Company Valuation: Asia Cement Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 157,069 145,383 147,005 143,281 131,932 121,824 -
Change - -7.44% 1.12% -2.53% -7.92% -7.66% -
Enterprise Value (EV) 1 187,402 171,976 244,955 182,449 180,650 141,743 151,620
Change - -8.23% 42.43% -25.52% -0.99% -21.54% 6.97%
P/E ratio 9.43x 11.3x 12.6x 10.5x 12.4x 10.8x 10.6x
PBR 1x 0.9x 0.81x 0.74x 0.73x 0.63x 0.61x
PEG - -0.5x -1.31x 0.6x -0.6x 1.77x 4.17x
Capitalization / Revenue 1.75x 1.61x 1.83x 1.88x 1.86x 1.67x 1.66x
EV / Revenue 2.09x 1.9x 3.05x 2.39x 2.54x 1.95x 2.07x
EV / EBITDA 8.29x 12.9x 20.1x 14.5x 14.4x 11.6x 11.7x
EV / EBIT 10.6x 20.1x 32.8x 22.9x 21.5x 17.6x 18.1x
EV / FCF 35.1x 13.6x 76.8x 8.77x 14.1x 9.06x 30.8x
FCF Yield 2.85% 7.35% 1.3% 11.4% 7.09% 11% 3.24%
Dividend per Share 2 3.4 2.3 2.1 2.2 2.3 1.877 1.864
Rate of return 7.67% 5.61% 5.07% 5.45% 6.18% 5.47% 5.43%
EPS 2 4.7 3.63 3.28 3.85 2.99 3.172 3.253
Distribution rate 72.3% 63.4% 64% 57.1% 76.9% 59.2% 57.3%
Net sales 1 89,655 90,341 80,183 76,297 71,039 72,780 73,374
EBITDA 1 22,616 13,341 12,216 12,549 12,575 12,227 12,907
EBIT 1 17,686 8,571 7,460 7,964 8,406 8,073 8,387
Net income 1 15,068 12,016 10,883 12,890 10,030 10,438 10,882
Net Debt 1 30,333 26,593 97,949 39,168 48,718 19,919 29,795
Reference price 2 44.30 41.00 41.45 40.40 37.20 34.35 34.35
Nbr of stocks (in thousands) 3,545,572 3,545,928 3,546,563 3,546,563 3,546,563 3,546,563 -
Announcement Date 31/03/22 16/03/23 15/03/24 17/03/25 16/03/26 - -
1TWD in Million2TWD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
10.83x1.95x11.59x5.47% 3.86B
19.87x2.7x10.6x2.6% 49.87B
12.2x0.71x3.17x4.1% 14.92B
16.6x4.7x9.69x5.08% 14.4B
39.38x3.13x12.03x-.--% 10.8B
32.22x11.64x21.99x2.99% 10.73B
50.52x4.14x18.82x0.55% 9.17B
9.03x1.37x5.15x1.8% 8.98B
15.34x3.39x10.15x0.48% 6.18B
18.92x1.74x7.45x4.17% 5.73B
Average 22.49x 3.55x 11.07x 2.72% 13.46B
Weighted average by Cap. 22.08x 3.42x 10.77x 2.71%

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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