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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
Target
Upside 61.1%
Price (€) 6.39
Market Cap (€M) 1,017
Perf. 1W: -0.16%
Perf. 1M: 11.5%
Perf. 3M: 7.39%
Perf Ytd: -21.6%
10 day relative perf. to stoxx600: -1.01%
20 day relative perf. to stoxx600: 3.45%
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).



Updates

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

14 May 20 Earnings/sales releases
Q1 20: lower result but good shareholder remu...

06 Mar 20 Earnings/sales releases
FY19: profits higher than our conservative proje...

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