Company Valuation: RAK Ceramics (Bangladesh) Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2019 2020 2021 2022 2023 2024
Capitalization 1 12,283 11,170 19,002 18,360 18,360 9,672
Change - -9.06% 70.11% -3.38% 0% -47.32%
Enterprise Value (EV) 1 10,912 9,355 17,165 17,475 18,673 10,846
Change - -14.27% 83.5% 1.81% 6.85% -41.92%
P/E ratio 16.3x 36x 21x 27.3x 29.8x -354x
PBR 1.67x 1.59x 2.53x 2.4x 2.35x 1.31x
PEG - -0.6x 0x -1.1x -3.62x 3x
Capitalization / Revenue 1.9x 2.11x 2.77x 2.46x 2.35x 1.45x
EV / Revenue 1.69x 1.77x 2.51x 2.34x 2.39x 1.63x
EV / EBITDA 7.56x 10.9x 10.9x 12.5x 14.2x 14.8x
EV / EBIT 10.8x 22.5x 15.3x 18.4x 21.7x 48.1x
EV / FCF 8.7x 9.21x 60x -37.9x -24.6x -40.1x
FCF Yield 11.5% 10.9% 1.67% -2.64% -4.06% -2.49%
Dividend per Share 2 1.5 1 1.25 1 1 1
Rate of return 5.23% 3.83% 2.82% 2.33% 2.33% 4.42%
EPS 2 1.76 0.7259 2.115 1.569 1.44 -0.0639
Distribution rate 85.2% 138% 59.1% 63.7% 69.4% -1,566%
Net sales 1 6,464 5,289 6,851 7,453 7,819 6,670
EBITDA 1 1,443 861.9 1,572 1,395 1,319 734.9
EBIT 1 1,009 415 1,120 951.9 859.3 225.3
Net income 1 754 310.7 905.2 671.6 618.4 -27.33
Net Debt 1 -1,371 -1,815 -1,837 -884.4 313.4 1,174
Reference price 2 28.70 26.10 44.40 42.90 42.90 22.60
Nbr of stocks (in thousands) 427,969 427,969 427,969 427,969 427,969 427,969
Announcement Date 2/12/20 2/7/21 2/9/22 2/2/23 2/11/24 1/28/25
1BDT in Million2BDT
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 65.99M
14.84x1.21x7.7x2.4% 56.88B
22.17x2.54x13.19x2.04% 34.32B
18.44x3.4x12.64x1.13% 16.05B
18.02x2.08x12.07x1.94% 13.45B
18.14x1.05x9.37x-.--% 13.13B
44.96x4.89x18.22x-.--% 7.45B
19.58x1.46x10.59x2.04% 7.06B
22.86x4.48x13.3x0.78% 6.88B
19.68x2.87x12.13x0.7% 6.67B
Average 22.08x 2.67x 12.13x 1.23% 16.2B
Weighted average by Cap. 19.42x 2.16x 10.88x 1.7%
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Year-on-year evolution of the PER

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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