Company Valuation: National Cement Company

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 818.1 803.7 947.2 861.1 1,249 1,622
Change - -1.75% 17.86% -9.09% 45% 29.89%
Enterprise Value (EV) 1 905.2 786.9 1,013 827 1,120 1,358
Change - -13.06% 28.77% -18.39% 35.48% 21.18%
P/E -241x 16.4x -33x 13.8x 9.26x 7.96x
PBR 0.6x 0.47x 0.57x 0.43x 0.51x 0.57x
PEG - -0x 0x -0x 0x 0.2x
Capitalization / Revenue 4.47x 5.45x 6.91x 4.58x 7.1x 6.44x
EV / Revenue 4.94x 5.34x 7.4x 4.4x 6.38x 5.39x
EV / EBITDA -33.7x 171x -33.7x -26.6x 284x 26.6x
EV / EBIT -19.9x -58.4x -21x -16.7x -76.5x 41.6x
EV / FCF 29.2x -65.2x -13.3x -25.1x 179x 70.1x
FCF Yield 3.42% -1.53% -7.52% -3.98% 0.56% 1.43%
Dividend per Share 2 - 0.1 - 0.15 0.2 -
Rate of return - 4.46% - 6.25% 5.75% -
EPS 2 -0.009445 0.1365 -0.08 0.1734 0.3759 0.5679
Distribution rate - 73.3% - 86.5% 53.2% -
Net sales 1 183.1 147.5 137 187.9 175.7 251.7
EBITDA 1 -26.84 4.595 -30.02 -31.11 3.943 50.98
EBIT 1 -45.51 -13.48 -48.29 -49.41 -14.66 32.67
Net income 1 -3.389 48.97 -28.72 62.23 134.9 203.8
Net Debt 1 87.09 -16.81 66.07 -34.13 -128.2 -264
Reference price 2 2.280 2.240 2.640 2.400 3.480 4.520
Nbr of stocks (in thousands) 358,800 358,800 358,800 358,800 358,800 358,800
Announcement Date 3/30/21 3/24/22 3/29/23 3/29/24 2/12/25 3/18/26
1AED in Million2AED
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 412M
20.8x2.77x10.94x2.5% 50.83B
23.65x3.35x12.12x-.--% 14.15B
10.45x0.44x1.92x4.82% 12.83B
12.9x3.48x7.06x5.96% 12.72B
55.08x4.55x20.65x0.51% 10.07B
9.38x1.43x5.39x1.74% 9.09B
25.2x8.25x15.31x3.82% 8.36B
16.23x3.48x10.87x0.48% 6.48B
25.36x1.28x6.28x3.63% 5.32B
Average 22.12x 3.22x 10.06x 2.61% 13.03B
Weighted average by Cap. 21.42x 3.04x 10.25x 2.62%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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