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 83,059 - -
Change - -9.52% 24.78% 102.37% -4.97% -4.42% - -
Enterprise Value (EV) 1 35,267 30,905 42,423 91,771 90,275 86,866 87,041 89,988
Change - -12.37% 37.27% 116.32% -1.63% -3.78% 0.98% 3.39%
P/E 21.4x 14.8x 18.2x 31x 51.4x 20.9x 20x 17.8x
PBR 1.93x 1.67x 1.87x 3.37x 3.02x 2.56x 2.33x 2.09x
PEG - 0.4x 12.21x 1.6x -1.2x 0x 1.5x 1.5x
Capitalization / Revenue 2.33x 1.63x 1.67x 3.14x 2.75x 2.18x 1.98x 1.78x
EV / Revenue 2.05x 1.39x 1.57x 3.15x 2.85x 2.3x 2.07x 1.93x
EV / EBITDA 10.6x 8.95x 9.06x 16.5x 15.6x 9.28x 9.05x 8.33x
EV / EBIT 14.5x 13.8x 12.6x 22.4x 36.6x 15.2x 14.7x 13.3x
EV / FCF 14.4x 14.1x -21.3x -16.8x -32.3x 31.2x 1,934x -16.2x
FCF Yield 6.96% 7.11% -4.69% -5.95% -3.09% 3.2% 0.05% -6.18%
Dividend per Share 2 - - - - - 0.98 1.5 1.55
Rate of return - - - - - 0.48% 0.73% 0.75%
EPS 2 4.54 6.04 6.13 7.3 4.18 9.73 10.29 11.55
Distribution rate - - - - - 10.8% 14.6% 13.4%
Net sales 1 17,199 22,218 27,048 29,107 31,634 37,765 42,038 46,600
EBITDA 1 3,326 3,453 4,684 5,563 5,786 9,360 9,620 10,804
EBIT 1 2,426 2,236 3,373 4,097 2,467 5,707 5,918 6,751
Net income 1 1,871 2,468 2,476 2,951 1,688 3,905 4,183 4,704
Net Debt 1 -4,760 -5,309 -2,764 324.9 3,377 4,615 3,982 6,928
Reference price 2 97.05 89.60 111.80 226.25 215.00 205.50 205.50 205.50
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.($)
22.79x2.31x9.72x0.48% 871M
20.82x2.77x10.95x2.5% 50.52B
23.5x3.34x12.08x-.--% 14.1B
10.55x0.48x2.17x4.84% 12.74B
12.9x3.48x7.06x5.96% 12.72B
46.6x3.98x18.7x0.59% 9.96B
9.33x1.43x5.38x1.74% 9.01B
22.68x7.45x13.83x4.25% 7.52B
15.87x3.41x10.68x0.49% 6.34B
25.53x1.29x6.32x3.61% 5.34B
Average 21.06x 2.99x 9.69x 2.45% 12.91B
Weighted average by Cap. 20.58x 2.92x 9.99x 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