One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Anghami Inc.
ANGH · NCM · Communication Services · Entertainment
Current price
$3.88
52-week range
$2.25 - $7.89
Market cap
$35.16M
Balance sheet
Healthy
-14.34x Concerning
Net cash $22.13M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
2 Risks
1 rewards · 2 risks
- Reward Revenue grew 27.2% last year.
- Risk Return on equity was -211.6% last year — the company lost money on shareholders' equity.
- Risk Operating margin compressed from -31.2% to -70.4% over 3 years.
What this company does
Anghami Inc.
Anghami is a streaming service, much like Spotify or Netflix, that focuses specifically on the Middle East and North Africa. The company makes money from user subscriptions, which create recurring revenue (predictable income from customers paying a regular fee), and by selling ads to businesses. Its focus on this region allows it to offer a large library of local Arabic music and content that larger global competitors may not have.
How the company got here
Anghami, which means "my tunes" in Arabic, was started in 2012 by two entrepreneurs in Lebanon. At the time, music piracy (illegally downloading songs) was common in the Middle East and North Africa because popular streaming services weren't available. Anghami was created as the first legal music streaming platform in the region, offering a huge library of both Arabic and international music. A key to its early growth was partnering with telecom companies to bundle the app with mobile data plans, making it more affordable for users. In 2022, Anghami became the first Arab technology company to be listed on the Nasdaq stock exchange in the United States.
What it actually does
Anghami is a digital entertainment service, much like Spotify or Apple Music, but focused on the Middle East and North Africa. Through its app, you can stream millions of songs and podcasts, watch music videos, and even access movies and TV shows. The company has a massive library of both Arabic and international content. Anghami offers both a free version with advertisements and a paid subscription called Anghami Plus that removes ads and allows you to download music to listen to when you're not connected to the internet. The service is available on a wide range of devices, from smartphones and computers to smart speakers and gaming consoles.
Subscriptions
This is Anghami's main way of making money, bringing in the majority of its revenue (the total money a company earns from its business activities). Customers pay a regular fee, usually monthly, for a premium subscription called Anghami Plus. This subscription gives them benefits like ad-free listening and the ability to download songs and podcasts to their devices. A significant portion of these subscriptions are sold through partnerships with mobile phone operators in the region, who offer bundled deals to their customers.
Advertising
For users who don't want to pay for a subscription, Anghami offers a free version of its service that is supported by ads. This is a smaller but still important part of their business. Companies pay Anghami to play audio and show video advertisements to these free listeners, similar to commercials on the radio or on YouTube. This allows Anghami to earn money from a much larger group of users, some of whom may eventually decide to pay for a subscription to get rid of the ads.
Live Events and Other Revenue
Anghami also makes money from activities related to live entertainment. This can include things like selling tickets to concerts and other events. The company has also explored creating physical entertainment venues. While a smaller part of the business, these efforts help to connect the digital streaming world with real-life experiences for music fans.
What management is betting on now
Management is focused on growing the company by attracting more users and expanding its content, rather than on immediate profitability (making more money than it spends). A major part of this strategy is the recent integration with OSN+, a video streaming service, to create a combined platform for both music and video. They are also heavily invested in strategic partnerships with other major companies to bundle their service and reach new customers. By expanding their offerings and making their platform more accessible, they aim to become the go-to digital entertainment hub in the Middle East and North Africa.
Price history
How the share price has moved
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Is it cheap or expensive?
Fair value — vs current price $3.88
We couldn't calculate a fair value right now.
Is it drowning in debt?
Healthy
Net cash $22.1M - more cash than debt. Interest coverage -14.3x.
Net debt
$-22.13M
Interest coverage
-14.34x
Anghami Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 3 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
ANGH
BASELINE
Anghami Inc.
Total debt $126.18K Interest coverage -14.34x This is the baseline the peer rows are being compared against.
Total debt $14.42M Interest coverage -3.98x Neither company has much profit cushion over interest right now.
Total debt $18.82M Interest coverage -17.92x Neither company has much profit cushion over interest right now.
Total debt $26.07M Interest coverage -31.09x Neither company has much profit cushion over interest right now.
Total debt $3.38M Interest coverage 7,832.04x This peer still has a real interest-payment cushion, while ANGH does not.
What you should know
The case for and against ANGH
1 Reward
2 Risks
Rewards
-
Revenue grew 27.2% last year.
Risks
-
Return on equity was -211.6% last year — the company lost money on shareholders' equity.
-
Operating margin compressed from -31.2% to -70.4% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
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P/B
1.29x
P/S
0.35x
EV/EBITDA
-0.18x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
-25.4%
Operating margin
-70.4%
Net margin
-90.1%
ROE
-211.6%
ROA
-38.0%
Health
Liquidity and balance-sheet strength
Debt / equity
0.00x
Current ratio
0.49x
Quick ratio
0.47x
Total debt
$126.18K
Total cash
$22.26M
Growth
How the business has been compounding
Revenue TTM
$99.30M
Revenue 5Y CAGR
27.0%
EPS TTM
-13.16
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-36.25M
Free CF TTM
$-37.04M
FCF margin
-37.3%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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