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Cementir Holding

CR
Bloomberg   CEM IM
Ciments & Agrégats  /  Italie  Web Site   |   Investors Relation
Egalement présent dans : Sociétés holdings
Competitive pricing but lower cost supports profitability
Objectif
Potentiel 45,5 %
Cours (€) 7,33
Capi (M€) 1 166
Dette
No capital increase since at least 1999

Since 1999, Cementir has not increased its capital/number of shares. Indeed, it uses its operating/free cash flow or raises debt for its industrial investments and M&A activities. However, if need arises (such as a big acquisition as we deem the risk of a cash shortfall as virtually non-existent), the company may be able to raise equity quickly because, in February 2015, the shareholders of Cementir passed a resolution that allowed Cementir to increase its share capital by up to €300m (including any share premium) by 2020 for any big M&A opportunity knocking at its door.

In the foreseeable future, the risk of a dilutive capital increase for per share metrics is low. Furthermore, no convertible bonds have been issued by the company, which excludes the risk of any dilution.

Maturity and nature of the debt

The debt is almost entirely composed by bank borrowings. The company does not disclose a precise maturity table, but the average maturity is clearly below five years.

Covenants

The financial covenants to be complied with are the net debt/EBITDA ratio and the EBITDA/net financial expenses ratio, the trigger points of which are undisclosed by the company. However, management confirmed in the annual report that the covenants were met by Cementir on 31 December 2018.

Financement et liquidité
  12/21A 12/22E 12/23E 12/24E
EBITDA M€ 311 317 319 338
Cash flow des opérations M€ 226 225 280 304
Fonds propres M€ 1 088 1 174 1 313 1 476
Dette brute M€ 327 290 250 200
   dont échéance moins d'un an M€ 106 100 90,0 80,0
   dont échéance entre 1 et 5 ans M€ 176 150 120 80,0
   dont échéance moins de 2 ans M€ 82,1
   dont échéance à plus de 5 ans M€ 45,1 40,0 40,0 40,0
 + Trésorerie brute M€ 287 357 396 496
 = Dette nette / (trésorerie) M€ 40,4 -67,1 -146 -296
Emprunts bancaires M€ 239 200 200 200
Autres financements M€ 88,7 90,0 50,0 0,00
Ratio d'endettement % 7,47 -1,14 -8,13 -15,0
Fonds propres/Actif total (%) % 72,9 80,0 85,7 95,3
Dette nette ajustée/EBITDA(R) x 0,58 0,23 -0,02 -0,46
Dette brute ajustée/EBITDA(R) x 1,26 1,11 0,98 0,78
Dette brute ajustée/(Dette brute ajustée+Fonds ... % 26,5 23,0 19,2 15,1
Ebit cover x 7,45 19,9 26,0 28,2
CF des opérations/dette brute % 57,6 64,2 89,8 116
CF des opérations/dette nette % 560 -335 -191 -103
FCF/Dette brute ajustée % 29,8 54,9 47,2 82,1
(Tréso. brute + FCF + Découverts)/Dette CT x 3,82 5,50 6,04 8,89
FCF/Dette CT x 1,30 1,93 1,64 2,70
Credit Risk
DateAgencyRate
25/05/2021 S&P BBB-
Covenants
Changements d’analyse : 04/11/2022, Changements de prévisions : 04/11/2022.