Rasan: The KSA Insuretech Compounder – Initiate with OW and SAR175 PT

研报英文原文证据摘录

Rasan: The KSA Insuretech Compounder – Initiate with OW and SAR175 PT

Elena Jouronova, CFA AC CEEMEA Equity Research

(971) 4561-2010 24 June 2026 J P M O R G A N

elena.jouronova@jpmorgan.com

and adj. Net income forecasts, 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. Ample near-

term milestones that we see driving the stock include: (1) Abdul Latif Jameel 70k leased

car renewal volume migration in 2Q26/3Q26 to direct model; (2) clarity on Al Rajhi

leased cars contract migrating to the direct channel during 2026, representing 6% PT

potential upside if confirmed; (3) final regulatory approval and 2H26 launch of NextFin

Solutions; (4) enforcement actions in health following the GOSI-CHI integration; and (5)

full regulatory access to SME motor insurance following relaxation of the >5-fleet

aggregator restriction.

• Initiate at OW: We see superior multiples justified by strong growth prospects and

a sustainable margin profile. Whilst Rasan’s earnings valuation multiples appear

elevated (23.4x 2027E P/E, an 18% premium to the MENA tech median of 19.8x), in our

opinion this is justified by superior growth prospects and what we view as more

sustainable profitability (45% EBITDA margin vs. 20% for the MENA tech median)

owing to lower competitive pressure in the Saudi InsureTech industry in contrast with the

food delivery industry, for instance. We acknowledge that the premium leaves limited

room for execution slippage in newer verticals; this is a fair concern but, in our view, more

than offset by the durability of the core motor aggregation moat, the optionality

embedded in Treza direct-channel migration and the prospects of NextFin Solutions. Key