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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 28.7%
Price (€) 10.18
Market Cap (€M) 1,620
Perf. 1W: -0.97%
Perf. 1M: 9.58%
Perf. 3M: 5.93%
Perf Ytd: 6.71%
10 day relative perf. to stoxx600: -1.55%
20 day relative perf. to stoxx600: 8.85%
EPS change18/04/2023

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 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.

04 Nov 22 Earnings/sales releases
9M 22: competitive pricing but lower cost suppo...

28 Jul 22 Earnings/sales releases
H1 22: IAS 29 lowers profitability

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