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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 60.2%
Price (€) 7.52
Market Cap (€M) 1,197
Perf. 1W: -0.53%
Perf. 1M: -9.07%
Perf. 3M: 3.01%
Perf Ytd: 26.1%
10 day relative perf. to stoxx600: -5.81%
20 day relative perf. to stoxx600: -8.59%
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.


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.

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