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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
Pros
  • Cementir remains a global leader in white cement, a niche segment with resilient demand, especially in architectural and infrastructure applications. It controls around 20% of the market, offering stable margins
  • A strong track record on asset optimisation with key profit centres in Denmark (white cement), the US, Turkey (grey cement and largest in volume) and Belgium
  • The family-controlled company maintains financial discipline and a long-term industrial vision, including on greening up capex
Cons
  • The white cement market is limited in size, making growth dependent on successful expansion or efficiency gains in grey cement operations, notably in Denmark and Belgium
  • The family-controlled structure limits the free float and strategic flexibility, reducing the stock’s appeal for some institutional investors
  • Turkey, one of the key production and demand markets for Cementir, brings with it geopolitical opportunities and thus risks
Updates
30/05/25 Other newsReassessing Cementir's Turkish Positioni...
09/05/25 EarningsCementir delivers stable Q1 amid margin ...
17/04/25OpinionAdd vs Buy
13/02/25 EarningsFY 24: A cautious outlook despite positiv...
13/02/25 EPSWe have incorporated the better-than-ex...
13/02/25 DCFWe have increased our EBITDA forecast...
17/01/25 LatestCementir speaks excellent turkish, too
15/01/25 NAVWe have revised our valuation method fo...
15/01/25 DCFWe have lowered our long-term expectati...
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
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...
Key Data
Target
Upside 27.8%
Price (€) 13.94
Target Price (€) 17.8
Market Cap (€M) 2,218
Perf. 1W: -1.13%
Perf. 1M: -1.54%
Perf. 3M: 9.20%
Perf Ytd: 34.9%
10 day relative perf. to stoxx600: -0.75%
20 day relative perf. to stoxx600: -6.86%
Key Indicators