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First Milling Co. (2283.SR)

SAR52.00 -0.90 (-1.70%)
SA SAU Consumer Defensive Packaged Foods
Address Jeddah Islamic Port 22312
Jeddah, Makkah Province, SA
CEO Abdullah Abdul-Aziz Abdullah Ababtain
IPO 2023-06-22
ISIN SA15QGU13LH9

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Description

Operating within the Kingdom of Saudi Arabia, First Milling Company manufactures and distributes a comprehensive range of flour and associated products. Its diverse flour selection includes premium grades ideal for confectionery and specialized baking, bakery flour suitable for both traditional Arabic and various Western breads, whole wheat flour for healthier options, superior wheat flour for traditional meals, and specific varieties tailored for pastries and pizza. Beyond flour, the company also supplies an extensive range of animal feed products, such as livestock fattener, and feeds for lambs, horses, pigeons, and dairy cattle. Additionally, First Milling processes wheat into derivative products, primarily bran for animal consumption, alongside edible bran offerings. These offerings are marketed under the brand names Aloula, Naffa'a, and First Mills. Serving a broad clientele, First Milling caters to industrial entities, bakeries, restaurants, catering services, wholesalers, both modern and traditional trade channels, farms, feed distributors, and individual retail customers. Established in 1972, the company maintains its headquarters in Jeddah, Saudi Arabia.

Market Cap & Enterprise Value
Merger & Acquisition History

No mergers or acquisitions recorded for this company.

Technical Outlook
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Signal Summary Loading…
Indicator 1D1W2W3W1M
Each column is computed on that timeframe's candles (1D = daily, 1W ≈ weekly, 1M ≈ monthly), not on the same last day. ▲ bullish · ▼ bearish · — neutral. The Net row counts signals per column; hover any cell (or the indicator name) to see the exact rule behind it.
Day Score & sub-scores
Statistical fingerprint & regime detail
Conditional historical analysis
Customize analysis (advanced)
Indicative levels generated algorithmically. Not financial advice.
Risk Profile
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Price Chart
Averages
Trend
Price
Levels
Draw
SAR52.00 -0.90 (-1.70%)
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Volume Profile
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Liquidity & share structure
Average Volume
79.0K
Beta
0.09
Float Shares
16.56M
Free Float %
30.0%
Price Performance
1D5D1M3M6M YTD1Y3Y5Y10YMax
+0.00% +0.00% -5.04% +12.42% +5.82% +5.82% -4.51% -26.45% -26.45% -26.45% -26.45%
Rolling Volatility
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Drawdown
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Relative Strength
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Monthly Returns Heatmap
From To
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Annual Monthly Returns
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Daily Returns Distribution
vs.
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Revenue flow

Revenue by geography

Revenue by segment

From To

Revenue composition

From To

By product

By geography

Financial Statements

Income Statement

Balance Sheet

Cash Flow Statement

Key Metrics

Financial Ratios

Employees

Financial Growth (CAGR)

Market Data

Price Targets & DCF
Current price
52.00
DCF (Unlevered) 594.32 +1,042.9%
DCF (Levered) 470.37 +804.5%

DCF figures are point estimates: small changes in growth or discount-rate assumptions move them materially. Read them as a reference, not a precise target.

Ratings Trend (MoM) 0% Bullish
Rating 2026-05 Change
Strong Buy 0 0
Buy 0 0
Hold 2 0
Sell 0 0
Strong Sell 0 0
Quality scores
Altman Z-Score
2.07
Grey zone
Piotroski F-Score
7 / 9
Strong
MOAT Score
5 / 10
Developing
Operational MOAT
✗ Below peers
  • Revenue growth Packaged Foods: +4.4%
    +9.3% Q1'26: +17.3% (vs Q1'25)
  • EPS growth Packaged Foods: +14.6%
    +10.9% Q1'26: +1.4% (vs Q1'25)
  • FCF margin FCF growth · Packaged Foods: +15.9%
    +20.6% Q1'26: +19.2% (vs Q1'25)
  • EBIT margin Packaged Foods: +7.9%
    +29.6% Q1'26: +29.7% (vs Q1'25)
  • ROIC Packaged Foods: +7.0%
    +14.8% Q1'26: +17.9% (vs Q1'25)
  • Share dilution Packaged Foods: +0.0%
    -0.2% Q1'26: -0.2% (vs Q1'25)
  • Debt / EBITDA Net debt/EBITDA · Packaged Foods: 0.19×
    3.15× Q1'26: 2.89× (vs Q1'25)
Valuation Multiples From To
Price Forecast (3Y) From To
Model
Adjust
P/E
Theoretical Return — If Invested Today

* These projections are based on analyst consensus estimates and user-defined valuation multiples. This table is for informational purposes only and does not constitute a recommendation to buy or sell any security. Past performance is not indicative of future results.

