National Medical Care’s BoD has recommended the distribution of a cash dividend of SAR1.0/share (total of SAR44.9mn) for 2017 versus no dividends in 2016 as a result of tight liquidity, coming in higher than our estimate of SAR0.4/share. The dividend implies a payout of 48%, broadly in line with the historical average payout, and a yield of c2%. The ex-dividend date will be the day following the AGM date, which is yet to be announced. 

National Medical Care: SAR48.08 as of 15 Feb. 2018, Rating: Neutral, TP: SAR47.00/share, MCap: USD576mn, CARE AB/4005.SE

Nada S. Amin

Hatem Alaa, CFA