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Cementir Holding

Bloomberg   CEM IM
Ciments & Agrégats  /  Italie  Web Site   |   Investors Relation
Egalement présent dans : Sociétés holdings
Positioned in a niche market
Potentiel 36,0 %
Cours (€) 10
Capi (M€) 1 591
Perf. 1S: -0,99 %
Perf. 1M: 3,20 %
Perf. 3M: 5,96 %
Perf Ytd: 7,74 %
Perf. relative/stoxx600 10j: 5,11 %
Perf. relative/stoxx600 20j: 6,47 %
Opinion change16/03/2021 12:38

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

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

05 févr. 21 Publication Res./CA
FY 20: performance beyond full-year guidance

29 juil. 20 Publication Res./CA
H1 20: in for a Danish treat

14 mai 20 Publication Res./CA
Q1 20: lower result but good shareholder remu...