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 5/10/20 24/9/21 6/10/22 5/10/23 24/9/24 17/9/25
1PKR in Million2PKR
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 113M
14.4x1.73x8.33x1.9% 55.09B
18.2x2.51x9.92x2.81% 44.17B
31.69x5.79x17.11x0.72% 34.08B
32.83x3.4x17.44x0.94% 33.61B
27.26x4.32x14.44x0.85% 31.7B
11.26x1.36x6.33x2.73% 28.23B
20.21x6.3x12.42x2.15% 23.32B
70.04x4.37x67.71x0.33% 21.66B
15.41x1.93x7.78x1.42% 20.56B
Average 26.81x 3.52x 17.94x 1.54% 29.25B
Weighted average by Cap. 24.85x 3.33x 15.80x 1.63%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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