Financials Arabian Cement Company S.A.E.

Equities

ARCC

EGS3C0O1C016

Construction Materials

End-of-day quote Egyptian Exchange Other stock markets 06:00:00 2024-04-28 pm EDT			5-day change	1st Jan Change
12.1 ^EGP	+2.11%		-4.20%	+21.00%

Mar. 01	Arabian Cement Company S.A.E. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Arabian Cement Company S.A.E. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,269	1,216	1,712	2,598	3,787	4,583	-	-
Enterprise Value (EV) ¹	1,813	1,977	2,211	2,598	3,328	4,495	5,770	5,993
P/E ratio	55.8 x	-9.44 x	64.6 x	7.38 x	5.52 x	8.07 x	6.84 x	6.37 x
Yield	14.6%	-	-	-	-	10.7%	11.6%	13.2%
Capitalization / Revenue	0.41 x	0.49 x	0.7 x	0.56 x	0.63 x	0.63 x	0.67 x	0.55 x
EV / Revenue	0.58 x	0.8 x	0.9 x	0.56 x	0.55 x	0.62 x	0.85 x	0.71 x
EV / EBITDA	4.97 x	10.8 x	6.41 x	2.57 x	2.47 x	4.03 x	5.01 x	4.94 x
EV / FCF	3.49 x	-9.61 x	8.07 x	-	5.42 x	6.22 x	7.6 x	7.34 x
FCF Yield	28.6%	-10.4%	12.4%	-	18.4%	16.1%	13.2%	13.6%
Price to Book	1.09 x	1.18 x	1.61 x	-	2.16 x	2.15 x	2 x	-
Nbr of stocks (in thousands)	378,740	378,740	378,740	378,740	378,740	378,740	-	-
Reference price ²	3.350	3.210	4.520	6.860	10.00	12.10	12.10	12.10
Announcement Date	2/27/20	2/28/21	2/28/22	2/23/23	3/1/24	-	-	-

¹EGP in Million²EGP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,102	2,481	2,449	4,675	6,043	7,263	6,818	8,397
EBITDA ¹	364.7	183.4	344.9	1,012	1,350	1,114	1,152	1,212
EBIT ¹	103.4	-69.75	86.48	770.2	1,099	813	902.5	952
Operating Margin	3.33%	-2.81%	3.53%	16.48%	18.19%	11.19%	13.24%	11.34%
Earnings before Tax (EBT) ¹	36.87	-137.4	55.18	521.9	930.2	772.5	878	979
Net income ¹	28.93	-122.8	34.18	359	697.5	557	674	707
Net margin	0.93%	-4.95%	1.4%	7.68%	11.54%	7.67%	9.88%	8.42%
EPS ²	0.0600	-0.3400	0.0700	0.9300	1.810	1.500	1.770	1.900
Free Cash Flow ¹	518.8	-205.7	274	-	613.4	723	759	816
FCF margin	16.73%	-8.29%	11.19%	-	10.15%	9.95%	11.13%	9.72%
FCF Conversion (EBITDA)	142.26%	-	79.45%	-	45.46%	64.9%	65.86%	67.33%
FCF Conversion (Net income)	1,793.59%	-	801.7%	-	87.95%	129.8%	112.61%	115.42%
Dividend per Share ²	0.4890	-	-	-	-	1.300	1.400	1.600
Announcement Date	2/27/20	2/28/21	2/28/22	2/23/23	3/1/24	-	-	-

¹EGP in Million²EGP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 S1
Net sales	-
EBITDA	-
EBIT	-
Operating Margin	-
Earnings before Tax (EBT)	-
Net income ¹	337.1
Net margin	-
EPS ²	0.8800
Dividend per Share	-
Announcement Date	8/14/23

¹EGP in Million²EGP

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	544	761	499	-	-	-	1,187	1,410
Net Cash position ¹	-	-	-	-	460	88	-	-
Leverage (Debt/EBITDA)	1.493 x	4.153 x	1.447 x	-	-	-	1.03 x	1.163 x
Free Cash Flow ¹	519	-206	274	-	613	723	759	816
ROE (net income / shareholders' equity)	2.33%	-11.2%	3.26%	-	47.9%	34.5%	36.7%	39.6%
ROA (Net income/ Total Assets)	0.86%	-4.1%	-	-	18.2%	13.3%	14.4%	13.5%
Assets ¹	3,360	2,991	-	-	3,827	4,188	4,697	5,237
Book Value Per Share ²	3.070	2.730	2.800	-	4.630	5.620	6.040	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	40.2	5.49	19.2	-	58.5	125	128	132
Capex / Sales	1.3%	0.22%	0.78%	-	0.97%	1.72%	1.88%	1.57%
Announcement Date	2/27/20	2/28/21	2/28/22	2/23/23	3/1/24	-	-	-

¹EGP in Million²EGP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Arabian Cement Company S.A.E.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

12.1 EGP

Average target price

12.17 EGP

Spread / Average Target

+0.58%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Cement & Concrete Manufacturing

	1st Jan change	Capi.
ARABIAN CEMENT COMPANY S.A.E.	+21.00%	93.7M
HOLCIM LTD	+19.57%	48.58B
JAMES HARDIE INDUSTRIES PLC	-3.74%	15.52B
ANHUI CONCH CEMENT COMPANY LIMITED	+3.55%	15.46B
SHREE CEMENT LIMITED	-15.73%	10.44B
EAGLE MATERIALS INC.	+27.35%	8.84B
DANGOTE CEMENT PLC	+105.28%	8.27B
TIANSHAN MATERIAL CO., LTD.	+4.79%	7.96B
TAIWAN CEMENT CORP.	-7.17%	7.34B
BUZZI S.P.A.	+24.55%	6.73B

Cement & Concrete Manufacturing