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5-day change | 1st Jan Change | ||
| 680.00 NGN | +3.03% |
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+7.09% | +11.66% |
| 02-02 | Nigeria's Dangote refinery expands gas deals with NNPC to secure fuel for expansion programmes | RE |
| 11-25 | Wall Street Continues to Shift |  |
Projected Income Statement: Dangote Cement Plc
| Fiscal Period: December | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,034,196 | 1,383,637 | 1,618,323 | 2,208,090 | 3,580,550 | 4,305,833 | 5,087,306 | 5,765,806 |
| Change | - | 33.79% | 16.96% | 36.44% | 62.16% | 20.26% | 18.15% | 13.34% |
| EBITDA 1 | 478,122 | 684,595 | 708,238 | 886,129 | 1,382,016 | 1,901,049 | 2,334,207 | 2,420,851 |
| Change | - | 43.18% | 3.45% | 25.12% | 55.96% | 37.56% | 22.79% | 3.71% |
| EBIT 1 | 386,734 | 582,491 | 585,876 | 734,267 | 1,152,042 | 1,639,891 | 2,053,442 | 2,169,478 |
| Change | - | 50.62% | 0.58% | 25.33% | 56.9% | 42.35% | 25.22% | 5.65% |
| Interest Paid 1 | -43,988 | -44,942 | -91,655 | -283,557 | -531,727 | -309,180 | -532,513 | -353,830 |
| Earnings before Tax (EBT) 1 | - | 538,366 | 524,002 | 553,104 | 732,537 | 1,393,624 | 1,652,527 | 1,855,600 |
| Change | - | - | -2.67% | 5.55% | 32.44% | 90.25% | 18.58% | 12.29% |
| Net income 1 | - | 361,008 | 375,988 | 445,214 | 498,192 | 968,446 | 1,160,577 | 1,274,167 |
| Change | - | - | 4.15% | 18.41% | 11.9% | 94.39% | 19.84% | 9.79% |
| Announcement Date | 23/03/21 | 01/03/22 | 27/02/23 | 01/03/24 | 01/03/25 | - | - | - |
Forecast Balance Sheet: Dangote Cement Plc
| Fiscal Period: December | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | 248,318 | 451,803 | - | 2,213,910 | 2,022,790 | 1,493,960 | 1,212,070 |
| Change | - | - | 81.95% | - | - | -8.63% | -26.14% | -18.87% |
| Announcement Date | 23/03/21 | 01/03/22 | 27/02/23 | 01/03/24 | 01/03/25 | - | - | - |
Cash Flow Forecast: Dangote Cement Plc
| Fiscal Period: December | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| CAPEX 1 | 210,370 | 158,508 | 65,945 | 102,176 | 413,777 | 500,296 | 488,208 | 350,284 |
| Change | - | -24.65% | -58.4% | 54.94% | 304.96% | 20.91% | -2.42% | -28.25% |
| Free Cash Flow (FCF) 1 | 301,515 | 438,201 | 313,222 | 538,568 | 407,303 | 959,352 | 1,277,086 | 1,443,243 |
| Change | - | 45.33% | -28.52% | 71.94% | -24.37% | 135.54% | 33.12% | 13.01% |
| Announcement Date | 23/03/21 | 01/03/22 | 27/02/23 | 01/03/24 | 01/03/25 | - | - | - |
Forecast Financial Ratios: Dangote Cement Plc
| Fiscal Period: December | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
Profitability | ||||||||
| EBITDA Margin (%) | 46.23% | 49.48% | 43.76% | 40.13% | 38.6% | 44.15% | 45.88% | 41.99% |
| EBIT Margin (%) | 37.39% | 42.1% | 36.2% | 33.25% | 32.18% | 38.09% | 40.36% | 37.63% |
| EBT Margin (%) | - | 38.91% | 32.38% | 25.05% | 20.46% | 32.37% | 32.48% | 32.18% |
| Net margin (%) | - | 26.09% | 23.23% | 20.16% | 13.91% | 22.49% | 22.81% | 22.1% |
| FCF margin (%) | 29.15% | 31.67% | 19.35% | 24.39% | 11.38% | 22.28% | 25.1% | 25.03% |
| FCF / Net Income (%) | - | 121.38% | 83.31% | 120.97% | 81.76% | 99.06% | 110.04% | 113.27% |
Profitability | ||||||||
| ROA | 14.67% | 16.36% | 15.02% | 13.59% | 9.63% | 14.5% | 16.9% | 17.87% |
| ROE | 31.33% | 39.21% | 37.23% | 32.43% | 26.13% | 38.13% | 40.67% | 40.73% |
Financial Health | ||||||||
| Leverage (Debt/EBITDA) | - | 0.36x | 0.64x | - | 1.6x | 1.06x | 0.64x | 0.5x |
| Debt / Free cash flow | - | 0.57x | 1.44x | - | 5.44x | 2.11x | 1.17x | 0.84x |
Capital Intensity | ||||||||
| CAPEX / Current Assets (%) | 20.34% | 11.46% | 4.07% | 4.63% | 11.56% | 11.62% | 9.6% | 6.08% |
| CAPEX / EBITDA (%) | 44% | 23.15% | 9.31% | 11.53% | 29.94% | 26.32% | 20.92% | 14.47% |
| CAPEX / FCF (%) | 69.77% | 36.17% | 21.05% | 18.97% | 101.59% | 52.15% | 38.23% | 24.27% |
Items per share | ||||||||
| Cash flow per share 1 | - | - | 22.98 | 40.36 | 49.02 | - | - | - |
| Change | - | - | - | 75.67% | 21.44% | - | - | - |
| Dividend per Share 1 | 16 | 20 | 20 | 30 | 30 | 52.85 | 62.78 | 67.82 |
| Change | - | 25% | 0% | 50% | 0% | 76.18% | 18.78% | 8.04% |
| Book Value Per Share 1 | 51.41 | 56.79 | 62.46 | 100.9 | 126.7 | 167.8 | 191.8 | 209.2 |
| Change | - | 10.47% | 10% | 61.61% | 25.49% | 32.47% | 14.27% | 9.1% |
| EPS 1 | 16.14 | 21.24 | 22.27 | - | 29.74 | 57.94 | 69.73 | 75.52 |
| Change | - | 31.6% | 4.85% | - | - | 94.81% | 20.35% | 8.3% |
| Nbr of stocks (in thousands) | 17,040,507 | 17,000,307 | 16,873,559 | 16,752,155 | 16,752,155 | 16,752,155 | 16,752,155 | 16,752,155 |
| Announcement Date | 23/03/21 | 01/03/22 | 27/02/23 | 01/03/24 | 01/03/25 | - | - | - |
| 2025 * | 2026 * | |
|---|---|---|
| P/E ratio | 11.7x | 9.75x |
| PBR | 4.05x | 3.55x |
| EV / Sales | 3.12x | 2.53x |
| Yield | 7.77% | 9.23% |
EPS & Dividend
Y-o-Y evolution of P/E
Year-on-year evolution of the Yield
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Annual profits - Rate of surprise
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