AlphaValue Corporate Services
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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 42.7%
Price (€) 9.51
Market Cap (€M) 1,513
Perf. 1W: 0.00%
Perf. 1M: 2.81%
Perf. 3M: -4.52%
Perf Ytd: 2.46%
10 day relative perf. to stoxx600: -0.90%
20 day relative perf. to stoxx600: 0.98%
EPS change29/04/2024 17:10

Change in EPS2024 : € 1.08 vs 0.99+9.87%
2025 : € 1.00 vs 0.87+15.9%

We have integrated into our model the better-than-expected FY23 results, in which EBITDA was 3% higher than our forecasts, mainly thanks to price hikes and cost management. Despite the lower volumes in 2024, we believe in the company's ability to maintain prices at this high level, and expect cost management to potentially reduce the pressure on margins from personnel costs. Overall, we have incorporated the guidance provided by the company in its 2024-2026 industrial plan, which has had a positive impact on our EPS.



Change in DCF€ 14.4 vs 13.9+3.57%

We have revised upwards our estimates for capex as the company has increased its guidance for the 2024-2026 period, resulting in a stable DCF despite the higher EBITDA.



Updates

31 Jul 24 Earnings/sales releases
H1 24: the recovery is yet to come

13 May 24 Earnings/sales releases
Q1 24: a rebound is expected in the H2

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.

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