Altahleel Almali Wa Qiraat Alqawaem Almaliyah 1404009

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2006
Al Faraj Consulting W.L.L
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Nature
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.2( :Shareholders )

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/( Shareholders )
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() .

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Principles of Financial Analysis
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Limitation of Ratio Analysis
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Financial Analysis: General Framework

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Balance Sheet
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(

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ABC (..)

31 2005
2005
2004
10,368,009
1,834,965
717,533
756,181
10
1,928,369
240,588
11
3,025,750
2,232,805

)(HP
12
13
14
15
16
9
3,602,868
658,313
3,103,825
737,711
8,062,354
-
1,847,611
758,316
388,324
273,114
2,456,802
2,425,677
32,204,732
13,214,383

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ABC (..)

31 2005
17
5,527,575
2,325,510
19
20
238,693
733,121
638,693
618,540
21
9,035
7,486
HP
18
1,569,534
6,508,424
5,159,763
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ABC (..)

31 2005

22
5,780,176
2,650,000
)(4,386
)(5,963
13,922,653
2,875,400
5,862,479
2,532,498
25,560,922
8,051,935
135,386
2,685
25,696,308
8,054,620
32,204,732
13,214,383
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23
Income Statement

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ABC (..)

31 2005

2005
2004
8,361,362
5,246,264
)(3,585,686
)(3,037,774
4,775,676
2,208,490
247,572
179,530
( /) 14
245,839
)(7,467
)(1,021,752
)(707,599
)(66,012
)(84,299
)(26,288
)(25,910
352,386
122,486
81,443
26,914

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ABC (..)

31 2005

2005
2004
99,145
20,810
4,729,052
1,691,912
4,731,231
1,690,557
)(2,179
1,355

25

0,85
0,33
25
0,84
0,33

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4,729,052
1,691,912
Revenue

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.
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P & L Distribution A/C
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/ .
/
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ABC (..)

31 2005

2005
2004
4,729,052
1,691,912
)(99,145
)(20,810
()/
14
)(245,839
7,467
98,956
95,542
291,076
1,551
4,106
6,106
28,398
26,000

Slide 47
of 189
21
ABC (..)

31 2005

2005
2004
)(140
)(1,601
)(14
)(754
4,511,232
2,100,631
38,648
)(1,002,493
)(792,945
657,099
)(474,979
71,066
)(732,434
3,197,110
371,477
889,863
114,581
272,203
6,066,133
3,154,926
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ABC (..)

31 2005

2005
2004

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)(1,346,562
1,814
)(150,805
)(2,350,127
)(1,100,349
)(644,866
6,711
)(1,152,304
)(6,736,488
)(1,981,033
21,051
3,300
)(568,811
)(11,070
)(215,690
3,808
)(343,505
)(3,091,950
ABC (..)

31 2005

2005
2004

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)(340,328
134,880
)(400,000
8,076,004
1,577
7,472,133
6,801,778
2,233,927
9,035,705
)(312,179
638,693
326,514
389,490
1,844,437
2,233,927
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Liquidity Ratios

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.
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Current Ratio

.
:
0.38 = 2005
0.24 = 2006
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)Quick (Acid - Test Ratio

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:

0.61 = 2005
1.43 = 2006
.
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Activity Ratios

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.
(
) .

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=
11.33 = 2005
Fixed Assets Turnover

1.67 = 2006
.
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Receivables Turnover
360 /
9.72 = 2006

.
.
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Inventory Turnover
Aging Receivables
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30-0
400
42
60-31
200
21
90-61
150
16
120-91
120
13
120
80
950
100
Fixed Assets Turnover

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.
.

.
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:
0.29 = 2005
Total Assets Turnover

0.14 = 2006
.

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:
0.59 = 2005
Profit Margin

0.60 = 2006

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()%
)ROA (%
8.35 = 2006

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()%
)ROE (%
11.27 = 2006

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/ (Investment /Assets (%) )%

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/ ()%
)Loan Assets /Assets (%
0 = 2006
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/ ()%
)Deposit & Investment / Assets (%

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/ ()%
)Equity / Assets (%
74.09 = 2006
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/ ()%
)Operating Income / Total Income (%
( )
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/ ()%
)Other Income / Total Income (%
(
) .
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)Dividend Per Share (DPS
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)Earning Per Share (EPS
0.85 = 2005
0.50 = 2006

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)Price Earning Ratio (PE

28.00 = 2006

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Book Value Per Share

4.45 = 2005
4.47 = 2006

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)Earning Price Ratio (EP
Equity capitalization Rate
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Market to Book value Per Share
:
3.13 = 2006

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Rate of Return on Investment in a Stock
_
= +
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Debt Ratio
0.26 = 2006
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Cash Flow Coverage

+ +

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Times Interest Earned

0 = 2006

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Debt to Total Assets
0.26 = 2006

()
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.....
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Sustainable

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Equilibrium
Market Consensus .
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Fair Market
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Over-Valued
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Undervalued
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Holding period
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-----------------------------------
0.065 = 2006
0.04 = 2005

-----------------------------------
0.818 = 2005

Slide 153 of 189
0.503 = 2006

-----------------------------------
0.0714 = 2006
0.29 = 2005

---------------------
0.14 = 2006

Slide 154 of 189
1.9181 = 2005

-----------------
1.127 = 2006
0.898 = 2005

-------------------
0.741 = 2006

%15
Slide 155 of 189

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P/E
13 0
20 14
28 21
28 +
Slide 161 of 189

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.

.
=
+1( )

.
=

0 = 2005
Slide 162 of 189
0 = 2006
: 1 :
ABC (..) 0.15
31 ( 2004 )
%10
1.5 = 100 0.15 :
10

1.5.
1.5

.
Slide 163 of 189
:2 :
ABC 31 2005
% 35

. %25 :
= 8.75 = )25% +1( 0.35
0.35 40%

.
Slide 164 of 189

:
(
) P/E Ratio
(
)Price / Book Value Ratio .
(
)Dividend Yield Ratio .
Slide 165 of 189
:3 (
) P/E Ratio .
(
) P/E Ratio .
ABC 28 2006
14 2006 31
25
12.5 = 14 28 / 25
Slide 166 of 189
:4 (
)Price / Book .
Value Ratio
ABC
3.13 2006 31
2.76 14 2006 31 .
ABC =
12.35 = 14 3.13 / 2.76
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: 5 (
)Dividend Yield Ratio .
ABC
2005 0.03 0.2
31 2005 23.15
.
ABC 31 2005
154.33 = 23.15 0.03 / 0.2
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543
ABC .

.
59.73 = 3 / 154.33 + 12.35 + 12.5
Slide 169 of 189

Slide 170 of 189

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Slide 171 of 189

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60
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Altahleel Almali Wa Qiraat Alqawaem Almaliyah 1404009

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Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Principles of Financial Analysis

Al Faraj Consulting W.L.L

Limitation of Ratio Analysis

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

Al Faraj Consulting W.L.L

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P & L Distribution A/C

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)Quick (Acid - Test Ratio

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Fixed Assets Turnover

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Al Faraj Consulting W.L.L