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Cementir Holding

Bloomberg   CEM IM
Cement & Aggregates  /  Italy  Web Site   |   Investors Relation
Also operates in : Holding Companies
Competitive pricing but lower cost supports profitability
Upside 55.7%
Price (€) 7.33
Market Cap (€M) 1,166
Perf. 1W: 0.69%
Perf. 1M: -3.23%
Perf. 3M: -8.29%
Perf Ytd: 22.9%
10 day relative perf. to stoxx600: 0.48%
20 day relative perf. to stoxx600: -3.54%
Opinion change08/02/2021

Change in OpinionBuy vs Add

Change in EPS2020 : € 0.55 vs 0.45+20.6%
2021 : € 0.64 vs 0.55+17.2%

Following the group's preliminary FY20 results, we have updated our model to incorporate the better than expected results. Revenue and EBITDA were 4% and 13% above our expectations respectively, resulting in an increase of €0.09 in FY20 EPS 2020.

We have also increased the FY21 top-line and EBITDA by 6.5% and 12.5%, respectively, largely due to the improving Mediterranean market and also based on the Industrial Plan 2020-23 announced by the group.

Change in DCF€ 11.1 vs 8.77+26.4%

Our DCF based value has been positively impacted by the higher earnings forecast, and due to the strong cash generation expected over the medium term (net debt down from €240m in FY19 to €122m in FY20 and we expect the group to have a net cash position from FY22 onwards).


29 Jul 21 Earnings/sales releases
H1 21: all regions in recovery mode

06 May 21 Earnings/sales releases
Q1 21: growth momentum continues

10 Mar 21 Earnings/sales releases
FY20 results - a Turkish Delight

05 Feb 21 Earnings/sales releases
FY 20: performance beyond full-year guidance

10 Nov 20 Earnings/sales releases
9m 20: results in line with 9m19 but cautious gu...

29 Jul 20 Earnings/sales releases
H1 20: in for a Danish treat