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Cementir Holding

CR 		Bloomberg   CEM IM
Cement & Aggregates  /  Italy  Web Site   |   Investors Relation
Also operates in : Holding Companies
New industrial plan takes off
Target
Upside 65.3%
Price (€) 14.31
Target Price (€) 23.7
Market Cap (€M) 2,277
Debt
No capital increase since at least 1999

Since 1999, Cementir has not increased its capital/number of shares. Indeed, it uses its operating/free cash flow or raises debt for its industrial investments and M&A activities.

In the foreseeable future, the risk of a dilutive capital increase for per share metrics is low. Furthermore, no convertible bonds have been issued by the company, which excludes the risk of any dilution.

Maturity and nature of the debt

The debt is almost entirely composed by bank borrowings. The company does not disclose a precise maturity table, but the average maturity is clearly below five years.

Covenants

The financial covenants to be complied with are the net debt/EBITDA ratio and the EBITDA/net financial expenses ratio, the trigger points of which are undisclosed by the company.
Funding - Liquidity
Help
  12/25A 12/26E 12/27E 12/28E
EBITDA €M 440 410 436 462
Funds from operations (FFO) €M 341 305 321 337
Ordinary shareholders' equity €M 1,853 1,940 2,074 2,185
Gross debt €M 160 190 174 181
   o/w Less than 1 year - Gross debt €M 43.2 46.0 50.0 55.0
   o/w 1 to 5 year - Gross debt €M 78.8 79.0 79.0 79.0
   of which Y+2 €M 26.2 30.0
   o/w Beyond 5 years - Gross debt €M 38.3 65.0 45.0 47.0
 + Gross Cash €M 625 777 875 981
 = Net debt / (cash) €M -465 -587 -701 -800
Bank borrowings €M 76.5 80.0 85.0 90.0
Other financing €M 83.8 110 89.0 91.0
Gearing (at book value) % -20.4 -27.1 -31.1 -34.4
Equity/Total asset (%) % 104 112 119 124
Adj. Net debt/EBITDA(R) x -0.95 -1.35 -1.54 -1.67
Adjusted Gross Debt/EBITDA(R) x 0.47 0.54 0.47 0.45
Adj. gross debt/(Adj. gross debt+Equity) % 10.1 10.3 8.96 8.76
Ebit cover x 32.3 -14.5 -16.5 -18.9
FFO/Gross Debt % 164 136 157 160
FFO/Net debt % -73.4 -51.9 -45.7 -42.1
FCF/Adj. gross debt (%) % 106 78.6 92.7 100
(Gross cash+ "cash" FCF+undrawn)/ST debt x 19.6 20.7 21.3 21.7
"Cash" FCF/ST debt x 5.34 3.83 3.80 3.84
Credit Risk
DateAgencyRate
25/05/2021 S&P BBB-
Covenants
Changes to Story : 13/04/2026, Changes to Forecasts : 13/04/2026.