Company Valuation: Star Cement Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 40,026 36,215 45,187 91,446 86,899 78,674 - -
Change - -9.52% 24.78% 102.37% -4.97% -9.47% - -
Enterprise Value (EV) 1 35,267 30,905 42,423 91,771 90,275 86,866 82,247 88,645
Change - -12.37% 37.27% 116.32% -1.63% -3.78% 0.54% 7.78%
P/E 21.4x 14.8x 18.2x 31x 51.4x 20.9x 20.7x 18.7x
PBR 1.93x 1.67x 1.87x 3.37x 3.02x 2.56x 2.23x 2x
PEG - 0.4x 12.21x 1.6x -1.2x 0x 5.27x 1.8x
Capitalization / Revenue 2.33x 1.63x 1.67x 3.14x 2.75x 2.18x 1.92x 1.75x
EV / Revenue 2.05x 1.39x 1.57x 3.15x 2.85x 2.3x 2.01x 1.97x
EV / EBITDA 10.6x 8.95x 9.06x 16.5x 15.6x 9.28x 9.04x 8.63x
EV / EBIT 14.5x 13.8x 12.6x 22.4x 36.6x 15.2x 15.1x 14.4x
EV / FCF 14.4x 14.1x -21.3x -16.8x -32.3x 31.2x 107x -14.2x
FCF Yield 6.96% 7.11% -4.69% -5.95% -3.09% 3.2% 0.93% -7.05%
Dividend per Share 2 - - - - - 0.98 1.5 1.525
Rate of return - - - - - 0.5% 0.77% 0.78%
EPS 2 4.54 6.04 6.13 7.3 4.18 9.73 9.4 10.38
Distribution rate - - - - - 10.8% 16% 14.7%
Net sales 1 17,199 22,218 27,048 29,107 31,634 37,765 40,895 45,068
EBITDA 1 3,326 3,453 4,684 5,563 5,786 9,360 9,094 10,272
EBIT 1 2,426 2,236 3,373 4,097 2,467 5,707 5,433 6,169
Net income 1 1,871 2,468 2,476 2,951 1,688 3,905 3,820 4,214
Net Debt 1 -4,760 -5,309 -2,764 324.9 3,377 4,615 3,573 9,971
Reference price 2 97.05 89.60 111.80 226.25 215.00 194.30 194.30 194.30
Nbr of stocks (in thousands) 412,429 404,180 404,180 404,180 404,180 404,180 - -
Announcement Date 6/9/21 5/17/22 5/19/23 5/22/24 5/21/25 5/22/26 - -
1INR in Million2INR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.48x2.18x9.18x0.5% 821M
19.19x2.61x10.31x2.69% 48.25B
28.54x3.74x13.28x-.--% 17.69B
11.09x0.4x1.79x4.63% 13.23B
12.35x3.36x6.87x6.03% 12.85B
46.57x3.58x17.27x0.64% 9.16B
8.6x1.25x4.85x1.92% 8.15B
23.41x7.68x14.26x4.11% 7.94B
15.98x3.36x10.79x0.49% 6.22B
13.59x1.3x4.9x2.85% 5.89B
Average 20.08x 2.95x 9.35x 2.39% 13.02B
Weighted average by Cap. 20.09x 2.88x 9.67x 2.63%

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 Star Cement Limited