Financials Arabian Cement Company S.A.E.

Equities

ARCC

EGS3C0O1C016

Construction Materials

End-of-day quote Egyptian Exchange Other stock markets 06:00:00 2024-07-15 pm EDT			5-day change	1st Jan Change
9.95 ^EGP	+1.84%		-3.12%	-0.50%

May. 28	Arabian Cement Company S.A.E. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 01	Arabian Cement Company S.A.E. Reports Earnings Results for the Full Year Ended December 31, 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	3,700	-	-
Enterprise Value (EV) ¹	1,813	1,977	2,211	2,598	3,328	2,817	3,610	3,527
P/E ratio	55.8 x	-9.44 x	64.6 x	7.38 x	5.52 x	6.51 x	4.89 x	5.14 x
Yield	14.6%	-	-	-	-	11.1%	16.5%	18.5%
Capitalization / Revenue	0.41 x	0.49 x	0.7 x	0.56 x	0.63 x	0.51 x	0.48 x	0.45 x
EV / Revenue	0.58 x	0.8 x	0.9 x	0.56 x	0.55 x	0.39 x	0.46 x	0.43 x
EV / EBITDA	4.97 x	10.8 x	6.41 x	2.57 x	2.47 x	2.05 x	2.4 x	2.37 x
EV / FCF	3.49 x	-9.61 x	8.07 x	-	5.42 x	5.71 x	3.6 x	3.41 x
FCF Yield	28.6%	-10.4%	12.4%	-	18.4%	17.5%	27.8%	29.3%
Price to Book	1.09 x	1.18 x	1.61 x	-	2.16 x	1.65 x	1.32 x	1.12 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	9.770	9.770	9.770
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	7,283	7,772	8,298
EBITDA ¹	364.7	183.4	344.9	1,012	1,350	1,376	1,507	1,489
EBIT ¹	103.4	-69.75	86.48	770.2	1,099	944	1,266	1,247
Operating Margin	3.33%	-2.81%	3.53%	16.48%	18.19%	12.96%	16.28%	15.03%
Earnings before Tax (EBT) ¹	36.87	-137.4	55.18	521.9	930.2	825	1,085	1,128
Net income ¹	28.93	-122.8	34.18	359	697.5	691	956	991.5
Net margin	0.93%	-4.95%	1.4%	7.68%	11.54%	9.49%	12.3%	11.95%
EPS ²	0.0600	-0.3400	0.0700	0.9300	1.810	1.500	2.000	1.900
Free Cash Flow ¹	518.8	-205.7	274	-	613.4	493	1,004	1,035
FCF margin	16.73%	-8.29%	11.19%	-	10.15%	6.77%	12.92%	12.47%
FCF Conversion (EBITDA)	142.26%	-	79.45%	-	45.46%	35.82%	66.62%	69.51%
FCF Conversion (Net income)	1,793.59%	-	801.7%	-	87.95%	71.35%	105.02%	104.39%
Dividend per Share ²	0.4890	-	-	-	-	1.085	1.610	1.810
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	-	-	-	-	-
Net Cash position ¹	-	-	-	-	460	883	90	173
Leverage (Debt/EBITDA)	1.493 x	4.153 x	1.447 x	-	-	-	-	-
Free Cash Flow ¹	519	-206	274	-	613	493	1,004	1,035
ROE (net income / shareholders' equity)	2.33%	-11.2%	3.26%	-	47.9%	35.8%	44.2%	39.3%
ROA (Net income/ Total Assets)	0.86%	-4.1%	-	-	18.2%	12.6%	15.7%	13.5%
Assets ¹	3,360	2,991	-	-	3,827	5,484	6,089	7,344
Book Value Per Share ²	3.070	2.730	2.800	-	4.630	5.920	7.400	8.710
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	40.2	5.49	19.2	-	58.5	185	164	173
Capex / Sales	1.3%	0.22%	0.78%	-	0.97%	2.54%	2.1%	2.08%
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

9.77 EGP

Average target price

13.54 EGP

Spread / Average Target

+38.55%

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.	-2.30%	77.16M
HOLCIM LTD	+26.57%	52.63B
ANHUI CONCH CEMENT COMPANY LIMITED	+10.31%	16.98B
JAMES HARDIE INDUSTRIES PLC	-10.71%	14.69B
SHREE CEMENT LIMITED	-2.61%	11.92B
EAGLE MATERIALS INC.	+16.18%	7.89B
TCC GROUP HOLDINGS CO., LTD.	-2.15%	7.88B
BUZZI S.P.A.	+37.47%	7.53B
DANGOTE CEMENT PLC	+105.28%	7.02B
ACC LTD	+22.82%	6.06B

Cement & Concrete Manufacturing