Company Valuation: Asia Cement Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 157,069 145,383 147,005 143,281 131,932 117,037 - -
Change - -7.44% 1.12% -2.53% -7.92% -11.29% - -
Enterprise Value (EV) 1 187,402 171,976 244,955 182,449 180,650 136,662 146,566 125,190
Change - -8.23% 42.43% -25.52% -0.99% -24.35% 7.25% -14.58%
P/E 9.43x 11.3x 12.6x 10.5x 12.4x 10.9x 10.2x 10.6x
PBR 1x 0.9x 0.81x 0.74x 0.73x 0.63x 0.59x 0.59x
PEG - -0.5x -1.31x 0.6x -0.6x 8.15x 1.41x -2.47x
Capitalization / Revenue 1.75x 1.61x 1.83x 1.88x 1.86x 1.62x 1.61x 1.57x
EV / Revenue 2.09x 1.9x 3.05x 2.39x 2.54x 1.89x 2.02x 1.68x
EV / EBITDA 8.29x 12.9x 20.1x 14.5x 14.4x 11.5x 11x 10.2x
EV / EBIT 10.6x 20.1x 32.8x 22.9x 21.5x 19x 18.3x 16.3x
EV / FCF 35.1x 13.6x 76.8x 8.77x 14.1x 7.86x 23.8x -
FCF Yield 2.85% 7.35% 1.3% 11.4% 7.09% 12.7% 4.2% -
Dividend per Share 2 3.4 2.3 2.1 2.2 2.3 1.877 1.864 1.56
Rate of return 7.67% 5.61% 5.07% 5.45% 6.18% 5.69% 5.65% 4.73%
EPS 2 4.7 3.63 3.28 3.85 2.99 3.03 3.249 3.11
Distribution rate 72.3% 63.4% 64% 57.1% 76.9% 62% 57.4% 50.2%
Net sales 1 89,655 90,341 80,183 76,297 71,039 72,210 72,561 74,444
EBITDA 1 22,616 13,341 12,216 12,549 12,575 11,898 13,344 12,259
EBIT 1 17,686 8,571 7,460 7,964 8,406 7,188 8,013 7,674
Net income 15,068 12,016 10,883 12,890 10,030 - - -
Net Debt 1 30,333 26,593 97,949 39,168 48,718 19,625 29,530 8,153
Reference price 2 44.30 41.00 41.45 40.40 37.20 33.00 33.00 33.00
Nbr of stocks (in thousands) 3,545,572 3,545,928 3,546,563 3,546,563 3,546,563 3,546,563 - -
Announcement Date 3/31/22 3/16/23 3/15/24 3/17/25 3/16/26 - - -
1TWD in Million2TWD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
10.92x1.9x11.52x5.67% 3.62B
20.68x2.76x10.92x2.51% 50.25B
25.05x3.52x12.7x-.--% 15.42B
11.17x0.41x1.88x4.6% 13.53B
12.35x3.36x6.87x6.03% 12.69B
47.24x4.06x19.04x0.59% 10.15B
8.9x1.34x5.05x1.83% 8.59B
23.41x7.68x14.26x4.11% 7.84B
16.82x3.58x11.19x0.47% 6.86B
12.45x1.24x4.66x3.12% 5.58B
Average 18.90x 2.98x 9.81x 2.89% 13.45B
Weighted average by Cap. 20.05x 2.92x 10.03x 2.68%

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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