National Industrialization Company (Tasnee)

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Pages 54
table
Tables 26
Chart
Charts 20
Price $100

• Established in 1985 as the first joint stock company, National Industrialization Company (TASNEE) is ranked as second largest petrochemicals pr.....

Summary

• Established in 1985 as the first joint stock company, National Industrialization Company (TASNEE) is ranked as second largest petrochemicals producer and largest industrial chemicals producer in Saudi Arabia. 
• The ownership of company the stock is majorly with Icarus Holding Company accounting for 55% of the total shareholding. 
• Company’s business can be divided into three verticals: Industrial Chemicals, Petrochemicals and Headquarter operations, which together generated a total of USD 4.9 billion in revenues in 2014. 
• Petrochemicals segment accounts for around 50% of the total revenues while industrial chemicals form 47% of the revenues. Rest is generated by headquarter operations (Non-core business operations). 
• Company faces stiff competition from SABIC in petrochemicals segment. It enjoys leadership position in titanium dioxide production through its majority stake in Cristal Co. 
• Tasnee’s 5 year CAGR has been positive at 1.9% while other years have been negative, in comparison the TASI index has managed to perform well in four of the past five years. Its 5 year CAGR has been 5.24%.

TOC

  1. Executive Summary
  2. Business Overview
    • Overview
    • Porter five force analysis
    • STEEPLED analysis
  3. Financial Overview
    • Revenue
    • Key Financial Ratios
    • Capital Expenditure
    • Debt/Equity Ratio (D/E)
    • Return on Equity (ROE) and Return on Asset (ROA)
    • CFO-to-Sales
  4. Financial Projections
  5. Peer Analysis
    • Regional Peers
    • Global Peers
  6. Share Market Overview
    • Risk Metrics
    • Liquidity
    • Analyst Calls
  7. Appendix
    • Sector Overview
    • Corporate Governance

Tables & Charts

Tables
1.1 Summary
1.2 Business View
1.3 Financial View (Long term view)
2.1 Performance Indicators
2.2 TASNEE Business Segment and Areas
2.3 TASNEE: Direct Investment and Related Entities
2.4 Summary of Porter’s Five Forces analysis
2.5 Summary of STEEPLED analysis
2.6 SWOT analysis
3.1 Financial Ratios
3.2 Earnings Quality across time periods
3.3 Earnings Quality Components
4.1 Projections for Income Statement, Balance Sheet
4.2 Business Segment wise revenue projections
5.1 Regional Peer Overview
5.2 Peer comparison based on size, P/E and dividends (2014)
5.3 Peer comparison based on returns and margins (2014)
5.4 Peer comparison based on Balance Sheet strength (2014)
5.5 Selective Global Peers based on Market Cap
6.1 Returns of TASNEE vs. SASEIDX index
6.2 TASNEE Dividends, 2009-14
6.3 Risk Metrics
6.4 Liquidity Metrics
7.1 Projections for Income Statement, Balance Sheet
7.2 Board of Directors and Executive Management
7.3 Board Compensation

Charts
2.1: Key Milestones
2.2: Shareholding Pattern, 2014
2.3: TASNEE: Business lines
2.4: TASNEE’s Revenue (USD mn) 2010-14
2.5: TASNEE’s Revenue: Region-Wise, 2013
2.6: Revenue: Petrochemicals division (USD mn), 2010-14
2.7: Revenue: Industrials division (USD mn), 2010-14
2.8: Revenue (USD mn): R&D
2.9: Revenue contribution of each segment, 2010-14
3.1: Total Sales 2010-14 (USD Mn)
3.2: Segment sales (USD Mn)
3.3:Du Pont Analysis of ROE
3.4: TASNEE CAPEX, USD Millions and Capex/Sales ratio (2010-14)
3.5: NIC D/E Ratio, (2010-14)
3.6: ROE & ROA, (2010-14)
3.7: Cash Flow from Operations (in USD mn) and CFO-to-Sales ratio, 2010-14
6.1: Tasnee vs. SASEIDX All Share Index, Rebased 2010 to 31st Dec, 2014
6.2: TASNEE Volume traded (in mn) vs. Price
6.3: Risk vs. Return: TASNEE and Peers, 2010-14 
6.4: Analyst Calls

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