AlphaValue Corporate Services
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

Bloomberg   CEM IM
Ciments & Agrégats  /  Italie  Web Site   |   Investors Relation
Egalement présent dans : Sociétés holdings
Positioned in a niche market
Potentiel 42,6 %
Cours (€) 9,19
Capi (M€) 1 462
Perf. 1S: -0,86 %
Perf. 1M: -5,74 %
Perf. 3M: 4,20 %
Perf Ytd: -3,67 %
Perf. relative/stoxx600 10j: 0,98 %
Perf. relative/stoxx600 20j: -7,60 %
Opinion change16/03/2021

Changement d’OpinionAchat vs Accumuler

Changement d’EPS2021 : € 0,69 vs 0,64+7,48 %
2022 : € 0,79 vs 0,72+9,73 %

Following the group's full FY20 results, we have updated our model to incorporate the better than expected results. While FY20 EBIT was in-line with our expectations, the EPS was up by €0.10 because of lower taxes and lower net financial expenses.

For FY21 and FY22, we have left our EBITDA and EBIT estimates unchanged, but have lowered the financial expenses due to decreasing debt, and the lowered corporate tax rate to 26%, resulting in an increase in the EPS by €0.05 and €0.07 for FY21 and FY22, respectively.

Changement de DCF€ 13,6 vs 10,8+25,9 %

Our DCF has been positively impacted by the earnings revision. We have assumed the long-term EBITDA margin to remain in the vicinity of 22% from 2022 onwards because we believe that Cementir Holding, like other cement players, will be impacted by increasing carbon prices and other input costs, which will be offset by its digitalisation and sustainability initiatives. We have also reduced the long-term capex forecast based on the company's guidance.

Mises à Jour

06 mai 22 Publication Res./CA
Q1 22: profitability outpacing cost inflation

09 févr. 22 Publication Res./CA
FY 21: EBITDA at all-time high level

12 nov. 21 Publication Res./CA
9M 21: well managed cost inflation

29 juil. 21 Publication Res./CA
H1 21: all regions in recovery mode

06 mai 21 Publication Res./CA
Q1 21: growth momentum continues

10 mars 21 Publication Res./CA
FY20 results - a Turkish Delight