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Cementir Holding

CR 		Bloomberg   CEM IM
Cement & Aggregates  /  Italy  Web Site   |   Investors Relation
Also operates in : Holding Companies
Solid position in a niche market
Target
Upside 32.8%
Price (€) 13.5
Target Price (€) 17.9
Market Cap (€M) 2,148
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
  12/24A 12/25E 12/26E 12/27E
EBITDA €M 407 415 431 451
Funds from operations (FFO) €M 339 330 345 358
Ordinary shareholders' equity €M 1,717 1,844 2,023 2,200
Gross debt €M 210 250 270 300
   o/w Less than 1 year - Gross debt €M 60.0 80.0 90.0 100
   o/w 1 to 5 year - Gross debt €M 90.0 110 120 130
   o/w Beyond 5 years - Gross debt €M 60.0 60.0 60.0 70.0
 + Gross Cash €M 500 655 812 990
 = Net debt / (cash) €M -290 -405 -542 -690
Bank borrowings €M 150 150 150 150
Other financing €M 60.0 100 120 150
Gearing (at book value) % -14.8 -18.9 -23.4 -28.0
Equity/Total asset (%) % 94.4 99.2 106 114
Adj. Net debt/EBITDA(R) x -0.58 -0.78 -1.07 -1.36
Adjusted Gross Debt/EBITDA(R) x 0.65 0.80 0.81 0.84
Adj. gross debt/(Adj. gross debt+Equity) % 14.3 15.3 14.8 14.7
Ebit cover x -47.7 -9.83 -9.31 -9.60
FFO/Gross Debt % 118 99.2 98.5 94.6
FFO/Net debt % -117 -81.3 -63.6 -51.8
FCF/Adj. gross debt (%) % 59.0 59.4 62.2 61.1
(Gross cash+ "cash" FCF+undrawn)/ST debt x 12.2 10.7 11.4 12.2
"Cash" FCF/ST debt x 3.59 2.48 2.44 2.32
Credit Risk
DateAgencyRate
25/05/2021 S&P BBB-
Covenants
Changes to Story : 21/03/2025, Changes to Forecasts : 21/03/2025.