Financials Dangote Cement Plc

Equities

End-of-day quote Nigerian S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
656.7 ^NGN	0.00%		0.00%	+105.28%

Apr. 25	Dangote Cement Plc Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 04	Main companies operating in Senegal's oil, gas and mining sectors	RE

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,419,752	4,173,220	4,369,079	4,403,999	5,359,014	11,001,140	-	-
Enterprise Value (EV) ¹	2,647,283	4,173,220	4,617,397	4,855,802	5,359,014	11,001,140	11,001,140	11,001,140
P/E ratio	12 x	15.2 x	12.1 x	11.7 x	-	11.6 x	10 x	10 x
Yield	11.3%	6.53%	7.78%	7.66%	9.38%	5.54%	5.99%	7.68%
Capitalization / Revenue	2.71 x	4.04 x	3.16 x	2.72 x	2.43 x	3.23 x	3.36 x	2.48 x
EV / Revenue	2.71 x	4.04 x	3.16 x	2.72 x	2.43 x	3.23 x	3.36 x	2.48 x
EV / EBITDA	6.12 x	8.73 x	6.38 x	6.22 x	6.05 x	8.17 x	7.56 x	5.86 x
EV / FCF	9.63 x	13.8 x	9.97 x	14.1 x	-	29.3 x	14.5 x	12.4 x
FCF Yield	10.4%	7.22%	10%	7.11%	-	3.42%	6.92%	8.07%
Price to Book	2.7 x	4.76 x	4.53 x	4.18 x	-	5.62 x	4.59 x	-
Nbr of stocks (in thousands)	17,040,507	17,040,507	17,000,307	16,873,559	16,752,155	16,752,155	-	-
Reference price ²	142.0	244.9	257.0	261.0	319.9	656.7	656.7	656.7
Announcement Date	2/26/20	3/23/21	3/1/22	2/27/23	3/1/24	-	-	-

¹NGN in Million²NGN

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	891,671	1,034,196	1,383,637	1,618,323	2,208,090	3,403,480	3,269,641	4,444,471
EBITDA ¹	395,427	478,122	684,595	708,238	886,129	1,346,064	1,456,018	1,878,757
EBIT ¹	299,893	386,734	582,491	585,876	734,267	1,167,947	1,420,328	1,668,362
Operating Margin	33.63%	37.39%	42.1%	36.2%	33.25%	34.32%	43.44%	37.54%
Earnings before Tax (EBT) ¹	250,479	-	538,366	524,002	553,104	1,010,248	1,322,212	1,624,476
Net income ¹	200,500	-	361,008	375,988	445,214	782,007	940,842	1,076,138
Net margin	22.49%	-	26.09%	23.23%	20.16%	22.98%	28.78%	24.21%
EPS ²	11.79	16.14	21.24	22.27	-	56.49	65.57	65.63
Free Cash Flow ¹	251,163	301,515	438,201	313,222	-	375,826	760,736	887,373
FCF margin	28.17%	29.15%	31.67%	19.35%	-	11.04%	23.27%	19.97%
FCF Conversion (EBITDA)	63.52%	63.06%	64.01%	44.23%	-	27.92%	52.25%	47.23%
FCF Conversion (Net income)	125.27%	-	121.38%	83.31%	-	48.06%	80.86%	82.46%
Dividend per Share ²	16.00	16.00	20.00	20.00	30.00	36.35	39.35	50.43
Announcement Date	2/26/20	3/23/21	3/1/22	2/27/23	3/1/24	-	-	-

¹NGN in Million²NGN

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	227,531	-	248,318	451,803	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.5754 x	-	0.3627 x	0.6379 x	-	-	-	-
Free Cash Flow ¹	251,163	301,515	438,201	313,222	-	375,826	760,737	887,373
ROE (net income / shareholders' equity)	21.6%	31.3%	39.2%	37.2%	-	38.1%	42.6%	39%
ROA (Net income/ Total Assets)	11.7%	14.7%	16.4%	15%	13.6%	20.1%	22.7%	23.5%
Assets ¹	1,714,188	-	2,207,231	2,503,832	3,277,189	3,884,141	4,138,604	4,572,825
Book Value Per Share ²	52.70	51.40	56.80	62.50	-	117.0	143.0	-
Cash Flow per Share ²	-	-	-	23.00	-	8.700	45.60	62.20
Capex ¹	177,042	210,370	158,508	65,945	102,176	260,317	299,011	291,795
Capex / Sales	19.86%	20.34%	11.46%	4.07%	4.63%	7.65%	9.15%	6.57%
Announcement Date	2/26/20	3/23/21	3/1/22	2/27/23	3/1/24	-	-	-

¹NGN in Million²NGN

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

656.7 NGN

Average target price

461.2 NGN

Spread / Average Target

-29.77%

	1st Jan change	Capi.
DANGOTE CEMENT PLC	+105.28%	8.27B
HOLCIM LTD	+19.81%	48.58B
JAMES HARDIE INDUSTRIES PLC	-2.89%	15.52B
ANHUI CONCH CEMENT COMPANY LIMITED	-1.00%	15.46B
SHREE CEMENT LIMITED	-15.75%	10.44B
EAGLE MATERIALS INC.	+26.55%	8.84B
XINJIANGTIANSHAN CEMENT CO.,LTD	-0.30%	7.96B
TAIWAN CEMENT CORP.	-8.75%	7.34B
BUZZI S.P.A.	+23.60%	6.73B
ACC LTD	+14.55%	5.7B