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Cementir Holding

Bloomberg   CEM IM
Cement & Aggregates  /  Italy  Web Site   |   Investors Relation
Also operates in : Holding Companies
Competitive pricing but effective cost management supports profitability
Upside 43.0%
Price (€) 8.71
Market Cap (€M) 1,386
Perf. 1W: -2.35%
Perf. 1M: 0.23%
Perf. 3M: 8.74%
Perf Ytd: 46.1%
10 day relative perf. to stoxx600: -5.02%
20 day relative perf. to stoxx600: -4.06%
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).


09 Feb 22 Earnings/sales releases
FY 21: EBITDA at all-time high level

12 Nov 21 Earnings/sales releases
9M 21: well managed cost inflation

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