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 44,253 - -
Change - -1.92% -11.73% 20.66% -12.84% 4.21% - -
Enterprise Value (EV) 1 65,033 64,269 56,536 63,140 56,897 55,884 52,106 50,621
Change - -1.17% -12.03% 11.68% -9.89% -1.78% -6.76% -2.85%
P/E 11x 24.6x 15.1x 9.04x 12.2x 11.3x 10.6x 9.76x
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 0.78x 0.77x
EV / Revenue 1.56x 1.28x 1.34x 1.44x 1.05x 1.01x 0.92x 0.88x
EV / EBITDA 8.08x 10.2x 8.73x 5.83x 5.06x 4.71x 4.19x 3.88x
EV / EBIT 15.7x 25.1x 18.4x 8.95x 9.33x 8.47x 7.7x 6.99x
EV / FCF 10.2x 20.3x 12.6x 10.4x 10.7x 10.7x 7.32x 8.07x
FCF Yield 9.83% 4.93% 7.94% 9.59% 9.38% 9.38% 13.7% 12.4%
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% 7.41% 7.75% 8.75%
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 2 156.50 153.50 135.50 163.50 142.50 148.50 148.50 148.50
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.34x1.01x4.72x7.38% 1.34B
19.2x2.61x10.32x2.68% 47.46B
28.24x3.71x13.17x-.--% 17.5B
10.97x0.39x1.75x4.68% 13.07B
12.35x3.36x6.87x6.03% 12.83B
47.38x3.65x17.61x0.63% 9.31B
8.54x1.24x4.8x1.93% 8.03B
23.41x7.68x14.26x4.11% 7.92B
15.79x3.33x10.69x0.5% 6.15B
13.6x1.29x4.87x2.85% 5.83B
Average 19.08x 2.83x 8.90x 3.08% 12.94B
Weighted average by Cap. 20.04x 2.87x 9.63x 2.7%

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