Company Valuation: Saudi Cement Company

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 8,384 7,803 8,048 6,525 5,269 4,232 - -
Change - -6.93% 3.14% -18.92% -19.25% -19.69% - -
Enterprise Value (EV) 1 8,677 8,059 8,378 6,945 5,455 4,308 4,274 4,232
Change - -7.11% 3.96% -17.11% -21.45% -21.03% -0.78% -0.99%
P/E 25.3x 19.5x 21.1x 15.5x 14.5x 11.1x 10.9x 10.6x
PBR 3.45x - 3.73x 2.91x 2.37x 1.82x 1.81x 1.78x
PEG - 1x -4.59x 1.4x -1.1x 2.3x 5.44x 4.15x
Capitalization / Revenue 5.95x 5.5x 5.51x 3.89x 3.15x 2.54x 2.39x 2.3x
EV / Revenue 6.16x 5.68x 5.73x 4.14x 3.26x 2.58x 2.41x 2.3x
EV / EBITDA 15.2x 12.7x 14.5x 10.7x 8.82x 7.02x 6.92x 6.86x
EV / EBIT 25.2x 20x 23.1x 16.2x 13.6x 10.8x 10.7x 10.4x
EV / FCF 12.3x 14.2x 18.5x 14.1x 13.7x 11.2x 11.4x 9.93x
FCF Yield 8.16% 7.03% 5.41% 7.1% 7.28% 8.94% 8.74% 10.1%
Dividend per Share 2 3.5 3.25 2.5 2.75 1.8 2.033 2.167 2.25
Rate of return 6.39% 6.37% 4.75% 6.45% 5.23% 7.35% 7.83% 8.13%
EPS 2 2.17 2.61 2.49 2.76 2.38 2.495 2.545 2.61
Distribution rate 161% 125% 100% 99.6% 75.6% 81.5% 85.1% 86.2%
Net sales 1 1,410 1,420 1,462 1,676 1,671 1,668 1,771 1,841
EBITDA 1 571.6 634.8 577 646.7 618.8 614 617.5 617
EBIT 1 344.3 403.9 362.4 428.5 402.1 400 400.7 405.5
Net income 1 331.9 398.8 381 421.9 363.7 302 361.7 399.5
Net Debt 1 292.1 256.2 330.7 419.8 186 76.2 42.4 -
Reference price 2 54.80 51.00 52.60 42.65 34.44 27.66 27.66 27.66
Nbr of stocks (in thousands) 153,000 153,000 153,000 153,000 153,000 153,000 - -
Announcement Date 01/03/22 20/03/23 07/03/24 06/03/25 10/03/26 - - -
1SAR in Million2SAR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.09x2.58x7.02x7.35% 1.13B
18.64x2.56x10.12x2.75% 45.79B
25.32x3.41x12.04x-.--% 15.47B
12.64x3.42x6.98x5.89% 13.03B
13.6x0.59x2.74x4.59% 12.68B
42.35x3.2x15.47x0.71% 8.27B
8.32x1.2x4.68x1.99% 7.75B
22x7.23x13.43x4.38% 7.57B
13.47x1.46x5.48x3.02% 6.33B
26.29x1.38x6.74x2.13% 5.76B
Average 19.37x 2.70x 8.47x 3.28% 12.38B
Weighted average by Cap. 19.50x 2.69x 9.07x 2.87%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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