Company Valuation: Thatta Cement Company Limited

Data adjusted to current consolidation scope
Fiscal Period: June 2020 2021 2022 2023 2024 2025
Market Cap 1 851.6 2,067 1,396 1,133 3,057 16,109
Change - 142.74% -32.47% -18.86% 169.88% 426.92%
Enterprise Value (EV) 1 2,231 2,944 2,280 1,406 1,013 12,829
Change - 31.97% -22.55% -38.32% -27.95% 1,166.11%
P/E -24.6x 8.53x 14.1x 3.95x 2.3x 6.72x
PBR 0.24x 0.54x 0.36x 0.27x 0.55x 2.02x
PEG - -0x -0.2x 0x 0x 0.1x
Capitalization / Revenue 0.35x 0.74x 0.32x 0.2x 0.4x 1.71x
EV / Revenue 0.92x 1.06x 0.52x 0.25x 0.13x 1.36x
EV / EBITDA 5.69x 4.58x 4.33x 2.19x 0.45x 3.87x
EV / EBIT 10.9x 7.02x 7.72x 3.54x 0.52x 4.26x
EV / FCF 21.6x 7.43x 19.4x 3.97x 0.44x 20.7x
FCF Yield 4.64% 13.5% 5.15% 25.2% 228% 4.83%
Dividend per Share 2 - 0.05 - - 0.2 0.2
Rate of return - 1.21% - - 2.92% 0.53%
EPS 2 -0.0694 0.4859 0.1981 0.5754 2.976 5.657
Distribution rate - 10.3% - - 6.72% 3.54%
Net sales 1 2,435 2,788 4,394 5,527 7,684 9,444
EBITDA 1 392 642.4 526 642.5 2,236 3,311
EBIT 1 205.3 419.1 295.4 397.5 1,966 3,013
Net income 1 -34.6 242.3 98.78 286.9 1,362 2,396
Net Debt 1 1,379 876.5 883.9 273.5 -2,044 -3,280
Reference price 2 1.71 4.15 2.80 2.27 6.84 38.03
Nbr of stocks (in thousands) 498,591 498,591 498,591 498,591 447,091 423,591
Announcement Date 05/10/20 24/09/21 06/10/22 05/10/23 24/09/24 17/09/25
1PKR in Million2PKR
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 120M
19.24x2.63x10.41x2.66% 47.76B
26.26x3.48x12.4x-.--% 16.24B
13.14x0.6x2.91x4.45% 12.95B
12.64x3.42x6.98x5.89% 13.06B
43.53x3.3x15.96x0.69% 8.52B
8.48x1.23x4.79x1.95% 7.99B
20.6x6.79x12.6x4.67% 7.1B
13.65x1.48x5.54x2.98% 6.43B
26.34x1.39x6.75x2.12% 5.83B
Average 20.43x 2.70x 8.70x 2.82% 12.6B
Weighted average by Cap. 19.92x 2.69x 9.26x 2.76%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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