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Cementir Holding

CR
Bloomberg   CEM IM
Cement & Aggregates  /  Italy  Web Site   |   Investors Relation
Also operates in : Holding Companies
Competitive pricing but lower cost supports profitability
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 so that Cementir relies on 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
  • Cementir will see a trough in its net profit in 2019
Updates
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
24/11/21OpinionBuy vs Add
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
11/12/19 TargetWe have reviewed our long-term assump...
11/12/19 EPSIn our opinion, the 300bp EBITDA margi...
15/11/19 EarningsPriority to organic growth
02/08/19 Initiation cov.Value in white
Target
Upside 67.1%
Price (€) 6.08
Market Cap (€M) 967
Perf. 1W: -3.18%
Perf. 1M: 1.16%
Perf. 3M: 9.16%
Perf Ytd: -25.4%
10 day relative perf. to stoxx600: -3.80%
20 day relative perf. to stoxx600: -2.77%