% · Top 25%
Dividend yield (TTM)0.0% · Bottom 25%
Valuation Multiplesvs Education & Training Services median · lower = cheaper
P/E (TTM)17.7× · Pricier than median
P/B0.68× · Cheaper than median
P/S (TTM)0.92× · Pricier than median
EV/EBITDA2.7× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 42
FUTURE (revenue growth)100· sector 21
PAST (return on equity)68· sector 19
HEALTH (low debt)0· sector 95
DIVIDEND (yield)0· sector 60
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 Sep 13, 2026, our model estimates a fair value of 33.35 SAR versus a price of 76.20 SAR, about −56% upside (overvalued).
What is the fair value of 9603?
Our model-based fair value for Horizon Educational Co. is 33.35 SAR (as of Sep 13, 2026), built from audited fundamentals. The current price: 76.20 SAR.
What is the quality score of 9603?
Horizon Educational Co. has a Quality Score of 36/100. 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 Sep 13, 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 −56% upside versus a price of 76.20 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 54.4M SAR (latest available figure, as of Sep 13, 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 Sep 13, 2026), against a price of 76.20 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 Sep 13, 2026, 9603 trades above its calculated fair value: price 76.20 SAR, fair value 33.35 SAR, a gap of about −56% (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 (76.20 SAR); the fair value is what the company's own numbers justify (33.35 SAR). For Horizon Educational Co. the two are 42.85 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 191M SAR (market capitalisation, as of Sep 13, 2026). Per share that is 76.20 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 Sep 13, 2026, price 76.20 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 17.7 (as of Sep 13, 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 0.7, P/S 0.9, EV/EBITDA 2.7.
How solid is the balance sheet of Horizon Educational Co. (9603)?
Balance-sheet figures for Horizon Educational Co. (as of Sep 13, 2026): return on equity 17.0%. They feed the Quality Score of 36/100, which measures business quality independently of the share price.
How far is 9603 from its 52-week high?
Horizon Educational Co. trades at 76.20 SAR, about 15% below its 52-week high of 89.85 SAR and 25% above the low of 60.83 SAR (as of Sep 13, 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, TAL Education Group, Laureate Education, Inc, Physicswallah 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 Horizon Educational Co. stock attractive at the current price?
The data as of Sep 13, 2026: price 76.20 SAR, calculated fair value 33.35 SAR (−56%), Quality Score 36/100, 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 15.6 % 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 Sep 14, 2026 was 76.20 SAR. Our model-based fair value is 33.35 SAR, about −56% 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 (36/100) 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 191M SAR (≈ $50.7M). 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 4.32 (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 Horizon Educational Co. (9603)?
Earnings per share at Horizon Educational Co. are 4.30 SAR (price ÷ EPS = P/E 17.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Horizon Educational Co. (9603)?
The net margin of Horizon Educational Co. is 24.4% (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 Horizon Educational Co. (9603)?
The return on equity (ROE) of Horizon Educational Co. is 17.0% (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 24.0% (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 +66.9% 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 +44.1% 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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