التحليلات

Saudi Telecom (STC) — Q1 2026 Research Note

STC delivered steady Q1-26 results — revenue up 3.8% to SAR 19.9bn and normalized earnings up ~12% — on gross-margin expansion and subscriber growth, even as its Channels line keeps shrinking. The stock sits at a crossroads: Aljazira Capital sees ~16% upside to a SAR 49.6 target, while a conservative discounted-cash-flow lens reads it as already full at SAR 43.