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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 35.6%
Price (€) 10.14
Market Cap (€M) 1,613
Perf. 1W: 0.21%
Perf. 1M: 5.81%
Perf. 3M: 12.1%
Perf Ytd: 9.25%
10 day relative perf. to stoxx600: 1.25%
20 day relative perf. to stoxx600: 3.19%
EPS change13/02/2023

Change in EPS2022 : € 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.



Updates

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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