Saudi National Bank (1180) Fair Value & Analysis
Financial Services · SA · Market cap 234B SAR (≈ $62.3B) · ISIN SA13L050IE10
What is Saudi National Bank really worth?
A solid business, trading 10% below our fair value of 46.83 SAR.
Strengths
Risks
For context
Fair value as of: Aug 13, 2026
From 6 valuation models · updated 22 days ago
Fair value updated Aug 13, 2026, revised from 54.88 SAR to 46.83 SAR (−14.7%) since Aug 4, 2026. Share price +7.0% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
- The price sits in the lower half of our model range, the side with the larger margin of safety.
- Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range 25.46 SAR – 48.87 SAR · fair‑value band 35.12 SAR – 58.53 SAR · the 42.28 SAR price screens below the 46.83 SAR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Saudi National Bank (1180) currently trades at 42.28 SAR, while our model-based Fair Value estimate is 46.83 SAR, implying the stock looks roughly 9.7% undervalued today. The Quality Score stands at 54/100 (solid quality), in the Financial Services sector. Bull case: the Multiples group reads highest at a median of 47.95 SAR per share, and 3 of the 6 models we run sit above the 42.28 SAR price. Bear case: the Asset-Based group reads lowest at 22.95 SAR, and 3 of the 6 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, Saudi National Bank generated revenue of 39.5B SAR at a net margin of 65.6%. Revenue grew 6.7% year over year. It earns a return on equity of 12.6%. Net debt stands at 66.5B SAR. Fundamentals as of Aug 13, 2026
Our scenario range runs from 35.12 SAR (bear case) to 58.53 SAR (bull case); at 42.28 SAR, the current price sits within 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 1% below its 52-week high and 34% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −10% fair-value upside, at 11%, 1180 screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 1.28 SAR per share, which is 2.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.
All 6 models by family
Widest divergence: Multiples (47.95 SAR) versus Asset-Based (22.95 SAR). Highest evidence: Residual Income (71).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 46 · Market factors (momentum, volatility) 72
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.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
The Saudi National Bank, through its subsidiaries, provides banking and investment management services in the Kingdom of Saudi Arabia and internationally.
Full company description
The Saudi National Bank, through its subsidiaries, provides banking and investment management services in the Kingdom of Saudi Arabia and internationally. The company offers current, Al Wessam, gold, commercial enterprise, and corporate accounts; Shariah-compliant financing solutions, financial solutions to MSMEs, point-of-sale Merchant Financing, personal and lease finance, and residential finance; and corporate finance solutions, including Ijara, Musharaka financing, Project and Structured Finance, Syndications and Placements, and Tawarruq. It also provides deposit, prepaid, and credit cards; cash management services, such as dividend distribution, payroll, escrow account management, deposit, and debit services; guarantees, fleet leasing, investment products, and digital banking; treasury services, such as foreign currency exchange, money markets, and shariah compliant products; payments and transfers; and trade finance, including documentary collection, export and import letter of credit, letter of guarantees, documentary collection, letter of credit program for Saudi industrial development fund clients. In addition, it operates as a private equity fund; keeps and manages title deeds and collateralized real estate properties; trades in derivatives and repos/reverse repos activities; sells POS equipment and devices; manages liquidity, market, and credit risks; and provides recruitment services, safety deposit boxes, private banking services, wealth management, asset management, investment banking, and shares brokerage services, as well as correspondent banking products and services, including money market and foreign exchange. The company was formerly known as The National Commercial Bank and changed its name to The Saudi National Bank in April 2021. The Saudi National Bank was founded in 1950 and is headquartered 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 National Bank reported revenue of 46.1B SAR in FY2025 versus 29.4B SAR in FY2021, a compound +11.9%/yr. Reported net income was 25.1B SAR in FY2025, compounding +18.6%/yr from FY2021.
of which total revenue +9.5 % · buybacks/dilution −5.3 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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Peer Group
Banks - Regional · 1071 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.
Valuation Multiples vs Banks - Regional median · lower = cheaper
Strength profile in five axes (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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| DBS Group D05 | 75.65 SGD | 40.48 SGD | −46% |
| China Merchants Bank Co 3968 | HK$47.96 | HK$76.51 | +60% |
| Intesa Sanpaolo S.p.A ISP | €6.78 | €5.66 | −17% |
| HDFC Bank Limited HDB | $23.17 | $24.12 | +4% |
| BNP Paribas SA BNP | €102.56 | €144.64 | +41% |
| UniCredit S.p.A UCG | €84.71 | €77.62 | −8% |
| Mizuho Financial Group MFG | $10.74 | $9.69 | −10% |
| ICICI Bank Limited ICICIBANK | ₹1,443 | ₹835.21 | −42% |
| Oversea-Chinese Banking Corporation O39 | 31.07 SGD | 19.80 SGD | −36% |
| CaixaBank, S.A CABK | €13.52 | €8.85 | −35% |
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