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
| | |
|
12/23A
|
12/24A
|
12/25E
|
12/26E
|
12/27E
|
|
PER ajusté (x)
| | |
6,04
|
7,63
|
13,2
|
12,2
|
12,2
|
|
Rendement net (%)
| | |
3,57
|
2,83
|
1,61
|
1,61
|
1,61
|
|
VE/EBITDA(R) (x)
| | |
2,69
|
3,23
|
5,77
|
5,23
|
4,67
|
|
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 0,28 € payment 19/05/2026
|
|
Potentiel
27,1 %
Cours (€)
17,38
Capi (M€)
2 766
|
|
Perf. 1S:
|
9,86 %
|
|
Perf. 1M:
|
9,31 %
|
|
Perf. 3M:
|
23,6 %
|
|
Perf Ytd:
|
68,2 %
|
|
Perf. relative/stoxx600 10j:
|
8,34 %
|
|
Perf. relative/stoxx600 20j:
|
7,97 %
|
|
