Taiwan Cement Corp (TWSE:1101)

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Price: 32.25 TWD

Market Cap: 242.9B TWD

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Section:

Relative Value

The Relative Value of one Taiwan Cement Corp stock under the Base Case scenario is 54.31 TWD. Compared to the current market price of 32.25 TWD, Taiwan Cement Corp is Undervalued by 41%.

Relative Value is the estimated value of a stock based on various valuation multiples like P/E and EV/EBIT ratios. It offers a quick snapshot of a stock's valuation in relation to its peers and historical norms.

What is Relative Valuation?

How is Relative Value calculated?

Relative Value

Base Case

Worst Case

Base Case

Best Case

Valuation Multiples

1.8

P/S

vs History	84
vs Industry	16

Median 5Y

2.2

Industry

0.8

Forward

1.7

More Details

27.6

P/E

vs History	38
vs Industry	16

Median 5Y

Industry

15.3

Forward

22.5

More Details

8.6

P/OCF

vs History	53
vs Industry	33

Median 5Y

Industry

8.9

More Details

24.2

P/FCFE

vs History	7
vs Industry	17

Median 5Y

6.2

Industry

13.1

More Details

P/B

vs History	96
vs Industry	46

Median 5Y

1.1

Industry

1.2

More Details

2.5

EV/S

vs History	66
vs Industry	15

Median 5Y

2.7

Industry

Forward

2.4

More Details

12.2

EV/GP

vs History	58
vs Industry	14

Median 5Y

13.5

Industry

5.2

More Details

11.7

EV/EBITDA

vs History	58
vs Industry	20

Median 5Y

13.6

Industry

9.7

Forward

11.7

More Details

22.1

EV/EBIT

vs History	47
vs Industry	12

Median 5Y

22.1

Industry

12.4

Forward

21.5

More Details

11.9

EV/OCF

vs History	47
vs Industry	30

Median 5Y

11.9

Industry

10.1

More Details

Negative

EV/FCFF

vs History
vs Industry	3

Median 5Y

Industry

12.6

More Details

0.7

EV/IC

vs History	90
vs Industry	47

Median 5Y

0.9

Industry

0.8

More Details

Multiples Across Competitors

All Multiples

P/S

P/E

EV/EBITDA

EV/EBIT

Forward Multiples

			Market Cap	P/S	P/E	EV/EBITDA	EV/EBIT
TW		Taiwan Cement Corp TWSE:1101	242.9B TWD	1.8	27.6	11.7	22.1
IE	C	CRH PLC NYSE:CRH	64.2B USD	1	10.7	7	8.8
CH		Holcim AG SIX:HOLN	49.1B CHF	1.8	16.3	8.5	12.7
IN		UltraTech Cement Ltd NSE:ULTRACEMCO	3.3T INR	4.6	50.1	26.4	36.2
US		Vulcan Materials Co NYSE:VMC	34.7B USD	4.7	41.1	19	27.6
US		Martin Marietta Materials Inc NYSE:MLM	32.5B USD	5	16.3	18.2	25.1
DE		HeidelbergCement AG XETRA:HEI	21.8B EUR	0.8	2.9	2.6	3.1
IN		Grasim Industries Ltd NSE:GRASIM	1.7T INR	1.2	38	9.8	12
CN		Anhui Conch Cement Co Ltd SSE:600585	128.8B CNY	1.2	18.5	10.6	10.6
IN		Ambuja Cements Ltd NSE:AMBUJACEM	1.3T INR	4.1	45	21.1	31.3
DE	H	Heidelberg Materials AG XMUN:HEI	13.9B EUR	0.5	1.8	1.8	2.1

				Revenue Growth	P/S to Growth
TW		Taiwan Cement Corp TWSE:1101	Average P/S: 2.4 1.8	31%	0.1
IE	C	CRH PLC NYSE:CRH	1	18%	0.1
CH		Holcim AG SIX:HOLN	1.8	11%	0.2
IN		UltraTech Cement Ltd NSE:ULTRACEMCO	4.6	37%	0.1
US		Vulcan Materials Co NYSE:VMC	4.7	13%	0.3
US		Martin Marietta Materials Inc NYSE:MLM	5	17%	0.3
DE		HeidelbergCement AG XETRA:HEI	0.8	9%	0.1
IN		Grasim Industries Ltd NSE:GRASIM	1.2	40%	0
CN		Anhui Conch Cement Co Ltd SSE:600585	1.2	-2%	N/A
IN		Ambuja Cements Ltd NSE:AMBUJACEM	4.1	52%	0.1
DE	H	Heidelberg Materials AG XMUN:HEI	0.5	9%	0.1

