AlphaValue Corporate Services
COVERAGE ABOUT US CONTACT FR
This research has been commissioned and paid for by the company and does therefore not constitute an inducement caught by the prohibition under MiFID II

Cementir Holding

CR 		Bloomberg   CEM IM
Cement & Aggregates  /  Italy  Web Site   |   Investors Relation
Also operates in : Holding Companies
Solid position in a niche market
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 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
  • High inflation in Europe is having a negative impact on the European market, particularly in residential, resulting in lower demand in the region. This situation could persist into 2024.
Updates
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
10/02/24OpinionBuy vs Add
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...
08/02/21 DCFOur DCF based value has been positively...
05/02/21 EarningsFY 20: performance beyond full-year gui...
10/11/20 Earnings9m 20: results in line with 9m19 but caut...
29/07/20 EarningsH1 20: in for a Danish treat
27/07/20 EPSOur EPS is negatively impacted by the lo...
27/07/20 DCFA further decline in the top line and a red...
14/05/20 EarningsQ1 20: lower result but good shareholder...
24/03/20 EPSWe have updated our model with the FY1...
24/03/20 DCFAlong with the change in earnings, we ha...
06/03/20 EarningsFY19: profits higher than our conservativ...
06/03/20 EPSEPS for 2019 increases due to the comp...
18/02/20 EarningsFY19: stability despite the Turkish burden
20/12/19 ESGWhen cement goes green too
Key Data
Target
Upside 37.8%
Price (€) 10.9
Target Price (€) 15.0
Market Cap (€M) 1,734
Perf. 1W: 5.01%
Perf. 1M: 13.4%
Perf. 3M: 13.4%
Perf Ytd: 17.4%
10 day relative perf. to stoxx600: 12.5%
20 day relative perf. to stoxx600: 17.9%
Key Indicators