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.
| | |
|
12/23A
|
12/24A
|
12/25E
|
12/26E
|
12/27E
|
|
PER ajusté (x)
| | |
6,04
|
7,63
|
10,2
|
9,48
|
9,50
|
|
Rendement net (%)
| | |
3,57
|
2,83
|
2,07
|
2,07
|
2,07
|
|
VE/EBITDA(R) (x)
| | |
2,69
|
3,23
|
4,32
|
3,83
|
3,33
|
|
BPA ajusté (€)
| | |
1,30
|
1,30
|
1,32
|
1,42
|
1,42
|
|
Croissance des BPA (%)
| | |
21,6
|
0,00
|
1,85
|
7,81
|
-0,27
|
|
Dividende net (€)
| | |
0,28
|
0,28
|
0,28
|
0,28
|
0,28
|
|
Chiffre d'affaires (M€)
| | |
1 694
|
1 687
|
1 749
|
1 840
|
1 985
|
|
Marge d'EBITDA/R (%)
| | |
24,3
|
24,1
|
23,7
|
23,4
|
22,7
|
|
Résultat net pdg (M€)
| | |
202
|
202
|
205
|
222
|
221
|
|
ROE (après impôts) (%)
| | |
14,0
|
12,5
|
11,5
|
11,5
|
10,5
|
|
Taux d'endettement (%)
| | |
-10,4
|
-14,8
|
-18,9
|
-23,4
|
-28,0
|
|
Next Div. Indic 0,26 € payment 19/05/2025
|
|
Potentiel
32,8 %
Cours (€)
13,5
Capi (M€)
2 148
|
|
Perf. 1S:
|
-2,60 %
|
|
Perf. 1M:
|
1,50 %
|
|
Perf. 3M:
|
25,7 %
|
|
Perf Ytd:
|
28,1 %
|
|
Perf. relative/stoxx600 10j:
|
-2,27 %
|
|
Perf. relative/stoxx600 20j:
|
1,56 %
|
|
