Report

EPS upgrade (2024: +5.7%, 2025: +6.8%) (Cementir Holding)

EPS CHANGE

CHANGE IN EPS
2024 : € 1.25 vs 1.18 +5.68%
2025 : € 1.27 vs 1.18 +6.81%

We have incorporated the better-than-expected FY24 results into our model, with the EBITDA exceeding our forecasts, mainly due to higher-than-anticipated volumes. This positive volume trend bodes well for future results, as the company's EBITDA guidance for 2025 is also ahead of our forecasts. We believe Turkey’s strong volume momentum could support growth in the coming years, although the key challenge remains the depreciation of the Turkish lira, which should gradually ease over time.

CHANGE IN DCF € 19.0 vs 16.6 +14.2%

We have increased our EBITDA forecasts for the coming years, reflecting the company's better-than-expected volume trends. Additionally, we have adjusted our model to incorporate the company's capex guidance, which is lower than our previous assumptions, leading to higher FCF.
Underlying
Cementir Holding N.V.

Cementir Holding is an Italian multinational company that produces and distributes grey and white cement, ready-mix concrete, aggregates and concrete products.

Provider
AlphaValue Corporate Services
AlphaValue Corporate Services

AlphaValue Corporate Services capitalise on the research and credit analysis expertise deployed by AlphaValue with major institutional investors at European level over the past nine years. The proprietary tools and processes enabling AlphaValue Corporate Services to establish a valuation and/or a credit risk assessment are identical to those used by AlphaValue to the benefit of its institutional clients. The only difference is the recognition that a company evaluation cannot be dissociated from the fact that the latter is paying for the service (AlphaValue Corporate Services), as opposed to the investor footing the bill (AlphaValue). AlphaValue’s research tools are characterised by the transparency of the valuation methodologies, their responsiveness to market data and by nine years’ experience of a universe numbering more than 450 European companies. Through its coverage and sector exhaustiveness, AlphaValue ranks alongside the major research houses in Europe and constitutes the only new entrant to the European space in the past decade. This significant presence is reflected in an unrivalled distribution capability via platforms commonly adopted by investors to access research: Factset, Bloomberg, Capital IQ and the numerous websites. AlphaValue is one the largest research contributors to these platforms, to the benefit of AlphaValue Corporate Services issuer clients.  The AlphaValue Corporate Services analysts are AlphaValue’s sector specialists. Their robust knowledge of the business models in their sectors enables the rapid generation of incisive, relevant research and advantageous interaction with the management teams.

Analysts
Loco Douza

Other Reports on these Companies
Other Reports from AlphaValue Corporate Services

ResearchPool Subscriptions

Get the most out of your insights

Get in touch