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) 358,800 358,800 358,800 358,800 358,800 358,800
Announcement Date 3/30/21 A 3/24/22 A 3/29/23 A 3/29/24 A 2/12/25 A 3/18/26 A
1AED in Million2AED
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 487M
19.39x2.65x10.48x2.64% 48.31B
26.93x3.55x12.52x-.--% 16.62B
13.06x0.39x1.83x4.34% 13.02B
12.64x3.42x6.98x5.89% 13.03B
45.67x3.48x16.85x0.66% 9.04B
8.61x1.25x4.85x1.92% 8.07B
22.89x7.51x13.95x4.21% 7.87B
13.37x1.4x5.76x2.54% 6.13B
33.51x1.39x6.83x2.1% 5.87B
Average 21.79x 2.78x 8.89x 2.7% 12.85B
Weighted average by Cap. 20.79x 2.77x 9.42x 2.68%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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