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Cette analyse a été commandée et financée par l’entreprise concernée et constitue donc un avantage non-monétaire mineur tel que défini par MIFID2

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 64,5 %
Cours (€) 6,2
Capi (M€) 987
Perf. 1S: -2,97 %
Perf. 1M: 8,39 %
Perf. 3M: 7,27 %
Perf Ytd: -23,9 %
Perf. relative/stoxx600 10j: -5,42 %
Perf. relative/stoxx600 20j: -3,15 %
EPS change11/12/2019

Changement d’EPS2019 : € 0,50 vs 0,48+4,11 %
2020 : € 0,63 vs 0,57+9,36 %

In our opinion, the 300bp EBITDA margin improvement by 2022 as well as the back-ended green capex should drive EPS higher as soon as 2020, compared to our previous assumptions. Cementir remains a strong buy in the capital-intensive cement industry thanks to its clever capital allocation: it now favours internal investment rather than acquisitions, due to the fact that the payback period is about half that of an acquisition. Bottom line, Cementir is truly the king of capital allocation in the cement sector.



Changement d’Objectif de cours€ 9,49 vs 9,11+4,24 %

We have reviewed our long-term assumptions: we believe that the industrial plan offers some upside to our valuation. Nonetheless, we remain especially cautious in our long-term assumptions especially on the cash generation side of our DCF, meaning that there is more chance of a revision upwards than of a revision downwards.



Mises à Jour

18 févr. 20 Publication Res./CA
FY19: stability despite the Turkish burden

20 déc. 19 ESG related
When cement goes green too

15 nov. 19 Publication Res./CA
Priority to organic growth

02 août 19 Initiation cov.
Value in white

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