Company Valuation: Saudi Cement Company

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 8,384 7,803 8,048 6,525 5,269 4,296 - -
Change - -6.93% 3.14% -18.92% -19.25% -18.47% - -
Enterprise Value (EV) 1 8,677 8,059 8,378 6,945 5,455 4,372 4,339 4,296
Change - -7.11% 3.96% -17.11% -21.45% -19.85% -0.77% -0.98%
P/E 25.3x 19.5x 21.1x 15.5x 14.5x 11.3x 11x 10.8x
PBR 3.45x - 3.73x 2.91x 2.37x 1.85x 1.84x 1.8x
PEG - 1x -4.59x 1.4x -1.1x 2.34x 5.49x 4.23x
Capitalization / Revenue 5.95x 5.5x 5.51x 3.89x 3.15x 2.58x 2.43x 2.33x
EV / Revenue 6.16x 5.68x 5.73x 4.14x 3.26x 2.62x 2.45x 2.33x
EV / EBITDA 15.2x 12.7x 14.5x 10.7x 8.82x 7.12x 7.03x 6.96x
EV / EBIT 25.2x 20x 23.1x 16.2x 13.6x 10.9x 10.8x 10.6x
EV / FCF 12.3x 14.2x 18.5x 14.1x 13.7x 11.4x 11.6x 10.1x
FCF Yield 8.16% 7.03% 5.41% 7.1% 7.28% 8.81% 8.61% 9.92%
Dividend per Share 2 3.5 3.25 2.5 2.75 1.8 2.033 2.167 2.25
Rate of return 6.39% 6.37% 4.75% 6.45% 5.23% 7.24% 7.72% 8.01%
EPS 2 2.17 2.61 2.49 2.76 2.38 2.495 2.545 2.61
Distribution rate 161% 125% 100% 99.6% 75.6% 81.5% 85.1% 86.2%
Net sales 1 1,410 1,420 1,462 1,676 1,671 1,668 1,771 1,841
EBITDA 1 571.6 634.8 577 646.7 618.8 614 617.5 617
EBIT 1 344.3 403.9 362.4 428.5 402.1 400 400.7 405.5
Net income 1 331.9 398.8 381 421.9 363.7 302 361.7 399.5
Net Debt 1 292.1 256.2 330.7 419.8 186 76.2 42.4 -
Reference price 2 54.80 51.00 52.60 42.65 34.44 28.08 28.08 28.08
Nbr of stocks (in thousands) 153,000 153,000 153,000 153,000 153,000 153,000 - -
Announcement Date 3/1/22 3/20/23 3/7/24 3/6/25 3/10/26 - - -
1SAR in Million2SAR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.25x2.62x7.12x7.24% 1.14B
19.24x2.63x10.41x2.66% 47.76B
26.26x3.48x12.4x-.--% 16.24B
12.64x3.42x6.98x5.89% 13.06B
13.14x0.6x2.91x4.45% 12.95B
43.53x3.3x15.96x0.69% 8.52B
8.48x1.23x4.79x1.95% 7.99B
20.6x6.79x12.6x4.67% 7.1B
13.65x1.48x5.54x2.98% 6.43B
26.34x1.39x6.75x2.12% 5.83B
Average 19.51x 2.69x 8.55x 3.27% 12.7B
Weighted average by Cap. 19.84x 2.69x 9.24x 2.8%

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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