How much market risk does each business carry?
FY2022 · industries and their companies
IndustryCompanyRaw beta against TASI. 1.0 moves with the market.
| Industry | Raw beta | Debt/equity (market) | Effective tax rate | Unlevered beta | Cost of equity |
|---|---|---|---|---|---|
| 0.70 | 15.3% | 0.2% | 0.61 | 9.5% | |
| stc7010 | 0.53 | 7.5% | 0.2% | 0.49 | 8.2% |
| Mobily7020 | 0.83 | 48.8% | 0.1% | 0.56 | 10.4% |
| Zain KSA7030 | 0.73 | 74.0% | 0.0% | 0.42 | 9.7% |
| – | – | 1.6% | – | – | |
| First Milling2283 | – | 202.5% | 0.0% | – | – |
| Modern Mills2284 | – | – | 0.0% | – | – |
| Arabian Mills2285 | – | 330.6% | 1.2% | – | – |
| Fourth Milling2286 | – | 57.0% | 6.1% | – | – |
| – | – | 0.0% | – | – | |
| Budget Saudi4260 | 0.43 | 18.2% | 0.0% | 0.36 | 7.5% |
| Theeb4261 | 0.52 | 50.8% | 0.0% | 0.35 | 8.2% |
| Lumi4262 | – | 67.3% | 0.0% | – | – |
| – | – | 0.0% | – | – | |
| Maharah1831 | 0.66 | 49.2% | 0.0% | 0.44 | 9.2% |
| Al Mawarid1833 | – | 7.1% | 0.0% | – | – |
| SMASCO1834 | – | 5.0% | 0.0% | – | – |
| Tamkeen1835 | – | – | 0.0% | – | – |
| All covered industries | – | – | – | – | – |
How much market risk does each business carry?
FY2023 · industries and their companies
IndustryCompanyRaw beta against TASI. 1.0 moves with the market.
| Industry | Raw beta | Debt/equity (market) | Effective tax rate | Unlevered beta | Cost of equity |
|---|---|---|---|---|---|
| 0.86 | 18.5% | 0.3% | 0.73 | 10.5% | |
| stc7010 | 0.99 | 13.0% | 0.4% | 0.88 | 11.2% |
| Mobily7020 | 0.91 | 30.5% | 0.1% | 0.70 | 10.7% |
| Zain KSA7030 | 0.67 | 70.7% | 0.0% | 0.39 | 9.4% |
| – | – | 1.5% | – | – | |
| First Milling2283 | 0.99 | 37.9% | 0.0% | 0.72 | 11.2% |
| Modern Mills2284 | – | – | 0.0% | – | – |
| Arabian Mills2285 | – | 165.6% | 0.0% | – | – |
| Fourth Milling2286 | – | 58.9% | 7.7% | – | – |
| – | – | 0.0% | – | – | |
| Budget Saudi4260 | 0.78 | 15.2% | 0.0% | 0.68 | 10.0% |
| Theeb4261 | 0.69 | 65.3% | 0.0% | 0.42 | 9.5% |
| Lumi4262 | 0.50 | 26.1% | 0.0% | 0.39 | 8.4% |
| – | – | 0.0% | – | – | |
| Maharah1831 | 0.76 | 20.9% | 0.0% | 0.63 | 9.9% |
| Al Mawarid1833 | 1.17 | 2.9% | 0.0% | 1.13 | 12.2% |
| SMASCO1834 | – | 4.9% | 0.0% | – | – |
| Tamkeen1835 | – | – | 0.0% | – | – |
| All covered industries | – | – | – | – | – |
How much market risk does each business carry?
