Nahdi Medical Company | Europe: Quick Take: Off the 2Q26 Call

研报英文原文证据摘录

Nahdi Medical Company | Europe: Quick Take: Off the 2Q26 Call

Update

July 30, 2026 02:04 PM GMT

Morgan Stanley & Co. International plc (ADGM Branch)+MNahdi Medical Company | Europe Rashad Kawan

Equity Analyst

Quick Take: Off the 2Q26 Call Rashad.Kawan@morganstanley.com +971 2 596-3603

Nahdi Medical Company (4164.SE, NAHDI AB)

Challenging market backdrop, but Nahdi well positioned. Following 2Q26 results EEMEA - Consumer & Retail | Saudi Arabia

earlier this week (see our first take here), management just wrapped its quarterly Stock Rating Overweight

Industry View In-Line

conference call. Key messages (i) guidance reiterated, but remains subject to review Price target SAR 120.00

Shr price, close (Jul 29, 2026) SAR 94.70

in Q3 as market conditions evolve; (ii) weak market backdrop, but Nahdi is

52-Week Range SAR 130.50- 89.75

outperforming and gaining share; and (iii) private label business and competitive Mkt cap, curr (mn) SAR 12,311

Net debt (12/26e) (mn)* SAR 1,194

online presence is helping to support Nahdi's competitiveness despite increased EV, curr (mn)* SAR 13,540

competition from quick commerce providers. All-in, we continue to see Nahdi as

* = GAAP or approximated based on GAAP

best positioned to take advantage of longer-term structural tailwinds in the Saudi

retail pharmacy sector overall, and at ~15x 2026 P/E and a c.6% dividend yield see

valuation as undemanding. Having said that, we are more cautious near-term, with

limited catalysts in our minds to re-rate the stock in the coming months given

heightened competitive activity, limiting the ability to pass on higher costs as a

result of supply chain disruption from the ongoing conflict.

We share key takeaways from the call below:

• Guidance for the year reiterated; subject to review. Management reiterated