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 46,041 - -
Change - -1.92% -11.73% 20.66% -12.84% 8.42% - -
Enterprise Value (EV) 1 65,033 64,269 56,536 63,140 56,897 57,214 52,944 49,633
Change - -1.17% -12.03% 11.68% -9.89% 0.56% -7.46% -6.25%
P/E 11x 24.6x 15.1x 9.04x 12.2x 11.2x 10.7x 9.83x
PBR 1.24x 1.38x 1.22x 1.4x 1.32x 1.4x 1.36x 1.31x
PEG - -0.4x 0.3x 0x -0.3x 0.6x 2.43x 1.1x
Capitalization / Revenue 1.12x 0.91x 0.96x 1.11x 0.78x 0.82x 0.8x 0.78x
EV / Revenue 1.56x 1.28x 1.34x 1.44x 1.05x 1.02x 0.92x 0.84x
EV / EBITDA 8.08x 10.2x 8.73x 5.83x 5.06x 4.31x 3.93x 3.56x
EV / EBIT 15.7x 25.1x 18.4x 8.95x 9.33x 7.84x 7.26x 6.1x
EV / FCF 10.2x 20.3x 12.6x 10.4x 10.7x 10.4x 7.29x 7.73x
FCF Yield 9.83% 4.93% 7.94% 9.59% 9.38% 9.6% 13.7% 12.9%
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% 7.12% 7.45% 8.41%
EPS 2 14.25 6.23 9 18.08 11.72 13.82 14.44 15.72
Distribution rate 63.2% 144% 77.8% 60.8% 93.9% 79.6% 79.8% 82.7%
Net sales 1 41,678 50,126 42,218 43,790 54,198 55,938 57,238 58,933
EBITDA 1 8,046 6,291 6,476 10,837 11,256 13,288 13,475 13,923
EBIT 1 4,153 2,563 3,066 7,054 6,098 7,302 7,290 8,133
Net income 1 4,248 1,857 2,682 5,388 3,493 4,120 4,302 4,684
Net Debt 1 18,396 18,526 16,157 14,417 14,432 11,174 6,904 3,592
Reference price 2 156.50 153.50 135.50 163.50 142.50 154.50 154.50 154.50
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
19.97x2.71x10.73x2.56% 49.99B
27.95x3.66x12.9x-.--% 17.25B
13.57x0.44x2.04x4.21% 13.67B
12.35x3.36x6.87x6.03% 12.93B
46.29x3.54x17.11x0.65% 9.06B
9.13x1.34x5.21x1.81% 8.59B
23.41x7.68x14.26x4.11% 7.99B
13.8x1.42x5.54x2.47% 6.17B
15.63x3.29x10.58x0.51% 6.06B
Average 20.23x 3.05x 9.47x 2.48% 14.64B
Weighted average by Cap. 20.42x 2.90x 9.78x 2.55%

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