DCF Interactive Model (UFCF)
Projection years:
Market assumptions
WACC components (optional)
Ke (Cost of Equity) = Rf + β (0.14) × ERP
WACC = 69% × Ke + 31% × Kd (5.8%) × (1−t)

Modifying these values recalculates WACC automatically.

Business assumptions
Intrinsic value (base): 601.14 Current price: 52.00
Enterprise Value: Equity Value: Terminal Value: TV as % of EV:

Base values reflect the latest available data for this company and market conditions.

Consensus Estimates
Metric Dec 2023
actual
Dec 2024
actual
Dec 2025
actual
Dec 2026
1 Rev. Ana.
1 EPS Ana.
Dec 2027
1 Rev. Ana.
1 EPS Ana.
Dec 2028
1 Rev. Ana.
1 EPS Ana.
Dec 2029
1 Rev. Ana.
1 EPS Ana.
Revenue
964.26M
est: 1.01B (-4.9%)
1.05B
est: 1.05B (0.0%)
1.15B
est: 1.13B (+1.7%)
1.25B
1.25B – 1.25B
+10.5% YoY
1.32B
1.32B – 1.32B
+5.6% YoY
1.39B
1.36B – 1.42B
+5.4% YoY
1.46B
1.46B – 1.46B
+5.4% YoY
EBITDA
365.69M
est: 405.42M (-9.8%)
403.14M
est: 419.60M (-3.9%)
402.17M
est: 451.00M (-10.8%)
498.40M
498.40M – 498.40M
+10.5% YoY
526.40M
526.40M – 526.40M
+5.6% YoY
554.80M
542.20M – 567.40M
+5.4% YoY
584.80M
584.80M – 584.80M
+5.4% YoY
EBIT
317.47M
est: 351.89M (-9.8%)
346.83M
est: 364.20M (-4.8%)
339.70M
est: 391.45M (-13.2%)
432.59M
432.59M – 432.59M
+10.5% YoY
456.90M
456.90M – 456.90M
+5.6% YoY
481.55M
470.61M – 492.48M
+5.4% YoY
507.58M
507.58M – 507.58M
+5.4% YoY
Net Income
220.21M
250.90M
est: 239.60M (+4.7%)
277.40M
est: 272.67M (+1.7%)
293.52M
293.52M – 293.52M
+7.6% YoY
312.42M
312.42M – 312.42M
+6.4% YoY
334.10M
334.10M – 334.10M
+6.9% YoY
357.45M
357.45M – 357.45M
+7.0% YoY
SGA
47.97M
est: 57.20M (-16.1%)
57.18M
est: 59.20M (-3.4%)
64.83M
est: 63.63M (+1.9%)
70.32M
70.32M – 70.32M
+10.5% YoY
74.27M
74.27M – 74.27M
+5.6% YoY
78.28M
76.50M – 80.05M
+5.4% YoY
82.51M
82.51M – 82.51M
+5.4% YoY
EPS
3.97
4.53
est: 4.31 (+5.1%)
4.99
est: 4.91 (+1.7%)
5.28
5.28 – 5.28
+7.6% YoY
5.62
5.62 – 5.62
+6.4% YoY
6.01
6.01 – 6.01
+6.9% YoY
6.43
6.43 – 6.43
+7.0% YoY
Historical Ratings (3M)
Date Rating Overall DCF ROE ROA D/E P/E P/B
2026-05-21 A- 4/5 4/5 5/5 5/5 1/5 3/5 2/5
2026-05-20 A- 4/5 4/5 5/5 5/5 1/5 3/5 2/5
2026-05-19 A- 4/5 4/5 5/5 5/5 1/5 3/5 2/5
2026-05-18 C 2/5 4/5 1/5 1/5 1/5 3/5 1/5
2026-05-17 C+ 2/5 4/5 1/5 1/5 1/5 4/5 1/5
2026-05-14 C+ 2/5 4/5 1/5 1/5 1/5 4/5 1/5
2026-05-13 C+ 2/5 4/5 1/5 1/5 1/5 4/5 1/5
2026-05-12 C+ 2/5 4/5 1/5 1/5 1/5 4/5 1/5
2026-05-11 C+ 2/5 4/5 1/5 1/5 1/5 4/5 1/5
2026-05-10 C+ 2/5 4/5 1/5 1/5 1/5 4/5 1/5
2026-05-07 C+ 2/5 5/5 1/5 1/5 1/5 4/5 1/5
2026-05-06 C+ 2/5 5/5 1/5 1/5 1/5 4/5 1/5
2026-05-05 A 4/5 5/5 5/5 5/5 1/5 4/5 2/5
2026-05-04 A 4/5 5/5 5/5 5/5 1/5 4/5 2/5
2026-05-03 A 4/5 5/5 5/5 5/5 1/5 4/5 2/5
2026-04-30 A 4/5 5/5 5/5 5/5 1/5 4/5 2/5
2026-04-29 A 4/5 5/5 5/5 5/5 1/5 4/5 2/5
2026-04-28 A 4/5 5/5 5/5 5/5 1/5 4/5 2/5
2026-04-27 A 4/5 5/5 5/5 5/5 1/5 4/5 2/5
2026-04-26 A 4/5 5/5 5/5 5/5 1/5 4/5 2/5
2026-04-23 A 4/5 5/5 5/5 5/5 1/5 4/5 2/5
2026-04-22 A 4/5 5/5 5/5 5/5 1/5 4/5 2/5
2026-04-21 A 4/5 5/5 5/5 5/5 1/5 4/5 2/5
2026-04-20 A 4/5 5/5 5/5 5/5 1/5 4/5 2/5
2026-04-19 A 4/5 5/5 5/5 5/5 1/5 4/5 2/5
2026-04-16 A 4/5 5/5 5/5 5/5 1/5 4/5 2/5

