Report

EPS upgrade (2024: +8.8%, 2025: +12.5%) (Cementir Holding)

EPS CHANGE

CHANGE IN EPS
2024 : € 1.18 vs 1.08 +8.76%
2025 : € 1.18 vs 1.05 +12.5%

We have raised our EBITDA estimates, as we observe signs of a volume improvement. Volumes appear to have passed the trough, and we believe the company’s price stability and cost management will help improve margins, positively impacting our EPS.

CHANGE IN DCF € 15.6 vs 14.3 +9.51%

We have revised our Sales and EBITDA estimates for the coming years as we believe that the company will maintain its EBITDA margin while volumes recover, leading to improvements in both EBITDA and 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

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