Cementir Holding

We have raised our EBITDA estimates, as we observe signs of a volume improvement. Volumes appear to have passed the trough, and we believe the company’s price stability and cost management will help improve margins, positively impacting our EPS.

We have revised our Sales and EBITDA estimates for the coming years as we believe that the company will maintain its EBITDA margin while volumes recover, leading to improvements in both EBITDA and FCF.