Company Valuation: National Cement Company

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 818.1 803.7 947.2 861.1 1,249 1,622
Change - -1.75% 17.86% -9.09% 45% 29.89%
Enterprise Value (EV) 1 905.2 786.9 1,013 827 1,120 1,358
Change - -13.06% 28.77% -18.39% 35.48% 21.18%
P/E -241x 16.4x -33x 13.8x 9.26x 7.96x
PBR 0.6x 0.47x 0.57x 0.43x 0.51x 0.57x
PEG - -0x 0x -0x 0x 0.2x
Capitalization / Revenue 4.47x 5.45x 6.91x 4.58x 7.1x 6.44x
EV / Revenue 4.94x 5.34x 7.4x 4.4x 6.38x 5.39x
EV / EBITDA -33.7x 171x -33.7x -26.6x 284x 26.6x
EV / EBIT -19.9x -58.4x -21x -16.7x -76.5x 41.6x
EV / FCF 29.2x -65.2x -13.3x -25.1x 179x 70.1x
FCF Yield 3.42% -1.53% -7.52% -3.98% 0.56% 1.43%
Dividend per Share 2 - 0.1 - 0.15 0.2 0.25
Rate of return - 4.46% - 6.25% 5.75% 5.53%
EPS 2 -0.009445 0.1365 -0.08 0.1734 0.3759 0.5679
Distribution rate - 73.3% - 86.5% 53.2% 44%
Net sales 1 183.1 147.5 137 187.9 175.7 251.7
EBITDA 1 -26.84 4.595 -30.02 -31.11 3.943 50.98
EBIT 1 -45.51 -13.48 -48.29 -49.41 -14.66 32.67
Net income 1 -3.389 48.97 -28.72 62.23 134.9 203.8
Net Debt 1 87.09 -16.81 66.07 -34.13 -128.2 -264
Reference price 2 2.280 2.240 2.640 2.400 3.480 4.520
Nbr of stocks (in thousands) 3,58,800 3,58,800 3,58,800 3,58,800 3,58,800 3,58,800
Announcement Date 30/03/21 24/03/22 29/03/23 29/03/24 12/02/25 18/03/26
1AED in Million2AED
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 48Cr
19.09x2.11x10.53x1.62% 6.31TCr
20.25x2.71x10.74x2.57% 4.94TCr
38.47x3.77x20.08x1.01% 3.91TCr
40.76x6.32x19.74x0.65% 3.69TCr
32.68x5.01x16.79x0.72% 3.63TCr
13.56x1.61x7.49x2.25% 3.4TCr
73.98x4.57x70.81x0.31% 2.31TCr
18.71x2.13x8.78x1.13% 2.26TCr
16.01x4.32x8.49x4.68% 1.67TCr
Average 30.39x 3.62x 19.27x 1.66% 3.22TCr
Weighted average by Cap. 28.83x 3.46x 17.28x 1.58%

Y-o-Y evolution of P/E

Valuation ratios - P/E - National Cement Company

Historical PBR trend

Valuation ratios - PBR - National Cement Company

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - National Cement Company

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - National Cement Company

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