AlphaValue Corporate Services Fundamental Analysis FR
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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
White knight with green armour

Governance score
Company (Sector) Independent board Help
5.7 (5.4) No
ParametersCompanySectorScoreWeight
Number of board members911 8/10 5.0%
Board feminization (%)3336 6/10 5.0%
Board domestic density (%)10075 0/10 10.0%
Average age of board's members5459 8/10 5.0%
Type of company : Mid cap, controlled 7/10 10.0%
Independent directors rate (%)2233 2/10 20.0%
One share, one vote 10.0%
Chairman vs. Executive split 0.0%
Chairman not ex executive 5.0%
Full disclosure on mgt pay 5.0%
Disclosure of performance anchor for bonus trigger 5.0%
Compensation committee reporting to board of directors 5.0%
Straightforward, clean by-laws 15.0%
Governance score 5.7/10 100.0%
     
Need to know
CEO = Chairman

Francesco Caltagirone Jr has been the CEO and Chairman of the group since 1996. The company does not separate the two positions, which is a negative for AlphaValue’s governance score.

A family-driven board

The company has nine directors on its board, of whom five belong to the Caltagirone family and only two members are independent (we do not consider Paolo di Benedetto to be truly independent as he has been on the board for more than seven years; but he fulfils the independence requirements set out in Article 148 of Legislative Decree 58 of 1998). Since the percentage of independent board members is as low as 22%, this acts as a drag on the governance score.

One share equals one vote

The group has always ruled out preferential voting rights and has implemented “one share – one vote” which prevents shareholder power being concentrated in fewer hands. This is clearly one of the positives for AlphaValue’s governance score.

Francesco CALTAGIRONE M President/Ch... 2022 1968 1995 5,024 (2019) 57,086 (2019)
Azzurra CALTAGIRONE F Member 2022 1973 2006 11.0 (2019) 0.00 (2019)
Edoardo CALTAGIRONE M Member 2022 1944 1992 10.0 (2019) 0.00 (2019)
Saverio CALTAGIRONE M Member 2022 1971 2003 12.0 (2019) 0.00 (2019)
Alessandro CALTAGIRONE M Member 2022 1969 2006 8.00 (2019) 0.00 (2019)
Fabio CORSICO M Member 2022 1973 2008 236 (2019) 0.00 (2019)
Veronica DE ROMANIS F Member 2022 1969 2015 52.0 (2019) 0.00 (2019)
Paolo DI BENEDETTO M Member 2022 1947 2012 72.0 (2019) 0.00 (2019)
Chiara MANCINI F Member 2022 1972 2015 52.0 (2019) 0.00 (2019)
Carlo CARLEVARIS M Deputy Chai... 2020 1931 1992 2019 10.0 (2018) 0.00 (2018)
Mario DELFINI M Member 2020 1940 1992 2020 52.0 (2018) 0.00 (2018)
Adriana LAMBERTO FLORISTAN F Member 2020 1973 2018 2020 24.0 (2018) 0.00 (2018)
Roberta NERI F Member 2020 1964 2017 2020 12.0 (2018) 0.00 (2018)
Changes to Board of directors : 25/06/2020
Name (9) Indep.
(2/9)
Challenged
(conflicted interests, distant or current)
Die hard
(7 years or more)
Improbable
(too young, disconnected profile)
Overloaded
(too many boards, too old)
Specific agenda
(gov. or staff rep)
Tied
(family, business relations, executive)
Unknown
(lack of history, short CV)
Francesco CALTAGIRONE
Azzurra CALTAGIRONE
Edoardo CALTAGIRONE
Saverio CALTAGIRONE
Alessandro CALTAGIRONE
Fabio CORSICO
Veronica DE ROMANIS
Paolo DI BENEDETTO
Chiara MANCINI
Francesco CALTAGIRONE M CEO 1968 1996 5,024 (2019) ND (2019)
Giovanni LUISE M CFO 2018 ND (2019) ND (2019)
Paolo ZUGARO M COO 2017 ND (2019) ND (2019)
Changes to Management : 24/07/2020
Existing committees
  • Audit / Governance Committee
  • Compensation committee
  • Financial Statements Committee
  • Litigation Committee
  • Nomination Committee
  • Safety committee
  • SRI / Environment

Company (Sector)
6.8 (6.2)
Quantitative metrics (67%)
Set of staff related numerical metrics available in AlphaValue proprietary modelling aimed at ranking on social/HR matters
ParametersScoreWeight
Staffing Trend5/1015%
Average wage trend7/1030%
Share of added value taken up by staff cost4/1020%
Share of added value taken up by taxes7/1015%
Wage dispersion trend7/1020%
Pension bonus (0 or 1)0 
Quantitative score6.1/10100%
Qualitative metrics (33%)
Set of listed qualitative criterias and for the analyst to tick
ParametersScoreWeight
Accidents at work4/1025%
Human resources development9/1035%
Pay10/1020%
Job satisfaction10/1010%
Internal communication10/1010%
   
Qualitative score8.2/10100%




Sector figures
CompanyCountrySocial Score Quantitative scoreQualitative scoreStaffing
      
Imerys 7.37.17.615,164
Tarkett 7.16.48.713,428
Sika 7.05.510.024,890
Vicat 6.45.48.39,661
CRH 6.06.74.579,497
Saint-Gobain 5.86.74.2179,132
Heidelbergcement 5.87.32.856,344
Buzzi 5.56.73.29,644
LafargeHolcim 4.95.92.873,177

Greenhouse Gas Emissions

7,706
CO2 ktons
Scope 1 + Scope 2
Reference Year : 2019
2,533
CO2 tons
per employee
6,359
CO2 tons
per sales (€m)
8,031
CO2 tons
per €m invested
Cementir Holding Building Prod. & Materials
Sector figures
Company CountryCO2 emissions (ktons)Last CO2 emission yearCO2 tons per €m investedCO2 tons per €m salesCO2 tons per employee
       
Buzzi 21,63420194,9806,7172,198
Cementir Holding 7,70620198,0316,3592,533
CRH 36,50020191,3811,453455
Heidelbergcement 73,38020196,5873,8931,289
Imerys 3.4120181.160.740.19
LafargeHolcim 116,00020194,6134,8291,601
Saint-Gobain 10,700201954725159.1
Sika 21220197.2329.18.43
Tarkett 243201939381.118.7
Vicat 14,583201911,2775,3221,479