Company Valuation: Asia Cement Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,57,069 1,45,383 1,47,005 1,43,281 1,31,932 1,26,612 - -
Change - -7.44% 1.12% -2.53% -7.92% -4.03% - -
Enterprise Value (EV) 1 1,87,402 1,71,976 2,44,955 1,82,449 1,80,650 1,62,359 1,51,805 1,34,765
Change - -8.23% 42.43% -25.52% -0.99% -10.13% -6.5% -11.22%
P/E 9.43x 11.3x 12.6x 10.5x 12.4x 10.7x 10.7x 11.5x
PBR 1x 0.9x 0.81x 0.74x 0.73x 0.65x 0.64x 0.63x
PEG - -0.5x -1.31x 0.6x -0.6x 0.9x 542.96x -1.61x
Capitalization / Revenue 1.75x 1.61x 1.83x 1.88x 1.86x 1.8x 1.78x 1.7x
EV / Revenue 2.09x 1.9x 3.05x 2.39x 2.54x 2.31x 2.14x 1.81x
EV / EBITDA 8.29x 12.9x 20.1x 14.5x 14.4x 12.7x 11.6x 11x
EV / EBIT 10.6x 20.1x 32.8x 22.9x 21.5x 22.6x 19.9x 17.6x
EV / FCF 35.1x 13.6x 76.8x 8.77x 14.1x 15x 18.6x -
FCF Yield 2.85% 7.35% 1.3% 11.4% 7.09% 6.67% 5.39% -
Dividend per Share 2 3.4 2.3 2.1 2.2 2.3 2.041 1.951 1.56
Rate of return 7.67% 5.61% 5.07% 5.45% 6.18% 5.72% 5.46% 4.37%
EPS 2 4.7 3.63 3.28 3.85 2.99 3.349 3.35 3.11
Distribution rate 72.3% 63.4% 64% 57.1% 76.9% 60.9% 58.2% 50.2%
Net sales 1 89,655 90,341 80,183 76,297 71,039 70,394 71,088 74,444
EBITDA 1 22,616 13,341 12,216 12,549 12,575 12,815 13,101 12,259
EBIT 1 17,686 8,571 7,460 7,964 8,406 7,192 7,609 7,674
Net income 1 15,068 12,016 10,883 12,890 10,030 12,367 12,640 -
Net Debt 1 30,333 26,593 97,949 39,168 48,718 35,746 25,192 8,153
Reference price 2 44.30 41.00 41.45 40.40 37.20 35.70 35.70 35.70
Nbr of stocks (in thousands) 35,45,572 35,45,928 35,46,563 35,46,563 35,46,563 35,46,563 - -
Announcement Date 31/03/22 16/03/23 15/03/24 17/03/25 16/03/26 - - -
1TWD in Million2TWD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
10.66x2.31x12.67x5.72% 397.61Cr
18.12x2.5x9.87x2.83% 4.42TCr
25.26x3.4x11.9x-.--% 1.54TCr
13.04x3.52x7.2x5.71% 1.35TCr
13.59x0.58x2.82x4.59% 1.25TCr
43.11x3.26x15.78x0.7% 840.07Cr
22x7.23x13.43x4.38% 758.88Cr
8.04x1.15x4.48x2.06% 738.34Cr
13.22x1.44x5.4x3.07% 619.05Cr
27.22x1.83x9.46x2.61% 596.39Cr
Average 19.43x 2.72x 9.30x 3.17% 1.25TCr
Weighted average by Cap. 19.27x 2.70x 9.27x 2.97%

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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