Company Valuation: Riyadh Cement Company

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 3,960 3,816 4,104 3,870 2,842 2,430 - -
Change - -3.64% 7.55% -5.7% -26.57% -14.48% - -
Enterprise Value (EV) 3,960 3,816 4,104 3,870 2,842 2,430 2,430 2,430
Change - -3.64% 7.55% -5.7% -26.57% -14.48% 0% 0%
P/E 18.8x 20.1x 21.8x 12.5x 13.8x 10.8x 10.5x 10.1x
PBR - - - 2.17x - 1.41x 1.36x 1.37x
PEG - -2x -34.44x 0.2x -0.4x 1x 4.01x 2.47x
Capitalization / Revenue 5.9x 6.38x 6.38x 4.9x - 3.07x 2.84x 2.73x
EV / Revenue 0x 0x 0x 0x - 3.07x 2.84x 2.73x
EV / EBITDA 0x 0x 0x 0x - 7.36x 6.92x 6.51x
EV / EBIT - 0x - 0x - 10.2x 10.1x 7.86x
EV / FCF - 0x - 0x - 12.9x 12.7x 10.3x
FCF Yield - 6.54% - 8.85% - 7.74% 7.9% 9.71%
Dividend per Share 2 1.75 1.5 1.55 2.25 2.25 1.6 1.625 1.625
Rate of return 5.3% 4.72% 4.53% 6.98% 9.5% 7.79% 7.91% 7.91%
EPS 2 1.76 1.58 1.57 2.59 1.72 1.91 1.96 2.04
Distribution rate 99.4% 94.9% 98.7% 86.9% 131% 83.8% 82.9% 79.7%
Net sales 1 671.1 598 643.4 789.4 - 792 856 891.5
EBITDA 1 318.8 298.3 307.7 403.4 - 330 351 373
EBIT 1 - 201.9 - 296.8 - 239 241.5 309
Net income 1 211.6 189.8 188.8 310.4 208 229 233 245
Net Debt - - - - - - - -
Reference price 2 33.00 31.80 34.20 32.25 23.68 20.54 20.54 20.54
Nbr of stocks (in thousands) 1,20,000 1,20,000 1,20,000 1,20,000 1,20,000 1,20,000 - -
Announcement Date 31/03/22 23/03/23 18/03/24 19/03/25 09/03/26 - - -
1SAR in Million2SAR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
10.89x - - 7.69% 66Cr
14.52x1.75x8.42x1.86% 5.62TCr
18.65x2.56x10.13x2.74% 4.52TCr
31.64x5.79x17.09x0.72% 3.4TCr
32.45x3.36x17.25x0.95% 3.32TCr
27.05x4.29x14.34x0.86% 3.15TCr
11.47x1.38x6.43x2.68% 2.87TCr
20.35x6.35x12.51x2.13% 2.35TCr
70.91x4.43x68.52x0.32% 2.19TCr
15.33x1.93x7.75x1.43% 2.05TCr
Average 25.33x 3.54x 18.05x 2.14% 2.95TCr
Weighted average by Cap. 24.87x 3.34x 15.87x 1.63%

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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