Financials Dangote Cement Plc

Equities

End-of-day quote Nigerian S.E. Other stock markets 03:30:00 30/04/2024 am IST			5-day change	1st Jan Change
656.7 ^NGN	-.--%		-.--%	+105.28%

25/04	Dangote Cement Plc Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04/04	Main companies operating in Senegal's oil, gas and mining sectors	RE

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	24,19,752	41,73,220	43,69,079	44,03,999	53,59,014	1,10,01,140	-	-
Enterprise Value (EV) ¹	26,47,283	41,73,220	46,17,397	48,55,802	53,59,014	1,10,01,140	1,10,01,140	1,10,01,140
P/E ratio	12 x	15.2 x	12.1 x	11.7 x	-	11.6 x	10 x	10 x
Yield	11.3%	6.53%	7.78%	7.66%	9.38%	5.54%	5.99%	7.68%
Capitalization / Revenue	2.71 x	4.04 x	3.16 x	2.72 x	2.43 x	3.23 x	3.36 x	2.48 x
EV / Revenue	2.71 x	4.04 x	3.16 x	2.72 x	2.43 x	3.23 x	3.36 x	2.48 x
EV / EBITDA	6.12 x	8.73 x	6.38 x	6.22 x	6.05 x	8.17 x	7.56 x	5.86 x
EV / FCF	9.63 x	13.8 x	9.97 x	14.1 x	-	29.3 x	14.5 x	12.4 x
FCF Yield	10.4%	7.22%	10%	7.11%	-	3.42%	6.92%	8.07%
Price to Book	2.7 x	4.76 x	4.53 x	4.18 x	-	5.62 x	4.59 x	-
Nbr of stocks (in thousands)	1,70,40,507	1,70,40,507	1,70,00,307	1,68,73,559	1,67,52,155	1,67,52,155	-	-
Reference price ²	142.0	244.9	257.0	261.0	319.9	656.7	656.7	656.7
Announcement Date	26/02/20	23/03/21	01/03/22	27/02/23	01/03/24	-	-	-

¹NGN in Million²NGN

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	8,91,671	10,34,196	13,83,637	16,18,323	22,08,090	34,03,480	32,69,641	44,44,471
EBITDA ¹	3,95,427	4,78,122	6,84,595	7,08,238	8,86,129	13,46,064	14,56,018	18,78,757
EBIT ¹	2,99,893	3,86,734	5,82,491	5,85,876	7,34,267	11,67,947	14,20,328	16,68,362
Operating Margin	33.63%	37.39%	42.1%	36.2%	33.25%	34.32%	43.44%	37.54%
Earnings before Tax (EBT) ¹	2,50,479	-	5,38,366	5,24,002	5,53,104	10,10,248	13,22,212	16,24,476
Net income ¹	2,00,500	-	3,61,008	3,75,988	4,45,214	7,82,007	9,40,842	10,76,138
Net margin	22.49%	-	26.09%	23.23%	20.16%	22.98%	28.78%	24.21%
EPS ²	11.79	16.14	21.24	22.27	-	56.49	65.57	65.63
Free Cash Flow ¹	2,51,163	3,01,515	4,38,201	3,13,222	-	3,75,826	7,60,736	8,87,373
FCF margin	28.17%	29.15%	31.67%	19.35%	-	11.04%	23.27%	19.97%
FCF Conversion (EBITDA)	63.52%	63.06%	64.01%	44.23%	-	27.92%	52.25%	47.23%
FCF Conversion (Net income)	125.27%	-	121.38%	83.31%	-	48.06%	80.86%	82.46%
Dividend per Share ²	16.00	16.00	20.00	20.00	30.00	36.35	39.35	50.43
Announcement Date	26/02/20	23/03/21	01/03/22	27/02/23	01/03/24	-	-	-

¹NGN in Million²NGN

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	2,27,531	-	2,48,318	4,51,803	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.5754 x	-	0.3627 x	0.6379 x	-	-	-	-
Free Cash Flow ¹	2,51,163	3,01,515	4,38,201	3,13,222	-	3,75,826	7,60,737	8,87,373
ROE (net income / shareholders' equity)	21.6%	31.3%	39.2%	37.2%	-	38.1%	42.6%	39%
ROA (Net income/ Total Assets)	11.7%	14.7%	16.4%	15%	13.6%	20.1%	22.7%	23.5%
Assets ¹	17,14,188	-	22,07,231	25,03,832	32,77,189	38,84,141	41,38,604	45,72,825
Book Value Per Share ²	52.70	51.40	56.80	62.50	-	117.0	143.0	-
Cash Flow per Share ²	-	-	-	23.00	-	8.700	45.60	62.20
Capex ¹	1,77,042	2,10,370	1,58,508	65,945	1,02,176	2,60,317	2,99,011	2,91,795
Capex / Sales	19.86%	20.34%	11.46%	4.07%	4.63%	7.65%	9.15%	6.57%
Announcement Date	26/02/20	23/03/21	01/03/22	27/02/23	01/03/24	-	-	-

¹NGN in Million²NGN

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

656.7 NGN

Average target price

461.2 NGN

Spread / Average Target

-29.77%

	1st Jan change	Capi.
DANGOTE CEMENT PLC	+105.28%	7.91B
HOLCIM LTD	+16.90%	47.3B
ANHUI CONCH CEMENT COMPANY LIMITED	+1.22%	15.66B
JAMES HARDIE INDUSTRIES PLC	-5.19%	15.27B
SHREE CEMENT LIMITED	-14.69%	10.57B
EAGLE MATERIALS INC.	+23.60%	8.64B
TIANSHAN MATERIAL CO., LTD.	-3.59%	7.71B
TAIWAN CEMENT CORP.	-8.03%	7.4B
BUZZI S.P.A.	+22.95%	6.7B
ACC LTD	+14.50%	5.7B