Company Valuation: Asia Cement Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 157,069 145,383 147,005 143,281 131,932 124,484 - -
Change - -7.44% 1.12% -2.53% -7.92% -5.65% - -
Enterprise Value (EV) 1 187,402 171,976 244,955 182,449 180,650 160,231 149,677 132,637
Change - -8.23% 42.43% -25.52% -0.99% -11.3% -6.59% -11.38%
P/E 9.43x 11.3x 12.6x 10.5x 12.4x 10.2x 10.5x 11.3x
PBR 1x 0.9x 0.81x 0.74x 0.73x 0.64x 0.63x 0.62x
PEG - -0.5x -1.31x 0.6x -0.6x 0.7x -4.76x -1.56x
Capitalization / Revenue 1.75x 1.61x 1.83x 1.88x 1.86x 1.79x 1.75x 1.67x
EV / Revenue 2.09x 1.9x 3.05x 2.39x 2.54x 2.31x 2.11x 1.78x
EV / EBITDA 8.29x 12.9x 20.1x 14.5x 14.4x 12.5x 11.4x 10.8x
EV / EBIT 10.6x 20.1x 32.8x 22.9x 21.5x 22.3x 19.7x 17.3x
EV / FCF 35.1x 13.6x 76.8x 8.77x 14.1x 14.8x 18.3x -
FCF Yield 2.85% 7.35% 1.3% 11.4% 7.09% 6.76% 5.47% -
Dividend per Share 2 3.4 2.3 2.1 2.2 2.3 2.041 1.951 1.56
Rate of return 7.67% 5.61% 5.07% 5.45% 6.18% 5.82% 5.56% 4.44%
EPS 2 4.7 3.63 3.28 3.85 2.99 3.429 3.353 3.11
Distribution rate 72.3% 63.4% 64% 57.1% 76.9% 59.5% 58.2% 50.2%
Net sales 1 89,655 90,341 80,183 76,297 71,039 69,429 71,088 74,444
EBITDA 1 22,616 13,341 12,216 12,549 12,575 12,815 13,101 12,259
EBIT 1 17,686 8,571 7,460 7,964 8,406 7,192 7,609 7,674
Net income 1 15,068 12,016 10,883 12,890 10,030 12,367 12,640 -
Net Debt 1 30,333 26,593 97,949 39,168 48,718 35,746 25,192 8,153
Reference price 2 44.30 41.00 41.45 40.40 37.20 35.10 35.10 35.10
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, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
10.24x2.31x12.5x5.82% 3.93B
20.17x2.75x10.85x2.54% 50.45B
29.1x3.66x12.94x-.--% 17.28B
13.55x0.42x1.92x4.31% 13.29B
12.64x3.42x6.98x5.89% 13.11B
46.01x3.51x16.99x0.65% 9.12B
8.92x1.3x5.06x1.86% 8.38B
22.89x7.51x13.95x4.21% 7.92B
14.19x1.47x6.02x2.39% 6.51B
15.38x3.25x10.45x0.53% 5.97B
Average 19.31x 2.96x 9.77x 2.82% 13.6B
Weighted average by Cap. 20.35x 2.89x 9.90x 2.64%

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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