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 42,614 - -
Change - -1.92% -11.73% 20.66% -12.84% 0.35% - -
Enterprise Value (EV) 1 65,033 64,269 56,536 63,140 56,897 54,244 50,468 48,982
Change - -1.17% -12.03% 11.68% -9.89% -4.66% -6.96% -2.94%
P/E 11x 24.6x 15.1x 9.04x 12.2x 10.9x 10.2x 9.4x
PBR 1.24x 1.38x 1.22x 1.4x 1.32x 1.31x 1.27x 1.24x
PEG - -0.4x 0.3x 0x -0.3x 0.9x 1.51x 1.1x
Capitalization / Revenue 1.12x 0.91x 0.96x 1.11x 0.78x 0.77x 0.76x 0.74x
EV / Revenue 1.56x 1.28x 1.34x 1.44x 1.05x 0.98x 0.9x 0.85x
EV / EBITDA 8.08x 10.2x 8.73x 5.83x 5.06x 4.57x 4.06x 3.76x
EV / EBIT 15.7x 25.1x 18.4x 8.95x 9.33x 8.23x 7.46x 6.76x
EV / FCF 10.2x 20.3x 12.6x 10.4x 10.7x 7.98x 7.09x 7.81x
FCF Yield 9.83% 4.93% 7.94% 9.59% 9.38% 12.5% 14.1% 12.8%
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% 7.69% 8.05% 9.09%
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 2 156.50 153.50 135.50 163.50 142.50 143.00 143.00 143.00
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.($)
10.89x0.98x4.57x7.69% 1.29B
21.75x2.91x11.43x2.4% 52.69B
23.87x3.32x12.01x-.--% 14.02B
10.85x0.48x2.11x4.64% 13.38B
13.18x3.55x7.21x5.83% 13.16B
9.85x1.52x5.73x1.65% 9.6B
51.89x4.26x19.33x0.54% 9.59B
28x9.13x16.96x3.44% 9.4B
17.26x3.67x11.44x0.43% 6.95B
26.34x1.17x5.13x3.47% 5.82B
Average 21.39x 3.10x 9.59x 3.01% 13.59B
Weighted average by Cap. 21.65x 3.15x 10.37x 2.59%

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
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