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
Turkey to the rescue
Target
Upside 66.5%
Price (€) 5.88
Market Cap (€M) 936
Perf. 1W: -6.37%
Perf. 1M: -12.2%
Perf. 3M: -6.85%
Perf Ytd: -27.9%
10 day relative perf. to stoxx600: -8.95%
20 day relative perf. to stoxx600: -5.00%
Opinion change08/02/2021

Change in OpinionBuy vs Add

Change in EPS2020 : € 0.55 vs 0.45+20.6%
2021 : € 0.64 vs 0.55+17.2%

Following the group's preliminary FY20 results, we have updated our model to incorporate the better than expected results. Revenue and EBITDA were 4% and 13% above our expectations respectively, resulting in an increase of €0.09 in FY20 EPS 2020.

We have also increased the FY21 top-line and EBITDA by 6.5% and 12.5%, respectively, largely due to the improving Mediterranean market and also based on the Industrial Plan 2020-23 announced by the group.



Change in DCF€ 11.1 vs 8.77+26.4%

Our DCF based value has been positively impacted by the higher earnings forecast, and due to the strong cash generation expected over the medium term (net debt down from €240m in FY19 to €122m in FY20 and we expect the group to have a net cash position from FY22 onwards).



Updates

05 Feb 21 Earnings/sales releases
FY 20: performance beyond full-year guidance

10 Nov 20 Earnings/sales releases
9m 20: results in line with 9m19 but cautious gu...

29 Jul 20 Earnings/sales releases
H1 20: in for a Danish treat

14 May 20 Earnings/sales releases
Q1 20: lower result but good shareholder remu...

06 Mar 20 Earnings/sales releases
FY19: profits higher than our conservative proje...

18 Feb 20 Earnings/sales releases
FY19: stability despite the Turkish burden

Next123Next
.