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
- Cementir Holding is well exposed to the Turkish market, which is set to supply cement for Ukraine and Syria's reconstruction due to significant overcapacity
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
- Currency devaluations in Turkey and Egypt remain a key concern, as they significantly weigh on the company's results despite the positive volume trends in both markets
| | |
|
12/24A
|
12/25A
|
12/26E
|
12/27E
|
12/28E
|
|
PER ajusté (x)
| | |
7,63
|
10,7
|
14,5
|
13,5
|
12,9
|
|
Rendement net (%)
| | |
2,83
|
2,10
|
1,93
|
1,93
|
1,93
|
|
VE/EBITDA(R) (x)
| | |
3,23
|
4,02
|
4,53
|
3,99
|
3,55
|
|
BPA ajusté (€)
| | |
1,30
|
1,33
|
1,07
|
1,15
|
1,21
|
|
Croissance des BPA (%)
| | |
0,00
|
2,52
|
-19,7
|
7,39
|
5,12
|
|
Dividende net (€)
| | |
0,28
|
0,30
|
0,30
|
0,30
|
0,30
|
|
Chiffre d'affaires (M€)
| | |
1 687
|
1 640
|
1 734
|
1 836
|
1 945
|
|
Marge d'EBITDA/R (%)
| | |
24,1
|
28,1
|
23,6
|
23,8
|
23,8
|
|
Résultat net pdg (M€)
| | |
202
|
206
|
166
|
178
|
188
|
|
ROE (après impôts) (%)
| | |
12,5
|
11,6
|
8,76
|
8,89
|
8,81
|
|
Taux d'endettement (%)
| | |
-14,8
|
-20,4
|
-27,1
|
-31,1
|
-34,4
|
|
Next Div. Indic 0,28 € payment 19/05/2027
|
|
Potentiel
54,4 %
Cours (€)
15,53
Capi (M€)
2 471
|
|
Perf. 1S:
|
11,5 %
|
|
Perf. 1M:
|
8,00 %
|
|
Perf. 3M:
|
9,41 %
|
|
Perf Ytd:
|
-15,5 %
|
|
Perf. relative/stoxx600 10j:
|
4,87 %
|
|
Perf. relative/stoxx600 20j:
|
7,01 %
|
|
