When you hear “AI stocks,” names like Nvidia, Palantir, Google, and even Tesla probably pop into your head.
And rightfully so — they’ve crushed it. Just look at Palantir: up 1,626% in the last five years.
But here’s something you probably don’t know...
There’s a company just like that — powering Saudi Arabia’s government since 1986.
It’s flying under the radar. But not for long.
Stay tuned.
📈The Stock: Elm (7203.SR)
Most of their operations are in the shadows — but chances are, you’ve already used them.
Muqeem – for passport and visa management
Efada – to access your medical test results
Mojaz – to check used vehicle history
And the list goes on: boring to most, but essential to millions.
Now, they’re going global — officially managing the digital infrastructure of Oman and Egypt.
In short: If you live in Saudi Arabia — and soon Egypt or Oman — you have to go through them.
💰Show me The Money
What we’re looking at here is a company that’s not just growing — it’s compounding.
Yes, it trades at a premium (high EV/EBITDA).
But here’s the key: earnings are rising faster than the valuation is falling.
In other words: it’s getting cheaper by the quarter.
Metric | 2023 | 2024 | Current |
Revenue (SAR B) | 5.90 | 7.41 | 7.65 |
Assets (SAR B) | 7.00 | 8.03 | 8.11 |
EV/EBITDA | 41.86 | 45.53 | 33.15 |
Return on Equity (%) | 38.52 | 39.34 | 41.48 |
They have very low debt levels (Around 10%) and are extremely sticky.
🥱What’s So Special?
Let’s be honest:
If Saudi Arabia wanted to switch their digital infrastructure provider tomorrow…
Pain of switch = 🔥 Off the charts
Likelihood of switch = 0%
Probability of making money over time? Close to 100%
You now know the AI stock everyone in Saudi uses — but no one talks about.
See You Next Sunday!