Company Valuation: Siam City Cement

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 46,637 45,743 40,379 48,723 42,465 44,402 - -
Change - -1.92% -11.73% 20.66% -12.84% 4.56% - -
Enterprise Value (EV) 1 65,033 64,269 56,536 63,140 56,897 56,032 52,256 50,770
Change - -1.17% -12.03% 11.68% -9.89% -1.52% -6.74% -2.84%
P/E 11x 24.6x 15.1x 9.04x 12.2x 11.3x 10.6x 9.79x
PBR 1.24x 1.38x 1.22x 1.4x 1.32x 1.36x 1.32x 1.29x
PEG - -0.4x 0.3x 0x -0.3x 0.9x 1.57x 1.14x
Capitalization / Revenue 1.12x 0.91x 0.96x 1.11x 0.78x 0.8x 0.79x 0.77x
EV / Revenue 1.56x 1.28x 1.34x 1.44x 1.05x 1.01x 0.93x 0.89x
EV / EBITDA 8.08x 10.2x 8.73x 5.83x 5.06x 4.72x 4.2x 3.89x
EV / EBIT 15.7x 25.1x 18.4x 8.95x 9.33x 8.5x 7.72x 7.01x
EV / FCF 10.2x 20.3x 12.6x 10.4x 10.7x 8.25x 7.34x 8.1x
FCF Yield 9.83% 4.93% 7.94% 9.59% 9.38% 12.1% 13.6% 12.3%
Dividend per Share 2 9 9 7 11 11 11 11.52 13
Rate of return 5.75% 5.86% 5.17% 6.73% 7.72% 7.38% 7.73% 8.72%
EPS 2 14.25 6.23 9 18.08 11.72 13.14 14.02 15.22
Distribution rate 63.2% 144% 77.8% 60.8% 93.9% 83.7% 82.1% 85.4%
Net sales 1 41,678 50,126 42,218 43,790 54,198 55,266 56,386 57,295
EBITDA 1 8,046 6,291 6,476 10,837 11,256 11,875 12,434 13,035
EBIT 1 4,153 2,563 3,066 7,054 6,098 6,594 6,770 7,245
Net income 1 4,248 1,857 2,682 5,388 3,493 3,914 4,178 4,536
Net Debt 1 18,396 18,526 16,157 14,417 14,432 11,630 7,854 6,368
Reference price 2 156.50 153.50 135.50 163.50 142.50 149.00 149.00 149.00
Nbr of stocks (in thousands) 298,000 298,000 298,000 298,000 298,000 298,000 - -
Announcement Date 11/02/22 10/02/23 09/02/24 27/02/25 20/02/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
11.34x1.01x4.72x7.38% 1.32B
20.67x2.76x10.91x2.51% 50.13B
23.99x3.42x12.3x-.--% 14.99B
11.19x0.41x1.87x4.59% 13.36B
12.35x3.36x6.87x6.03% 12.68B
47.03x4.04x18.95x0.59% 10.02B
8.65x1.29x4.88x1.88% 8.28B
24x7.87x14.6x4.01% 8.03B
16.58x3.54x11.06x0.47% 6.6B
12.66x1.25x4.7x3.07% 5.52B
Average 18.85x 2.90x 9.09x 3.05% 13.09B
Weighted average by Cap. 20.10x 2.93x 9.90x 2.65%

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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  4. Valuation Siam City Cement