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.
| | |
|
12/22A
|
12/23A
|
12/24E
|
12/25E
|
12/26E
|
|
PER ajusté (x)
| | |
6,11
|
6,04
|
9,43
|
9,39
|
9,15
|
|
Rendement net (%)
| | |
3,37
|
3,57
|
2,52
|
2,52
|
2,52
|
|
VE/EBITDA(R) (x)
| | |
3,11
|
2,69
|
3,95
|
3,62
|
3,29
|
|
BPA ajusté (€)
| | |
1,07
|
1,30
|
1,18
|
1,18
|
1,21
|
|
Croissance des BPA (%)
| | |
47,3
|
21,6
|
-9,13
|
0,48
|
2,58
|
|
Dividende net (€)
| | |
0,22
|
0,28
|
0,28
|
0,28
|
0,28
|
|
Chiffre d'affaires (M€)
| | |
1 723
|
1 694
|
1 667
|
1 761
|
1 851
|
|
Marge d'EBITDA/R (%)
| | |
19,5
|
24,3
|
23,6
|
22,8
|
22,3
|
|
Résultat net pdg (M€)
| | |
162
|
202
|
183
|
184
|
189
|
|
ROE (après impôts) (%)
| | |
13,2
|
14,0
|
11,8
|
11,0
|
10,5
|
|
Taux d'endettement (%)
| | |
-2,01
|
-10,4
|
-15,9
|
-19,7
|
-23,5
|
|
Next Div. Indic 0,26 € payment 19/05/2025
|
|
Potentiel
35,5 %
Cours (€)
11,12
Capi (M€)
1 769
|
|
Perf. 1S:
|
5,70 %
|
|
Perf. 1M:
|
16,7 %
|
|
Perf. 3M:
|
14,6 %
|
|
Perf Ytd:
|
19,8 %
|
|
Perf. relative/stoxx600 10j:
|
6,15 %
|
|
Perf. relative/stoxx600 20j:
|
17,6 %
|
|
