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 1,16,150 - -
Change - -7.44% 1.12% -2.53% -7.92% -11.96% - -
Enterprise Value (EV) 1 1,87,402 1,71,976 2,44,955 1,82,449 1,80,650 1,35,775 1,45,680 1,24,303
Change - -8.23% 42.43% -25.52% -0.99% -24.84% 7.29% -14.67%
P/E 9.43x 11.3x 12.6x 10.5x 12.4x 10.8x 10.1x 10.5x
PBR 1x 0.9x 0.81x 0.74x 0.73x 0.62x 0.59x 0.58x
PEG - -0.5x -1.31x 0.6x -0.6x 8.07x 1.39x -2.45x
Capitalization / Revenue 1.75x 1.61x 1.83x 1.88x 1.86x 1.61x 1.6x 1.56x
EV / Revenue 2.09x 1.9x 3.05x 2.39x 2.54x 1.88x 2.01x 1.67x
EV / EBITDA 8.29x 12.9x 20.1x 14.5x 14.4x 11.4x 10.9x 10.1x
EV / EBIT 10.6x 20.1x 32.8x 22.9x 21.5x 18.9x 18.2x 16.2x
EV / FCF 35.1x 13.6x 76.8x 8.77x 14.1x 7.81x 23.7x -
FCF Yield 2.85% 7.35% 1.3% 11.4% 7.09% 12.8% 4.22% -
Dividend per Share 2 3.4 2.3 2.1 2.2 2.3 1.877 1.864 1.56
Rate of return 7.67% 5.61% 5.07% 5.45% 6.18% 5.73% 5.69% 4.76%
EPS 2 4.7 3.63 3.28 3.85 2.99 3.03 3.249 3.11
Distribution rate 72.3% 63.4% 64% 57.1% 76.9% 62% 57.4% 50.2%
Net sales 1 89,655 90,341 80,183 76,297 71,039 72,210 72,561 74,444
EBITDA 1 22,616 13,341 12,216 12,549 12,575 11,898 13,344 12,259
EBIT 1 17,686 8,571 7,460 7,964 8,406 7,188 8,013 7,674
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 8,153
Reference price 2 44.30 41.00 41.45 40.40 37.20 32.75 32.75 32.75
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
10.81x1.88x11.41x5.73% 359.04Cr
20.67x2.76x10.91x2.51% 5.01TCr
23.99x3.42x12.3x-.--% 1.5TCr
11.19x0.41x1.87x4.59% 1.34TCr
12.35x3.36x6.87x6.03% 1.27TCr
47.03x4.04x18.95x0.59% 1TCr
8.65x1.29x4.88x1.88% 828.38Cr
24x7.87x14.6x4.01% 803.01Cr
16.58x3.54x11.06x0.47% 659.77Cr
26.59x1.34x6.55x3.47% 553.34Cr
Average 20.19x 2.99x 9.94x 2.93% 1.33TCr
Weighted average by Cap. 20.51x 2.93x 10.07x 2.71%

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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