AlphaValue Corporate Services Fundamental Analysis FR
Back to
AlphaValue Corporate Services
This research has been commissioned and paid for by the company and is deemed to constitute an acceptable minor non-monetary benefit as defined in MiFID II

Cementir Holding

CR
Bloomberg   CEM IM
Cement & Aggregates  /  Italy  Web Site   |   Investors Relation
Also operates in : Holding Companies
Value in white
Pros
  • Cementir is about white cement, a niche that offers growth and better margins as a higher value-added product. It controls 20% of the addressable market
  • It has an excellent record at pivoting assets and making those sweat with Denmark, the US and Belgium as the current hubs
  • The family-controlled business appears to be run as a tight ship with a long-term view
Cons
  • Absolute market size is capped in white cement so that Cementir relies on Belgian and Danish assets to grow local grey cement franchises
  • As a family business, it leaves no room for third-party openings and suffers from a limited float
  • Cementir will see a trough in its net profit in 2019
Target
Upside 41.2%
Price (€) 6.38
Market Cap (€M) 1,015
Perf. 1W: 0.60%
Perf. 1M: 5.21%
Perf. 3M: 8.99%
Perf Ytd: 26.7%
10 day relative perf. to stoxx600: 1.91%
20 day relative perf. to stoxx600: 1.92%