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
$3.37
52-week range
$2.25 - $7.89
Market cap
$30.55M
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 like a Spotify for the Middle East and North Africa, offering music and other entertainment like podcasts and videos through its apps. Most of its money comes from people subscribing to its services and from advertising, similar to how other streaming platforms make money. This matters because it shows how Anghami is building its business by keeping users engaged with a variety of content.
How the company got here
Anghami was founded in 2012 by Elie Habib and Eddy Maroun in Lebanon with the goal of combating music piracy in the Arab world by providing a legal alternative for streaming and downloading music [8, 9]. The company launched as a mobile-only app and has since expanded its services and headquarters to Abu Dhabi, UAE [5, 6]. Anghami was the first Arabic technology company to list on the Nasdaq stock exchange in March 2021, following a merger with a special purpose acquisition company (SPAC) [8, 9]. In April 2024, Anghami joined forces with OSN+, a leading video streaming platform, to create a digital entertainment powerhouse [7, 16].
What it actually does
Anghami is a digital entertainment platform that offers a wide range of services, including music, podcasts, music videos, live events, movies, and series [4, 7]. It provides access to over 100 million Arabic and international songs and podcasts, as well as a library of premium video content [7]. The platform is accessible on various devices such as mobile phones, tablets, desktops, laptops, smart TVs, and more [2]. Anghami operates on a freemium model, offering a free tier with advertisements and a premium subscription, Anghami Plus, which provides additional features like offline downloads and higher audio quality [5].
Revenue from subscriptions
This is Anghami's primary way of making money. Think of it like a Netflix or Spotify subscription, where users pay a monthly or yearly fee for access to all the content without ads and with extra features like downloading songs to listen to offline [5]. This segment is the largest contributor to Anghami's overall revenue [3].
Revenue from advertisement
This is how Anghami makes money from users who don't pay for a subscription. Advertisers pay Anghami to show their ads on the platform, similar to how TV channels make money by showing commercials [5]. These ads are displayed to users who are using the free version of Anghami's service.
Revenue from live events
Anghami also generates revenue by being involved in live events. This could include things like selling tickets to concerts, offering exclusive live performances on the platform, or partnering with event organizers [1]. This is a smaller part of Anghami's business compared to subscriptions and advertising.
What management is betting on now
Anghami is focusing on expanding its content library, especially in video, and strengthening its partnerships with other platforms like OSN+, Shahid, and Disney+ to offer bundled subscriptions [7, 11]. They are also investing in technology, such as AI-powered recommendations and advanced audio-visual features like Dolby Vision and Dolby Atmos, to improve user experience [7]. Management aims to drive revenue growth and improve profitability by optimizing advertising and integrating new features and content.
Price history
How the share price has moved
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Is it cheap or expensive?
Fair value — vs current price $3.37
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 $3.40M 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
1.12x
P/S
0.31x
EV/EBITDA
-0.11x
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
0.0%
Payout ratio
—
Last ex-div date
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