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
| | |
|
12/21A
|
12/22A
|
12/23E
|
12/24E
|
12/25E
|
|
PER ajusté (x)
| | |
12,0
|
6,11
|
7,35
|
7,50
|
7,29
|
|
Rendement net (%)
| | |
2,07
|
3,37
|
3,26
|
3,53
|
3,80
|
|
VE/EBITDA(R) (x)
| | |
4,93
|
3,11
|
3,06
|
2,88
|
2,60
|
|
BPA ajusté (€)
| | |
0,72
|
1,07
|
1,00
|
0,98
|
1,01
|
|
Croissance des BPA (%)
| | |
11,2
|
47,3
|
-6,12
|
-2,01
|
2,87
|
|
Dividende net (€)
| | |
0,18
|
0,22
|
0,24
|
0,26
|
0,28
|
|
Chiffre d'affaires (M€)
| | |
1 360
|
1 723
|
1 820
|
1 929
|
2 031
|
|
Marge d'EBITDA/R (%)
| | |
22,9
|
19,5
|
20,1
|
19,3
|
18,9
|
|
Résultat net pdg (M€)
| | |
113
|
162
|
156
|
153
|
157
|
|
ROE (après impôts) (%)
| | |
10,6
|
13,2
|
11,1
|
10,4
|
10,1
|
|
Taux d'endettement (%)
| | |
7,47
|
-2,01
|
-10,3
|
-14,8
|
-17,7
|
|
Next Div. Indic 0,24 € payment 19/05/2024
|
|
Potentiel
63,1 %
Cours (€)
7,36
Capi (M€)
1 171
|
|
Perf. 1S:
|
-1,34 %
|
|
Perf. 1M:
|
-9,25 %
|
|
Perf. 3M:
|
-2,00 %
|
|
Perf Ytd:
|
23,4 %
|
|
Perf. relative/stoxx600 10j:
|
0,18 %
|
|
Perf. relative/stoxx600 20j:
|
-5,59 %
|
|