FY2024 · industries and their companies
IndustryCompanyRaw beta against TASI. 1.0 moves with the market.
| Industry | Raw beta | Debt/equity (market) | Effective tax rate | Unlevered beta | Cost of equity |
|---|---|---|---|---|---|
| 0.74 | 13.7% | 0.4% | 0.65 | 10.0% | |
| stc7010 | 0.71 | 8.0% | 0.5% | 0.65 | 9.8% |
| Mobily7020 | 0.85 | 23.0% | 0.1% | 0.69 | 10.5% |
| Zain KSA7030 | 0.67 | 105.1% | 0.0% | 0.32 | 9.6% |
| 0.33 | 33.8% | 1.3% | 0.25 | 7.8% | |
| First Milling2283 | 0.87 | 44.3% | 0.0% | 0.60 | 10.6% |
| Modern Mills2284 | 0.92 | 26.2% | 0.0% | 0.73 | 10.9% |
| Arabian Mills2285 | 0.55 | 44.8% | 0.0% | 0.38 | 8.9% |
| Fourth Milling2286 | 0.61 | 18.0% | 6.3% | 0.52 | 9.3% |
| 0.75 | 44.2% | 0.0% | 0.52 | 10.0% | |
| Budget Saudi4260 | 0.55 | 34.8% | 0.0% | 0.41 | 9.0% |
| Theeb4261 | 0.82 | 66.9% | 0.0% | 0.49 | 10.4% |
| Lumi4262 | 0.85 | 43.2% | 0.0% | 0.59 | 10.5% |
| 1.14 | 9.1% | 0.0% | 1.04 | 12.0% | |
| Maharah1831 | 1.13 | 28.6% | 0.0% | 0.88 | 12.0% |
| Al Mawarid1833 | 0.99 | 4.6% | 0.0% | 0.94 | 11.3% |
| SMASCO1834 | 1.36 | 1.5% | 0.0% | 1.34 | 13.2% |
| Tamkeen1835 | 1.00 | 0.9% | 0.0% | 0.99 | 11.3% |
| All covered industries | – | – | – | – | – |
How much market risk does each business carry?
FY2025 · industries and their companies
IndustryCompanyRaw beta against TASI. 1.0 moves with the market.
| Industry | Raw beta | Debt/equity (market) | Effective tax rate | Unlevered beta | Cost of equity |
|---|---|---|---|---|---|
| 0.94 | 13.5% | 0.5% | 0.83 | 10.8% | |
| stc7010 | 0.70 | 8.1% | 0.6% | 0.65 | 9.6% |
| Mobily7020 | 1.18 | 18.5% | 0.1% | 0.99 | 11.9% |
| Zain KSA7030 | 0.95 | 110.7% | 0.0% | 0.45 | 10.8% |
| 0.95 | 38.5% | 0.7% | 0.69 | 10.8% | |
| First Milling2283 | 0.88 | 48.7% | 0.0% | 0.59 | 10.5% |
| Modern Mills2284 | 1.08 | 34.7% | 0.0% | 0.80 | 11.4% |
| Arabian Mills2285 | 0.95 | 48.2% | 0.0% | 0.64 | 10.8% |
| Fourth Milling2286 | 0.75 | 19.7% | 3.2% | 0.63 | 9.8% |
| 1.08 | 59.8% | -0.0% | 0.68 | 11.5% | |
| Budget Saudi4260 | 1.06 | 47.1% | -0.1% | 0.72 | 11.3% |
| Theeb4261 | 1.01 | 80.7% | 0.0% | 0.56 | 11.1% |
| Lumi4262 | 1.16 | 57.9% | 0.0% | 0.73 | 11.8% |
| 1.05 | 6.1% | -0.1% | 0.99 | 11.3% | |
| Maharah1831 | 1.02 | 13.8% | -0.2% | 0.90 | 11.2% |
| Al Mawarid1833 | 1.08 | 4.2% | 0.0% | 1.04 | 11.4% |
| SMASCO1834 | 1.12 | 2.4% | 0.0% | 1.09 | 11.6% |
| Tamkeen1835 | 1.00 | 1.1% | 0.0% | 0.99 | 11.1% |
| All covered industries | – | – | – | – | – |
Industry rows add company figures first, then take the ratio, so larger companies weigh more. A dash means not every company was listed at that year end, or the figure is being corrected for a share-count change (stc before FY2022, Zain KSA before FY2020).
Definitions
- Raw beta
- Slope of daily returns against TASI daily returns within the calendar year. Not adjusted toward 1.
- Unlevered beta
- Raw beta ÷ (1 + (1 − tax rate) × debt/equity).
- Cost of equity
- Risk-free rate + beta × equity risk premium + country risk premium.