AlphaValue Corporate Services
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
Positioned in a niche market
Target
Upside 39.0%
Price (€) 9.57
Market Cap (€M) 1,523
Perf. 1W: 0.00%
Perf. 1M: -5.06%
Perf. 3M: -3.19%
Perf Ytd: 3.11%
10 day relative perf. to stoxx600: -1.85%
20 day relative perf. to stoxx600: -2.24%
EPS change18/04/2023 16:34

Price hikes boost the EPS

Change in EPS2023 : € 0.85 vs 0.95-10.2%
2024 : € 0.94 vs 1.04-9.91%

Cementir Holding reported better-than-expected results thanks to price increases and higher financial income. For the coming years we expect continued organic growth in Nordics & Baltics (43% of sales) where the company has a leading position in white cement, although this will be more limited (4% yoy) as we see a continued decline in volume and Cementir may not be able to hike its prices as in 2022.



Change in NAV€ 11.0 vs 9.82+11.7%

Cementir Holding has reported a robust balance sheet, leading to a positive net cash position that has increased our NAV by 12% compared to our previous estimates.



Updates

13 May 24 Earnings/sales releases
Q1 24: a rebound is expected in the H2

13 Feb 24 Earnings/sales releases
FY 23: A conservative look to the future

08 Nov 23 Earnings/sales releases
Q3 23: Conservative guidance

31 Jul 23 Earnings/sales releases
H1 23: positive price-cost spread

10 May 23 Earnings/sales releases
Q1 23: Pricing boosts profitability

18 Apr 23 EPS change
Price hikes boost the EPS

13 Feb 23 Earnings/sales releases
FY 22: Price hikes to manage inflation.

1234Next
.