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 46,190 - -
Change - -1.92% -11.73% 20.66% -12.84% 8.77% - -
Enterprise Value (EV) 1 65,033 64,269 56,536 63,140 56,897 57,820 54,044 52,558
Change - -1.17% -12.03% 11.68% -9.89% 1.62% -6.53% -2.75%
P/E 11x 24.6x 15.1x 9.04x 12.2x 11.8x 11.1x 10.2x
PBR 1.24x 1.38x 1.22x 1.4x 1.32x 1.42x 1.38x 1.34x
PEG - -0.4x 0.3x 0x -0.3x 1x 1.65x 1.19x
Capitalization / Revenue 1.12x 0.91x 0.96x 1.11x 0.78x 0.84x 0.82x 0.81x
EV / Revenue 1.56x 1.28x 1.34x 1.44x 1.05x 1.05x 0.96x 0.92x
EV / EBITDA 8.08x 10.2x 8.73x 5.83x 5.06x 4.87x 4.35x 4.03x
EV / EBIT 15.7x 25.1x 18.4x 8.95x 9.33x 8.77x 7.98x 7.25x
EV / FCF 10.2x 20.3x 12.6x 10.4x 10.7x 11x 7.59x 8.38x
FCF Yield 9.83% 4.93% 7.94% 9.59% 9.38% 9.06% 13.2% 11.9%
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% 7.1% 7.43% 8.39%
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 2 156.50 153.50 135.50 163.50 142.50 155.00 155.00 155.00
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.72x1.04x4.84x7.14% 1.39B
19.57x2.64x10.48x2.63% 48.49B
28.57x3.75x13.34x-.--% 17.7B
11.18x0.41x1.86x4.6% 13.38B
12.35x3.36x6.87x6.03% 12.7B
49.85x3.87x18.64x0.6% 9.86B
9.05x1.32x5.12x1.84% 8.48B
23.41x7.68x14.26x4.11% 7.85B
16.88x3.51x11.27x0.47% 6.57B
13.64x1.3x4.9x2.84% 5.86B
Average 19.62x 2.89x 9.16x 3.03% 13.23B
Weighted average by Cap. 20.56x 2.91x 9.86x 2.64%

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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  4. Valuation Siam City Cement