Company Valuation: Anhui Conch Cement Company Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 202,426 140,895 111,175 118,862 112,734 111,235 - -
Change - -30.4% -21.09% 6.91% -5.16% -1.33% - -
Enterprise Value (EV) 1 188,906 105,109 65,737 77,941 88,938 64,926 58,906 60,125
Change - -44.36% -37.46% 18.57% 14.11% -27% -9.27% 2.07%
P/E ratio 6.42x 9.25x 11.5x 16.3x 14.2x 12.3x 11.4x 11.7x
PBR 1.16x 0.79x 0.64x 0.67x 0.6x 0.59x 0.58x 0.56x
PEG - -0.2x -0.3x -0.6x 2.68x 0.7x 1.45x -5.86x
Capitalization / Revenue 1.21x 1.07x 0.79x 1.31x 1.37x 1.32x 1.3x 1.28x
EV / Revenue 1.12x 0.8x 0.47x 0.86x 1.08x 0.77x 0.69x 0.69x
EV / EBITDA 3.79x 3.91x 3x 4.3x 4.79x 3.18x 2.67x 2.59x
EV / EBIT 4.31x 5.23x 4.53x 8.02x 8.71x 5.91x 4.72x 4.47x
EV / FCF 10.1x -6.28x 13.4x 10.4x 12.2x 10.8x 7.22x 6.44x
FCF Yield 9.9% -15.9% 7.47% 9.66% 8.18% 9.26% 13.8% 15.5%
Dividend per Share 2 2.38 1.48 0.96 0.71 0.61 0.9286 1.01 1.336
Rate of return 5.91% 5.41% 4.26% 2.99% 2.79% 4.18% 4.55% 6.01%
EPS 2 6.28 2.96 1.97 1.46 1.537 1.799 1.941 1.902
Distribution rate 37.9% 50% 48.7% 48.6% 39.7% 51.6% 52.1% 70.3%
Net sales 1 167,953 132,022 140,999 91,030 82,532 84,543 85,744 86,903
EBITDA 1 49,784 26,881 21,941 18,131 18,584 20,398 22,052 23,232
EBIT 1 43,827 20,092 14,499 9,713 10,208 10,986 12,471 13,451
Net income 1 33,267 15,861 10,689 7,696 8,113 9,882 11,576 10,088
Net Debt 1 -13,520 -35,787 -45,438 -40,921 -23,796 -46,309 -52,329 -51,110
Reference price 2 40.30 27.38 22.56 23.78 21.86 22.22 22.22 22.22
Nbr of stocks (in thousands) 5,299,303 5,299,303 5,284,238 5,277,060 5,277,060 5,277,060 - -
Announcement Date 25/03/22 27/03/23 19/03/24 24/03/25 24/03/26 - - -
1CNY in Million2CNY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.35x0.77x3.26x4.18% 16.32B
20.84x2.81x11.08x2.48% 52.54B
34.63x3.31x12.73x-.--% 11.7B
10.85x1.78x6.66x1.53% 10.76B
11.8x3.01x6.9x7.63% 10.28B
52.2x4.3x19.52x0.54% 9.86B
24.96x7.05x14.78x3.95% 8.25B
15.7x3.46x10.35x0.47% 6.33B
13.58x1.44x5.85x2.76% 6.12B
17.8x1.75x7.75x4.22% 5.98B
Average 21.47x 2.97x 9.89x 2.77% 13.81B
Weighted average by Cap. 21.35x 2.83x 10.05x 2.72%

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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