Cementir Holding | CEM IM | Cement & Aggregates | Italy | Updates

This research has been commissioned and paid for by the company and is deemed to constitute an acceptable minor non-monetary benefit as defined in MiFID II

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 55.7%

Price (€) 7.33

Target Price (€) 11.4

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%

EPS change13/02/2023

Download

Change in EPS	2022 : € 0.90 vs 0.81	+10.6%
	2023 : € 0.95 vs 0.87	+9.30%
We have updated our model following the better than expected preliminary FY22 results. The EPS 2022 is up by €0.09 and the EPS 2023 forecast is increased by €0.08, driven by high price increases leading to 13% higher revenue and 6% higher EBITDA than in our previous estimates.
Change in DCF	€ 13.7 vs 12.8	+7.29%
The strong growth reported this year has enabled an upwards revision to our sales estimates even in a conservative scenario due to the uncertain macroeconomic situation. Since we have increased our 2024 EBITDA forecast, which is the base value for the DCF, the overall valuation has risen, leading to a 5% increase in our Target Price to €11.25.

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.

13 Feb 23 EPS change
We have updated our model following the bette...

04 Nov 22 Earnings/sales releases
9M 22: competitive pricing but lower cost suppo...

28 Jul 22 Earnings/sales releases
H1 22: IAS 29 lowers profitability

06 May 22 Earnings/sales releases
Q1 22: profitability outpacing cost inflation

22 Mar 22 EPS change
We have updated our model following the FY21...

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