Company Valuation: Saudi Cement Company

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 8,384 7,803 8,048 6,525 5,269 4,100 - -
Change - -6.93% 3.14% -18.92% -19.25% -22.18% - -
Enterprise Value (EV) 1 8,677 8,059 8,378 6,945 5,455 4,177 4,143 4,100
Change - -7.11% 3.96% -17.11% -21.45% -23.44% -0.81% -1.02%
P/E 25.3x 19.5x 21.1x 15.5x 14.5x 10.7x 10.5x 10.3x
PBR 3.45x - 3.73x 2.91x 2.37x 1.76x 1.76x 1.72x
PEG - 1x -4.59x 1.4x -1.1x 2.21x 5.24x 4.03x
Capitalization / Revenue 5.95x 5.5x 5.51x 3.89x 3.15x 2.46x 2.31x 2.23x
EV / Revenue 6.16x 5.68x 5.73x 4.14x 3.26x 2.5x 2.34x 2.23x
EV / EBITDA 15.2x 12.7x 14.5x 10.7x 8.82x 6.8x 6.71x 6.65x
EV / EBIT 25.2x 20x 23.1x 16.2x 13.6x 10.4x 10.3x 10.1x
EV / FCF 12.3x 14.2x 18.5x 14.1x 13.7x 10.8x 11.1x 9.63x
FCF Yield 8.16% 7.03% 5.41% 7.1% 7.28% 9.22% 9.02% 10.4%
Dividend per Share 2 3.5 3.25 2.5 2.75 1.8 2.033 2.167 2.25
Rate of return 6.39% 6.37% 4.75% 6.45% 5.23% 7.59% 8.08% 8.4%
EPS 2 2.17 2.61 2.49 2.76 2.38 2.495 2.545 2.61
Distribution rate 161% 125% 100% 99.6% 75.6% 81.5% 85.1% 86.2%
Net sales 1 1,410 1,420 1,462 1,676 1,671 1,668 1,771 1,841
EBITDA 1 571.6 634.8 577 646.7 618.8 614 617.5 617
EBIT 1 344.3 403.9 362.4 428.5 402.1 400 400.7 405.5
Net income 1 331.9 398.8 381 421.9 363.7 302 361.7 399.5
Net Debt 1 292.1 256.2 330.7 419.8 186 76.2 42.4 -
Reference price 2 54.80 51.00 52.60 42.65 34.44 26.80 26.80 26.80
Nbr of stocks (in thousands) 153,000 153,000 153,000 153,000 153,000 153,000 - -
Announcement Date 3/1/22 A 3/20/23 A 3/7/24 A 3/6/25 A 3/10/26 A - - -
1SAR in Million2SAR
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
10.74x2.5x6.8x7.59% 1.09B
14.52x1.72x8.37x1.9% 54.99B
17.88x2.45x9.69x2.89% 43.22B
33.99x5.87x17.51x0.71% 34.48B
32.51x3.37x17.28x0.97% 33.14B
27.68x4.34x14.56x0.85% 31.82B
11.58x1.39x6.47x2.66% 28.65B
20.21x6.3x12.42x2.15% 23.33B
67.98x4.25x65.8x0.34% 20.93B
14.97x1.9x7.67x1.45% 20.18B
Average 25.21x 3.41x 16.66x 2.15% 29.18B
Weighted average by Cap. 24.81x 3.32x 15.53x 1.66%

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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