Pros
- Cementir is about white cement, a niche that offers growth and better margins as a higher value-added product. It controls 20% of the addressable market
- It has an excellent record at pivoting assets and making those sweat with Denmark, the US and Belgium as the current hubs
- The family-controlled business appears to be run as a tight ship with a long-term view
Cons
- Absolute market size is capped in white cement meaning that Cementir relies on its Belgian and Danish assets to grow local grey cement franchises
- As a family business, it leaves no room for third-party openings and suffers from a limited float
- High inflation in Europe is having a negative impact on the European market, particularly in residential, resulting in lower demand in the region. This situation could persist into 2024.
Synthèse
Prochaine publication : 29/07/2024
| |
|
12/22A
|
12/23A
|
12/24E
|
12/25E
|
12/26E
|
PER ajusté (x)
| | |
6,11
|
6,04
|
9,44
|
10,2
|
9,70
|
Rendement net (%)
| | |
3,37
|
3,57
|
2,73
|
2,73
|
2,73
|
VE/EBITDA(R) (x)
| | |
3,11
|
2,69
|
3,74
|
3,42
|
3,07
|
BPA ajusté (€)
| | |
1,07
|
1,30
|
1,08
|
1,00
|
1,06
|
Croissance des BPA (%)
| | |
47,3
|
21,6
|
-16,4
|
-7,39
|
5,10
|
Dividende net (€)
| | |
0,22
|
0,28
|
0,28
|
0,28
|
0,28
|
Chiffre d'affaires (M€)
| | |
1 723
|
1 694
|
1 794
|
1 902
|
2 005
|
Marge d'EBITDA/R (%)
| | |
19,5
|
24,3
|
21,3
|
20,7
|
20,6
|
Résultat net pdg (M€)
| | |
162
|
202
|
169
|
156
|
164
|
ROE (après impôts) (%)
| | |
13,2
|
14,0
|
10,9
|
9,45
|
9,23
|
Taux d'endettement (%)
| | |
-2,01
|
-10,4
|
-15,5
|
-18,7
|
-22,1
|
Next Div. Indic 0,26 € payment 19/05/2025
|
Potentiel
33,1 %
Cours (€)
10,24
Capi (M€)
1 629
|
Perf. 1S:
|
4,92 %
|
Perf. 1M:
|
4,07 %
|
Perf. 3M:
|
3,39 %
|
Perf Ytd:
|
10,3 %
|
Perf. relative/stoxx600 10j:
|
6,34 %
|
Perf. relative/stoxx600 20j:
|
1,29 %
|
|