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GCC valuation database · industry averages from audited accounts
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Mills المطاحن

Four mills buying wheat at the same administered price. What separates their returns is what each buyer paid at privatization.

GCC code GCC-MILTadawul sector Food & BeveragesCompanies 4 of 4Market value FY2025 SAR 9bnRevenue FY2025 SAR 3.9bn
ROIC FY2025
16.7%
WACC 9.4%
Spread
+7.3%
ROIC − WACC
EV/EBITDA
8.5×
P/E 9.3×
Dividend yield
5.6%
Payout 51.9%

FY2018–FY2025

Return on capital against its cost
WACC shown from the first year every company was listed
6%8%10%12%14%16%18%FY18FY19FY20FY21FY22FY23FY24FY25ROIC FY2018: 9.2%ROIC FY2019: 8.0%ROIC FY2020: 10.3%ROIC FY2021: 12.3%ROIC FY2022: 14.5%ROIC FY2023: 15.6%ROIC FY2024: 16.3%ROIC FY2025: 16.7%WACC FY2024: 7.5%WACC FY2025: 9.4%
ROICWACC
Margins
Industry totals
10%15%20%25%30%35%40%FY18FY19FY20FY21FY22FY23FY24FY25EBITDA margin FY2018: 24.8%EBITDA margin FY2019: 23.8%EBITDA margin FY2020: 29.9%EBITDA margin FY2021: 29.0%EBITDA margin FY2022: 36.1%EBITDA margin FY2023: 37.4%EBITDA margin FY2024: 36.2%EBITDA margin FY2025: 35.8%Net margin FY2018: 15.8%Net margin FY2019: 15.1%Net margin FY2020: 20.4%Net margin FY2021: 18.5%Net margin FY2022: 25.8%Net margin FY2023: 23.0%Net margin FY2024: 23.1%Net margin FY2025: 24.4%
EBITDA marginNet margin

Every dataset, by company

CompanyROICSpreadCapEx %Revenue growthP/EEV/EBITDADiv. yieldBeta
First Milling2283 · First Milling Co.15.1%+5.9%7.4%9.3%9.1×9.1×6.1%0.88
Modern Mills2284 · Modern Mills for Food Products Co.23.2%+13.6%13.3%3.1%10.4×9.6×7.0%1.08
Arabian Mills2285 · Arabian Mills for Food Products Co.14.3%+4.6%5.8%2.4%8.4×6.9×2.6%0.95
Fourth Milling2286 · Fourth Milling Co.18.1%+9.5%5.4%7.0%9.5×8.3×6.2%0.75
Mills (industry)16.7%+7.3%8.1%5.4%9.3×8.5×5.6%0.95

Column headings open the full dataset across all industries.

The Mills piece

How these companies make money, and what their returns say about it, explained from first principles.

Read it on research.aismaeel.com