JPM | FTM | Today’s Research | CEEMEA

Research evidence excerpt

JPM | FTM | Today’s Research | CEEMEA

CEEMEA Equity Research

CEEMEA First to Market 24 June 2026

Today’s Morning Meeting | Key Strategy & Macro Publications | Also Published Today | Key Changes | JPM

Events | Upcoming Earnings

Today’s Morning Meeting

Init | Rasan (Elena Jouronova, CFA) (RASAN AB, OW)

The KSA Insuretech Compounder – Initiate with OW and SAR175 PT

We initiate coverage of Rasan with an Overweight rating and Dec-27 DCF-based PT of SAR175/sh. As the leading insurtech

company in KSA, we view Rasan as an attractive play on the fast growing Saudi insurance market, where the regulator is

acting to enforce greater adoption and increase penetration rates, which we expect to drive a 12-14% GWP CAGR in 2025-

30E. Our bottom-up analysis of the opportunities across Rasan’s more mature, scaling and planned verticals leads us to model

2026-28E revenue, adj. EBITDA and adj. net income CAGRs of 23%, 24% and 25%, respectively. Our base case 2026-27

Revenue and Adj. Net income forecasts are 5-8% above Bloomberg consensus, while the deviation in outer years is c.15%

likely on the back of our more constructive view on Rasan’s ability to scale new verticals. Whilst Rasan’s shares have had an

impressive 315% run post IPO and are already trading at superior valuations, our analysis of a bull case scenario suggests

40%+ upside potential subject to more ambitious long-term penetration rates in health insurance, loan financing and a more

meaningful conversion in motor insurance from TPL to comprehensive.

Key Strategy & Macro Publications

EM Flows Weekly (Leonardo Tiago)

Stay stay stay: EM bond funds reverse back to inflows after previous outflow week

EM Flows Weekly includes fund flow data, non-resident EM portfolio flow data, weekly retail fund flow models, EM-dedicated