				Earnings Growth	P/E to Growth
TW		Taiwan Cement Corp TWSE:1101	Average P/E: 24.4 27.6	79%	0.3
IE	C	CRH PLC NYSE:CRH	10.7	55%	0.2
CH		Holcim AG SIX:HOLN	16.3	34%	0.5
IN		UltraTech Cement Ltd NSE:ULTRACEMCO	50.1	67%	0.7
US		Vulcan Materials Co NYSE:VMC	41.1	51%	0.8
US		Martin Marietta Materials Inc NYSE:MLM	16.3	26%	0.6
DE		HeidelbergCement AG XETRA:HEI	2.9	26%	0.1
IN		Grasim Industries Ltd NSE:GRASIM	38	77%	0.5
CN		Anhui Conch Cement Co Ltd SSE:600585	18.5	3%	6.8
IN		Ambuja Cements Ltd NSE:AMBUJACEM	45	64%	0.7
DE	H	Heidelberg Materials AG XMUN:HEI	1.8	26%	0.1

				EBITDA Growth	EV/EBITDA to Growth
TW		Taiwan Cement Corp TWSE:1101	Average EV/EBITDA: 12.4 11.7	90%	0.1
IE	C	CRH PLC NYSE:CRH	7	35%	0.2
CH		Holcim AG SIX:HOLN	8.5	22%	0.4
IN		UltraTech Cement Ltd NSE:ULTRACEMCO	26.4	62%	0.4
US		Vulcan Materials Co NYSE:VMC	19	30%	0.6
US		Martin Marietta Materials Inc NYSE:MLM	18.2	23%	0.8
DE		HeidelbergCement AG XETRA:HEI	2.6	29%	0.1
IN		Grasim Industries Ltd NSE:GRASIM	9.8	44%	0.2
CN		Anhui Conch Cement Co Ltd SSE:600585	10.6	77%	0.1
IN		Ambuja Cements Ltd NSE:AMBUJACEM	21.1	80%	0.3
DE	H	Heidelberg Materials AG XMUN:HEI	1.8	29%	0.1

				EBIT Growth	EV/EBIT to Growth
TW		Taiwan Cement Corp TWSE:1101	Average EV/EBIT: 17.4 22.1	119%	0.2
IE	C	CRH PLC NYSE:CRH	8.8	42%	0.2
CH		Holcim AG SIX:HOLN	12.7	35%	0.4
IN		UltraTech Cement Ltd NSE:ULTRACEMCO	36.2	67%	0.5
US		Vulcan Materials Co NYSE:VMC	27.6	40%	0.7
US		Martin Marietta Materials Inc NYSE:MLM	25.1	22%	1.1
DE		HeidelbergCement AG XETRA:HEI	3.1	40%	0.1
IN		Grasim Industries Ltd NSE:GRASIM	12	83%	0.1
CN		Anhui Conch Cement Co Ltd SSE:600585	10.6	6%	1.6
IN		Ambuja Cements Ltd NSE:AMBUJACEM	31.3	79%	0.4
DE	H	Heidelberg Materials AG XMUN:HEI	2.1	40%	0.1

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Taiwan Cement Corp
TWSE:1101

Relative Value

Valuation Multiples

Multiples Across Competitors

Competitors Multiples
Taiwan Cement Corp Competitors

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Company

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52 Week Range	30.9 34.95
Price Target

Taiwan Cement Corp TWSE:1101

Relative Value

Valuation Multiples

Multiples Across Competitors

Competitors Multiples Taiwan Cement Corp Competitors

See Also

Company

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Taiwan Cement Corp
TWSE:1101

Competitors Multiples
Taiwan Cement Corp Competitors