NCI: High Growth and Increasing Margins Meets Compelling Valuation

What you need to know: • NTG is a high-growth IT services and software company, providing solutions to large enterprise clients in Saudi Arabia. • The Company provides direct exposure to the economic growth of Saudi Arabia which is investing US$1.3T in its Vision 2030 plan. • NTG has seen margins dip in 2025 due to expanding its workforce, however, we expect margin expansion going forward. • The stock has pulled back 63% off its highs, now trading at 3.7x 2026E EBITDA, making for a strong entry...