Cementir Holding Solid as a rock
We initiate coverage on Cementir with a BUY rating and € 18 target price. Cementir's diversified footprint with some key regional strongholds like Denmark and Belgium along with a deeply vertically integrated model in those regions allows to realize solid profitability, as witnessed by a 24% group EBITDA margin and 17% ROCE in 2024. A sizeable net cash position gives Cementir significant firepower for acquisitions in a still fragmented cement industry whilst the presence of a reference shareholder (Caltagirone group) allows to keep a long term horizon.Cementir Holding NV. Cementir Holding NV is a multinational company incorporated in the Netherlands operating in the construction materials sector. Through its subsidiaries in 18 countries across the five continents, Cementir specializes in white cement and in the production and distribution of gray cement, ready-mixed concrete, aggregates, concrete products and is active in the processing of urban and industrial waste. The Group's products are marketed in more than 70 countries. The Group is a major producer of white cement and has vertically integrated platforms in Scandinavia, Belgium and Turkey.
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