Company Valuation: Associated Commercial Company Limited

Data adjusted to current consolidation scope
Fiscal Period: June 2020 2021 2022 2023 2024 2025
Market Cap 1 200 196.6 193.2 197.7 227.4 245.2
Change - -1.71% -1.74% 2.37% 15.03% 7.79%
Enterprise Value (EV) 1 140.2 118.8 149.3 168.8 149.7 109
Change - -15.26% 25.62% 13.11% -11.33% -27.2%
P/E 8.46x 4.83x 2.7x 2.71x 3.3x 3.74x
PBR 0.48x 0.43x 0.36x 0.34x 0.35x 0.32x
PEG - 0.1x 0x 1.46x -0.59x -0.78x
Capitalization / Revenue 0.83x 0.73x 0.41x 0.41x 0.53x 0.46x
EV / Revenue 0.58x 0.44x 0.32x 0.35x 0.35x 0.2x
EV / EBITDA 7.54x 4.8x 2.7x 2.66x 2.18x 1.47x
EV / EBIT 8.78x 5.38x 2.84x 2.77x 2.36x 1.59x
EV / FCF 16.6x 8.59x -3.43x -6.17x 4.37x 2.5x
FCF Yield 6.03% 11.6% -29.2% -16.2% 22.9% 39.9%
Dividend per Share 2 3 3 4.2 4.5 4.7 5
Rate of return 1.71% 1.74% 2.49% 2.6% 2.36% 2.33%
EPS 2 20.67 35.63 62.68 63.84 60.24 57.37
Distribution rate 14.5% 8.42% 6.7% 7.05% 7.8% 8.72%
Net sales 1 240.8 268.9 471.6 485.6 429 534.2
EBITDA 1 18.61 24.73 55.35 63.43 68.8 74.37
EBIT 1 15.97 22.08 52.5 61 63.36 68.67
Net income 1 23.63 40.72 71.64 72.97 68.86 65.57
Net Debt 1 -59.79 -77.76 -43.88 -28.88 -77.73 -136.2
Reference price 2 175.00 172.00 169.00 173.00 199.00 214.50
Nbr of stocks (in thousands) 1,143 1,143 1,143 1,143 1,143 1,143
Announcement Date 9/30/20 9/30/21 9/28/22 11/28/23 8/29/24 10/16/25
1MUR in Million2MUR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 5.33M
20.62x0.88x10.55x3.2% 18.24B
11.77x0.72x6.71x - 6.76B
9.23x0.35x4.77x4.52% 3.66B
12.61x0.61x8.54x0.17% 3.08B
29.96x3.56x18.11x2.39% 976M
11.35x - - - 944M
11.93x - - 3.05% 708M
13.78x1.08x6.77x2.48% 308M
Average 15.16x 1.20x 9.24x 2.64% 3.85B
Weighted average by Cap. 16.75x 0.84x 9.12x 2.99%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation Associated Commercial Company Limited