Company Valuation: Asia Cement Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027
Market Cap 1 1,57,069 1,45,383 1,47,005 1,43,281 1,31,932 1,25,726 -
Change - -7.44% 1.12% -2.53% -7.92% -4.7% -
Enterprise Value (EV) 1 1,87,402 1,71,976 2,44,955 1,82,449 1,80,650 1,45,351 1,55,255
Change - -8.23% 42.43% -25.52% -0.99% -19.54% 6.81%
P/E Ratio 9.43x 11.3x 12.6x 10.5x 12.4x 11.1x 10.9x
PBR 1x 0.9x 0.81x 0.74x 0.73x 0.68x 0.64x
PEG - -0.5x -1.31x 0.6x -0.6x 1.59x 6.86x
Capitalization / Revenue 1.75x 1.61x 1.83x 1.88x 1.86x 1.82x 1.73x
EV / Revenue 2.09x 1.9x 3.05x 2.39x 2.54x 2.11x 2.14x
EV / EBITDA 8.29x 12.9x 20.1x 14.5x 14.4x 11.4x 11.6x
EV / EBIT 10.6x 20.1x 32.8x 22.9x 21.5x 20.5x 19.4x
EV / FCF 35.1x 13.6x 76.8x 8.77x 14.1x 8.36x 25.2x
FCF Yield 2.85% 7.35% 1.3% 11.4% 7.09% 12% 3.96%
Dividend per Share 2 3.4 2.3 2.1 2.2 2.3 2.2 1.864
Rate of return 7.67% 5.61% 5.07% 5.45% 6.18% 6.21% 5.26%
EPS 2 4.7 3.63 3.28 3.85 2.99 3.199 3.249
Distribution rate 72.3% 63.4% 64% 57.1% 76.9% 68.8% 57.4%
Net sales 1 89,655 90,341 80,183 76,297 71,039 68,927 72,561
EBITDA 1 22,616 13,341 12,216 12,549 12,575 12,723 13,344
EBIT 1 17,686 8,571 7,460 7,964 8,406 7,081 8,013
Net income 15,068 12,016 10,883 12,890 10,030 - -
Net Debt 1 30,333 26,593 97,949 39,168 48,718 19,625 29,530
Reference price 2 44.30 41.00 41.45 40.40 37.20 35.45 35.45
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 Ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11x2.1x11.35x6.25% 394.8Cr
21.11x2.83x11.14x2.47% 5.18TCr
15x4.07x8.55x5.19% 1.42TCr
11.43x0.58x2.54x4.41% 1.4TCr
23.4x3.26x11.83x-.--% 1.37TCr
9.7x1.5x5.63x1.67% 956.01Cr
28x10.15x19.18x3.44% 941.04Cr
50.03x4.09x18.56x0.56% 917.67Cr
16.54x3.54x11.05x0.44% 666.16Cr
26.4x1.17x5.14x3.46% 583.93Cr
Average 21.26x 3.33x 10.50x 2.79% 1.38TCr
Weighted average by Cap. 21.04x 3.21x 10.48x 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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