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Cementir Holding

CR 		Bloomberg   CEM IM
Cement & Aggregates  /  Italy  Web Site   |   Investors Relation
Also operates in : Holding Companies
A niche strategy in a heavy industry
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
  • Cementir Holding is well exposed to the Turkish market, which is set to supply cement for Ukraine and Syria's reconstruction due to significant overcapacity
Cons
  • Absolute market size is capped in white cement meaning that Cementir relies on its 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
  • Currency devaluations in Turkey and Egypt remain a key concern, as they significantly weigh on the company's results despite the positive volume trends in both markets
Updates
30/07/25 Earnings W...Cementir H1 2025: Stable volumes, shak...
02/07/25OpinionBuy vs Add
26/06/25 Other newsCementir earns global sustainability spotli...
18/06/25 LatestA niche strategy in a heavy industry
18/06/25OpinionBuy vs Add
18/06/25 NAVWe have updated our NAV valuation. For...
30/05/25 Other newsReassessing Cementir's Turkish Positioni...
09/05/25 EarningsCementir delivers stable Q1 amid margin ...
13/02/25 EarningsFY 24: A cautious outlook despite positiv...
13/02/25 EPSWe have incorporated the better-than-ex...
13/02/25 DCFWe have increased our EBITDA forecast...
17/01/25 LatestCementir speaks excellent turkish, too
15/01/25 NAVWe have revised our valuation method fo...
15/01/25 DCFWe have lowered our long-term expectati...
12/11/24 EarningsQ3 24: Volumes appear to have passed t...
12/11/24 EPSWe have raised our EBITDA estimates, a...
12/11/24 DCFWe have revised our Sales and EBITDA ...
31/07/24 EarningsH1 24: the recovery is yet to come
13/05/24 EarningsQ1 24: a rebound is expected in the H2
29/04/24 EPSWe have integrated into our model the be...
29/04/24 DCFWe have revised upwards our estimates f...
13/02/24 EarningsFY 23: A conservative look to the future
08/11/23 EarningsQ3 23: Conservative guidance
31/07/23 EarningsH1 23: positive price-cost spread
28/07/23 EPSCementir Holding has announced a stron...
10/05/23 EarningsQ1 23: Pricing boosts profitability
18/04/23 EPSCementir Holding reported better-than-ex...
18/04/23 NAVCementir Holding has reported a robust b...
13/02/23 EarningsFY 22: Price hikes to manage inflation.
13/02/23 EPSWe have updated our model following the...
13/02/23 DCFThe strong growth reported this year has ...
04/11/22 Earnings9M 22: competitive pricing but lower cost ...
28/07/22 EarningsH1 22: IAS 29 lowers profitability
06/05/22 EarningsQ1 22: profitability outpacing cost inflation
22/03/22 EPSWe have updated our model following the...
09/02/22 EarningsFY 21: EBITDA at all-time high level
12/11/21 Earnings9M 21: well managed cost inflation
03/11/21 ESGCementir Holding accelerating from grey ...
29/07/21 EarningsH1 21: all regions in recovery mode
29/07/21OpinionBuy vs Add
29/07/21 EPSFollowing a good set of H1 results, along ...
06/05/21 EarningsQ1 21: growth momentum continues
16/03/21OpinionBuy vs Add
16/03/21 EPSFollowing the group's full FY20 results, w...
16/03/21 DCFOur DCF has been positively impacted by...
10/03/21 EarningsFY20 results - a Turkish Delight
08/02/21OpinionBuy vs Add
08/02/21 EPSFollowing the group's preliminary FY20 re...
Key Data
Next release : 06/11/2025
Target
Upside 35.3%
Price (€) 15.92
Target Price (€) 21.5
Market Cap (€M) 2,533
Perf. 1W: 1.92%
Perf. 1M: 12.1%
Perf. 3M: 20.4%
Perf Ytd: 54.1%
10 day relative perf. to stoxx600: -1.67%
20 day relative perf. to stoxx600: 11.5%
Key Indicators