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 so that Cementir relies on 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
- Cementir will see a trough in its net profit in 2019
| | |
|
12/20A
|
12/21A
|
12/22E
|
12/23E
|
12/24E
|
|
PER ajusté (x)
| | |
9,20
|
12,0
|
8,00
|
8,42
|
7,74
|
|
Rendement net (%)
| | |
2,34
|
2,07
|
2,91
|
2,86
|
3,14
|
|
VE/EBITDA(R) (x)
| | |
4,48
|
4,93
|
3,41
|
3,55
|
2,92
|
|
BPA ajusté (€)
| | |
0,65
|
0,72
|
0,81
|
0,87
|
0,95
|
|
Croissance des BPA (%)
| | |
16,4
|
11,2
|
12,5
|
6,85
|
8,81
|
|
Dividende net (€)
| | |
0,14
|
0,18
|
0,19
|
0,21
|
0,23
|
|
Chiffre d'affaires (M€)
| | |
1 225
|
1 371
|
1 527
|
1 600
|
1 672
|
|
Marge d'EBITDA/R (%)
| | |
21,5
|
22,7
|
20,8
|
19,9
|
20,2
|
|
Résultat net pdg (M€)
| | |
102
|
113
|
127
|
135
|
147
|
|
ROE (après impôts) (%)
| | |
9,71
|
10,6
|
11,2
|
10,9
|
10,6
|
|
Taux d'endettement (%)
| | |
17,1
|
7,47
|
-1,14
|
-8,13
|
-15,0
|
|
Next Div. Indic 0,14 € payment 19/05/2023
|
|
Potentiel
45,5 %
Cours (€)
7,33
Capi (M€)
1 166
|
|
Perf. 1S:
|
5,32 %
|
|
Perf. 1M:
|
18,2 %
|
|
Perf. 3M:
|
24,2 %
|
|
Perf Ytd:
|
19,4 %
|
|
Perf. relative/stoxx600 10j:
|
13,0 %
|
|
Perf. relative/stoxx600 20j:
|
13,0 %
|
|
