Pros
- Cementir remains a global leader in white cement, a niche segment with resilient demand, especially in architectural and infrastructure applications. It controls around 20% of the market, offering stable margins
- A strong track record on asset optimisation with key profit centres in Denmark (white cement), the US, Turkey (grey cement and largest in volume) and Belgium
- The family-controlled company maintains financial discipline and a long-term industrial vision, including on greening up capex
Cons
- The white cement market is limited in size, making growth dependent on successful expansion or efficiency gains in grey cement operations, notably in Denmark and Belgium
- The family-controlled structure limits the free float and strategic flexibility, reducing the stock’s appeal for some institutional investors
- Turkey, one of the key production and demand markets for Cementir, brings with it geopolitical opportunities and thus risks
| | |
|
12/23A
|
12/24A
|
12/25E
|
12/26E
|
12/27E
|
|
PER ajusté (x)
| | |
6,04
|
7,63
|
10,7
|
9,89
|
9,91
|
|
Rendement net (%)
| | |
3,57
|
2,83
|
1,99
|
1,99
|
1,99
|
|
VE/EBITDA(R) (x)
| | |
2,69
|
3,23
|
4,53
|
4,04
|
3,53
|
|
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
29,8 %
Cours (€)
14,08
Capi (M€)
2 240
|
|
Perf. 1S:
|
-5,25 %
|
|
Perf. 1M:
|
6,51 %
|
|
Perf. 3M:
|
13,5 %
|
|
Perf Ytd:
|
33,6 %
|
|
Perf. relative/stoxx600 10j:
|
-5,74 %
|
|
Perf. relative/stoxx600 20j:
|
-5,70 %
|
|
