Insights
Long-form analysis on valuation, treasury, and Saudi capital markets — written for decision-makers who value clarity over noise. For listing-level data, use the IPO Tracker; for applied examples, see Case Studies.
The Saudi LSI eased to 80.6 in January 2026 — the lowest reading since October 2024. Is this the beginning of a real liquidity thaw, or just a seasonal pause in a persistently stressed system?
Read articleWhen acquisition multiples hit 8-12x EBITDA and public markets trade at 29x earnings, elite allocators use absolute hurdle rates, not relative rankings.
Most analysts quote ROE as one number. But Average, Marginal, and Changing ROE tell completely different stories about capital allocation quality.
Integration risk is systematically underpriced. Deal teams optimize for closing, not operating. Here is a practitioner framework for avoiding the post-merger value trap.
Global M&A hit $4.8T in 2025 on record mega deals -- but the real CFO opportunity lies in the mid-market, where valuations have reset 22% from peak.
An analysis of Saudi IPO aftermarket performance data - first-day dynamics, the 19-point TASI vs Nomu performance gap, and what separates six-month winners from losers.
February 1 2026 eliminated QFI restrictions - foreign investors now access TASI directly. An analysis of the structural impact on valuations, the TASI/Nomu gap, and IPO strategy.
How to choose capital structure weights in Saudi valuations using market values, target leverage, and practical adjustments for limited free float and liquidity.
A practical guide to estimating cost of debt in Saudi valuations using SAIBOR-linked pricing, sukuk benchmarks, and synthetic ratings based on credit ratios.
A defensible approach to estimating cost of equity for Saudi companies using CAPM with practical cross-checks, plus liquidity and size adjustments when needed.
How to treat end-of-service benefits and IFRS 16 lease liabilities as debt equivalents in valuation, and how to reflect them in enterprise value and leverage.
How to keep valuation models consistent with the SAR peg, handle inflation and translation cleanly, and run a conservative tail-risk stress test without making forecasts.
How to classify hybrid instruments in Saudi WACC, including Tier 1 sukuk, convertibles, and shareholder funding, using cash flow seniority and equity credit logic.
A practical framework to construct an equity risk premium for Saudi valuations using a global base and a transparent country-risk adjustment when appropriate.
How to estimate a SAR-consistent risk-free rate using SAR benchmarks or a peg-consistent build-up method, with practical modeling checks.
How to estimate beta for Saudi companies using regression cautiously, adjust for leverage correctly, and build bottom-up betas when trading data is noisy.
How to handle Zakat and corporate income tax in Saudi WACC models, with clear rules for after-tax cost of debt and mixed structures.
A practitioner-focused guide to building WACC for Saudi companies, including SAR risk-free rate, Zakat vs tax treatment, and integrity checks.
Root cause analysis of the six Saudi IPO cancellations in 2025 - what went wrong, critical viability thresholds, and a pre-IPO risk assessment framework.
How Saudi IPO oversubscription metrics actually work, what they signal about pricing efficiency, and how to structure your offering to attract both institutional and retail demand.
A financial framework for understanding when the Nomu-first, TASI-graduation path creates more value for mid-cap companies than a direct TASI listing.
The critical difference between IPO offer size and market capitalisation explained - with real Saudi IPO examples, underwriter pricing frameworks, and common mistakes to avoid.
Empirical analysis of the valuation gap between TASI and Nomu: liquidity mechanics, real transfer case studies, and what drives the structural premium.
A comprehensive review of the Saudi IPO market in 2025. Key listings, sector trends, performance data, and what to expect in 2026.
A practical guide to Saudi Arabia's dual listing market - what separates TASI from Nomu, the data behind each venue's performance, and a decision framework for choosing the right path.