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 45,594 - -
Change - -1.92% -11.73% 20.66% -12.84% 7.37% - -
Enterprise Value (EV) 1 65,033 64,269 56,536 63,140 56,897 57,224 53,448 51,962
Change - -1.17% -12.03% 11.68% -9.89% 0.57% -6.6% -2.78%
P/E 11x 24.6x 15.1x 9.04x 12.2x 11.6x 10.9x 10.1x
PBR 1.24x 1.38x 1.22x 1.4x 1.32x 1.4x 1.36x 1.32x
PEG - -0.4x 0.3x 0x -0.3x 1x 1.62x 1.18x
Capitalization / Revenue 1.12x 0.91x 0.96x 1.11x 0.78x 0.82x 0.81x 0.8x
EV / Revenue 1.56x 1.28x 1.34x 1.44x 1.05x 1.04x 0.95x 0.91x
EV / EBITDA 8.08x 10.2x 8.73x 5.83x 5.06x 4.82x 4.3x 3.99x
EV / EBIT 15.7x 25.1x 18.4x 8.95x 9.33x 8.68x 7.9x 7.17x
EV / FCF 10.2x 20.3x 12.6x 10.4x 10.7x 10.9x 7.5x 8.29x
FCF Yield 9.83% 4.93% 7.94% 9.59% 9.38% 9.16% 13.3% 12.1%
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% 7.19% 7.53% 8.5%
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 2 156.50 153.50 135.50 163.50 142.50 153.00 153.00 153.00
Nbr of stocks (in thousands) 298,000 298,000 298,000 298,000 298,000 298,000 - -
Announcement Date 2/11/22 2/10/23 2/9/24 2/27/25 2/20/26 - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
19.86x2.68x10.62x2.6% 48.98B
28.1x3.79x13.48x-.--% 18.01B
11.14x0.4x1.84x4.61% 13.31B
12.35x3.36x6.87x6.03% 12.73B
49x3.79x18.29x0.61% 9.67B
9x1.31x5.08x1.85% 8.41B
23.41x7.68x14.26x4.11% 7.86B
16.62x3.46x11.13x0.47% 6.47B
13.9x1.32x4.95x2.79% 5.96B
Average 20.38x 3.09x 9.61x 2.56% 14.6B
Weighted average by Cap. 20.61x 2.94x 9.95x 2.58%

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