Owner Earnings

Owner's Earnings (history) From To
Owner alignment
Owner's Earnings TTM
408.13M
OE per share TTM
7.30
Owner's Yield
14.25%
Maintenance CapEx ratio
41.34%
Maint CapEx / Avg PPE
102.0%

Ownership Overview

Ownership breakdown

Ownership breakdown not available.

At a glance
Institutional holders
Total invested
Insider transactions (90d)
0
Beneficial owners (>5%)
0
Beneficial owners (>5%)

No beneficial ownership filings recorded.

Institutional Activity (13F)

Institutional ownership trend

Institutional history not available.

Top institutional holders

Top holders not available.

ETF Ownership

Top ETFs holding this stock Held by 25 ETFs in our universe
# ETF Weight Est. AUM exposure TER
1 iShares MSCI Saudi Arabia ETF KSA 0.12% 752.1K 0.75%
2 iShares MSCI EM Small Cap UCITS ETF IEMS.L 0.01% 46.9K 0.74%
3 State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF EMSD.L 0.01% 61.1K 0.55%
4 Dimensional - Emerging Markets Core Equity 2 ETF DFEM 0.00% 432.3K 0.39%
5 Dimensional - Emerging Markets ex China Core Equity ETF DEXC 0.00% 12.0K 0.56%
6 iShares Core MSCI EM IMI UCITS ETF EIMU.L 0.00% 42.4K 0.18%
7 iShares Core MSCI EM IMI UCITS ETF EIMI.L 0.00% 1.03M 0.18%
8 Dimensional - Emerging Core Equity Market ETF DFAE 0.00% 195.4K 0.29%
9 iShares Core MSCI Emerging Markets ETF IEMG 0.00% 2.93M 0.09%
10 iShares MSCI EM IMI Screened UCITS ETF SEDM.L 0.00% 24.9K 0.18%

Insider Activity

Insider Activity — Latest Quarter

No insider activity available.

Insider buys vs sells (history)

Insider history not available.

Recent insider transactions

No recent insider transactions.

Executive team

Top executives
EBIT / Employee
474.4K
Shares Outstanding
55.20M

Executive compensation

Executive compensation (annual)

Executive compensation not available.

CEO compensation breakdown

No CEO compensation history available.

Proxy statements

Proxy statements (DEF 14A)

No proxy statements available for this company yet.

Recent SEC filings

Recent SEC filings

No SEC filings available for this company yet.

Executive team

NameTitleCompensationGender
Abdullah Abdulaziz Abdullah Ababtain Chief Executive Officer male
Ahmed Elmorsi Hussain Kadous Chief Commercial Officer male
Alaa El-Din Mohamed Shousha Secretary of the Board of Directors & Financial Director male
Ismail Mohammed Ali Albadri Chief Quality Assurance & Safety Officer male
Michael Joachim Albers Chief Operations Officer male
Mohammed Bakar Nouri Kotah Chief Transformation Officer male
Thamir Mohammed Saleh Hamdan Al-Sheikh Chief Human Capital Officer male
ESG Score History

No data available for this company.

Senate Trading Activity

No Senate trading activity found for this company.

House Trading Activity

No House trading activity found for this company.

Market share among peers
Peer comparison — filtered group (TTM)
Your opinion

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Dividend yield history

Dividend history

Earnings history

Earnings reports

Stock splits