Saudi consumers 3
Key findings 3
Methodology 3
Disposable income 4
Demands on disposable income 6
Confidence 6
The oil factor 7
Companies 9
Jarir Marketing Co 10
Company profile 10
Product lines in demand 10
Investment case 10
Valuation and rating 11
Jarir: competitive analysis 12
Industry overview and drivers 12
Company strategy and drivers 14
Jarir: financial discussion 19
Profit and loss account 19
Balance sheet 20
Cash flow analysis 21
Returns analysis 21
Jarir: valuation 24
Price target derivation 24
Peer comparison 25
Jarir: risk assessment 28
Barriers to entry 28
Consumer confidence 28
Expansion plans 28
Downside risks 28
Jarir: PC pricing comparisons 29
PC pricing 29
Financials & valuation: 30
Fawaz Abdulaziz Alhokair 31
Company profile 31
Investment summary 31
Valuation and rating 32
Alhokair: competitive analysis 33
Industry overview and drivers 33
Apparel spend trending to 5% of private
consumption spend [un] 35
Company strategy and drivers 36
Alhokair: financial discussion 39
Profit & loss 39
Balance sheet 41
Cash flow 41
Returns analysis 42
Alhokair: valuation 44
Price target derivation 44
Peer comparison 45
Alhokair: risks 47
Upside risk – change in management 47
Alhokair: brands held & pricing
comparisons 48
Alhokair: group structure 49
Financials & valuation: 50
Disclosure appendix 52
Disclaimer 55
Contents