Financials Dangote Cement Plc

Equities

End-of-day quote Nigerian S.E. Other stock markets 06:00:00 2024-05-13 pm EDT			5-day change	1st Jan Change
656.7 ^NGN	0.00%		0.00%	+105.28%

Apr. 30	Transcript : Dangote Cement Plc, Q1 2024 Earnings Call, Apr 30, 2024
Apr. 25	Dangote Cement Plc Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

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	11,589,980	11,548,840	11,494,260
P/E ratio	12 x	15.2 x	12.1 x	11.7 x	-	11.6 x	11.9 x	11.1 x
Yield	11.3%	6.53%	7.78%	7.66%	9.38%	5.26%	6.42%	8.13%
Capitalization / Revenue	2.71 x	4.04 x	3.16 x	2.72 x	2.43 x	3.27 x	3.19 x	2.35 x
EV / Revenue	2.97 x	4.04 x	3.34 x	3 x	2.43 x	3.45 x	3.35 x	2.45 x
EV / EBITDA	6.69 x	8.73 x	6.74 x	6.86 x	6.05 x	8.97 x	7.93 x	6.28 x
EV / FCF	10.5 x	13.8 x	10.5 x	15.5 x	-	27.2 x	16.7 x	12.9 x
FCF Yield	9.49%	7.22%	9.49%	6.45%	-	3.68%	6%	7.77%
Price to Book	2.7 x	4.76 x	4.53 x	4.18 x	-	5.5 x	4.71 x	4.77 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	3,361,238	3,444,567	4,686,863
EBITDA ¹	395,427	478,122	684,595	708,238	886,129	1,291,408	1,456,245	1,830,518
EBIT ¹	299,893	386,734	582,491	585,876	734,267	1,109,098	1,372,694	1,616,349
Operating Margin	33.63%	37.39%	42.1%	36.2%	33.25%	33%	39.85%	34.49%
Earnings before Tax (EBT) ¹	250,479	-	538,366	524,002	553,104	897,929	1,250,035	1,515,151
Net income ¹	200,500	-	361,008	375,988	445,214	673,261	876,722	1,009,975
Net margin	22.49%	-	26.09%	23.23%	20.16%	20.03%	25.45%	21.55%
EPS ²	11.79	16.14	21.24	22.27	-	56.49	55.12	59.01
Free Cash Flow ¹	251,163	301,515	438,201	313,222	-	426,214	693,054	892,539
FCF margin	28.17%	29.15%	31.67%	19.35%	-	12.68%	20.12%	19.04%
FCF Conversion (EBITDA)	63.52%	63.06%	64.01%	44.23%	-	33%	47.59%	48.76%
FCF Conversion (Net income)	125.27%	-	121.38%	83.31%	-	63.31%	79.05%	88.37%
Dividend per Share ²	16.00	16.00	20.00	20.00	30.00	34.51	42.17	53.41
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 ¹	227,531	-	248,318	451,803	-	588,840	547,700	493,120
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.5754 x	-	0.3627 x	0.6379 x	-	0.456 x	0.3761 x	0.2694 x
Free Cash Flow ¹	251,163	301,515	438,201	313,222	-	426,214	693,054	892,539
ROE (net income / shareholders' equity)	21.6%	31.3%	39.2%	37.2%	-	34.6%	38.2%	37.3%
ROA (Net income/ Total Assets)	11.7%	14.7%	16.4%	15%	13.6%	17.8%	21.1%	22.2%
Assets ¹	1,714,188	-	2,207,231	2,503,832	3,277,189	3,782,367	4,155,079	4,559,708
Book Value Per Share ²	52.70	51.40	56.80	62.50	-	119.0	139.0	138.0
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	218,405	257,777	262,703
Capex / Sales	19.86%	20.34%	11.46%	4.07%	4.63%	6.5%	7.48%	5.61%
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

UNDERPERFORM

Number of Analysts

Last Close Price

656.7 NGN

Average target price

463.7 NGN

Spread / Average Target

-29.38%

	1st Jan change	Capi.
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EAGLE MATERIALS INC.	+32.47%	9.26B
TAIWAN CEMENT CORP.	-4.30%	7.76B
BUZZI S.P.A.	+40.60%	7.76B
TIANSHAN MATERIAL CO., LTD.	-5.24%	7.58B
ACC LTD	+12.79%	5.54B