Evermore Research
Elm Company
Scale without sacrificing returns
Initiation research
Elm operates digital platforms used by government agencies and businesses across Saudi Arabia. Its core digital services generate most of the group’s profit, but the acquisition of Thiqah has added lower-margin activities and a new set of challenges.
Our initiation note examines whether Elm can keep growing without weakening its returns. We look at Thiqah’s integration, operating margins, cash generation and valuation, alongside our forecasts ahead of the Q3 results.
James Mickleboro · Evermore Research
22 pages · PDF
Intended for US readers only. General, impersonal investment research. Read the sources and research disclosure on page 22.
Read report (PDF)