Riyad Capital raises Ma’aden target price to SAR 49/share, maintains buy

25/12/2014 Argaam

Riyad Capital maintained its buy rating on shares of Saudi Arabian Mining Company (Ma’aden) and raised the target price from SAR 47 per share to SAR 49.

The firm predicts that Ma’aden will grow its revenue and net profit of 17 percent and 23 percent respectively next year. For Q4-2014, the company is expected to book SAR 3193 million for revenue and SAR 648 million for net profit.

Riyad Capital added that Ma’aden can reduce the negative effects of declining gold prices by lifting its production levels in 2016 in order to take advantage of operating two new mines.

“Ma’aden is a long term investment that is suitable for investors who are ready to overlook short term price fluctuations”, the firm stressed. 

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