reports
- Egor Sonin
Cementir H1 2025: Stable volumes, shaky margins, confirmed guidance
Cementir H1 2025: Stable volumes, shaky margins, confirmed guidance EARNINGS WRAP-UP Cementir entered 2025 with steady volumes and firm control over its operations. While profits were temporarily weighed down by currency effects and isolated disruptions, the business stayed on course. Full-year guidance — €1.75bn revenue, €415m EBITDA, €410m net cash — is confirmed, with momentum expected to pick up in the second half. FACT Revenue: €807.1m, +0.5% vs H1 2024 EBITDA: €171.5m, -5.7% vs H1 202...
- Egor Sonin
Cementir earns global sustainability spotlight
Cementir earns global sustainability spotlight SIGNIFICANT NEWS It’s not every day that a cement company makes it onto a list of the world’s most sustainable businesses. But that’s exactly what Cementir Holding has done. Named among the World’s Most Sustainable Companies 2025 by TIME and Statista, Cementir ranks as the only cement group from our coverage to receive this global recognition — an achievement that carries both symbolic and strategic weight in a sector under intense scrutiny for it...
- Egor Sonin
A niche strategy in a heavy industry
A niche strategy in a heavy industry LATEST We have updated our valuation for Cementir, moving from a simple volume-based model to one based on DCF per geographic unit, which gives a more disciplined picture of how each part of the business performs. This includes listed subsidiaries like Çimentas and separates countries like Norway and Sweden, as shown in the 2024 report. With a new enterprise value of €3.36bn and a NAV-based target price of €21.6, we take a fresh look at the full investment ...
- Egor Sonin
- Egor Sonin
Reassessing Cementir's Turkish Positioning
Reassessing Cementir's Turkish Positioning SIGNIFICANT NEWS Cementir sold its small Kars plant in northeastern Turkey for €51m (13x EBITDA). It is a minor move, representing less than 2% of group revenue and EBITDA. With just 0.6Mt capacity (vs. 5.4Mt in Turkey), Kars was a non-core, stand-alone asset outside Cementir’s integrated operations in western and central Turkey. However, the disposal aligns with Cementir’s strategy to streamline its footprint, free up capital, and focus on higher-gro...
- Egor Sonin
Cementir delivers stable Q1 amid margin pressure
Cementir delivers stable Q1 amid margin pressure EARNINGS/SALES RELEASES Cementir Holding’s first quarter of 2025 did not deliver any grand surprises – positive or negative. However, a flat EBITDA hid contrasting Baltic gains and a bout of Turkish weakness, as well as the usual FX complexities. Cash flow resilience must be saluted. FACT Revenue: €368.1m (vs €368.3m in Q1 2024) EBITDA: €66.4m (vs €66.5m in Q1 2024) Profit before tax (PBT): €30.3m (vs €58.7m in Q1 2024) Outlook for the full y...
- Loco Douza
FY 24: A cautious outlook despite positive volume trend
FY 24: A cautious outlook despite positive volume trend EARNINGS/SALES RELEASES Cementir Holding reported positive FY24 results, exceeding sales and EBITDA projections, driven by positive volume trends. However, currency devaluations in Turkey and Egypt weighed on overall performance and are expected to remain a challenge in 2025. Despite this, the company has upgraded its industrial plan, projecting EBITDA growth in the coming years and aiming for a significant increase in cash by 2027. Addit...
- Loco Douza
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...
- Loco Douza
Cementir speaks excellent turkish, too
Cementir speaks excellent turkish, too LATEST AlphaValue is closely monitoring Turkey’s impact on Cementir Holding, which accounts for a significant portion of the company’s valuation and earnings growth. With Turkey’s cement market flooded with excess capacity, Cementir’s strategic assets, including Çimentas Izmir, position the company well to capitalise on reconstruction demand from Syria and Ukraine. Despite risks such as competition and political uncertainty, Cementir’s growth potential in...
- Loco Douza
NAV upgrade by 22.9% (Cementir Holding)
NAV CHANGE CHANGE IN NAV € 14.7 vs 11.9 +22.9% We have revised our valuation method for the company’s Turkish asset, shifting from a multiple based on cement capacity to the market value of the asset, as it is publicly listed under the name Çimentas Izmir. Cementir Holding owns 96.7% of Çimentas Izmir, which now accounts for 44% of its NAV. CHANGE IN DCF € 16.9 vs 14.9 +13.1% We have lowered our long-term expectations for green capex for Cementir Holding, as its CCS project with Air Liquide ...
- Loco Douza
Q3 24: Volumes appear to have passed the trough
Q3 24: Volumes appear to have passed the trough EARNINGS/SALES RELEASES Cementir Holding’s 9M results showed positive volume growth, driven by strong demand in Turkey, which offset the decline in some other regions. Sales and EBITDA declined due to lower volumes in some regions and a negative one-off impact. The company secured an EU grant for a CCS project in Denmark to reduce CO2 emissions. Based on these positive results, we have raised our FY24 EBITDA estimates and maintain a positive outl...
- Loco Douza
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...
- Loco Douza
H1 24: the recovery is yet to come
H1 24: the recovery is yet to come EARNINGS/SALES RELEASES Cementir Holding’s H1 results showed a positive performance in group volumes, largely driven by strong demand in Turkey. However, due to continued low volumes in many other markets, the company has revised down its sales expectations for FY24. Despite this, a recovery in volumes is anticipated for the second half of the year. FACT Revenue: €811.8m (vs €840.7m in H1 ‘23) EBITDA: €192.7m (vs €200.5m in H1 ‘23) Outlook: Sales at €1.7bn...
- Loco Douza
Q1 24: a rebound is expected in the H2
Q1 24: a rebound is expected in the H2 EARNINGS/SALES RELEASES Cementir Holding released its Q1 results, indicating a positive group volume performance, primarily driven by robust demand in Turkey. Despite the ongoing low volumes in many markets, the company has reiterated its FY24 guidance, anticipating a rebound in volume during the second half of the year. Since the guidance aligns with our expectations, we do not intend to make significant adjustments to our model. FACT Revenue: €368.3m...
- Loco Douza
EPS upgrade (2023: +20.9%, 2024: +9.9%) (Cementir Holding)
EPS CHANGE CHANGE IN EPS 2024 : € 1.08 vs 0.99 +9.87% 2025 : € 1.00 vs 0.87 +15.9% We have integrated into our model the better-than-expected FY23 results, in which EBITDA was 3% higher than our forecasts, mainly thanks to price hikes and cost management. Despite the lower volumes in 2024, we believe in the company's ability to maintain prices at this high level, and expect cost management to potentially reduce the pressure on margins from personnel costs. Overall, we have incorporated the gu...
- Loco Douza
FY 23: A conservative look to the future
FY 23: A conservative look to the future EARNINGS/SALES RELEASES Cementir Holding reported mixed results for 2023, with sales 2% below but EBITDA 3% above our expectations. For 2024, the group has guided for a conservative outlook due to an uncertain macroeconomic scenario and has revised its Industrial Plan, placing greater emphasis on decarbonization. Ongoing projects targeting carbon emission reduction include clinker content reduction and the adoption of Carbon Capture and Storage (CCS) te...
Cementir Holding N.V: 1 director
A director at Cementir Holding N.V bought 55,000 shares at 9.202EUR and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years c...
- Loco Douza
Q3 23: Conservative guidance
Q3 23: Conservative guidance EARNINGS/SALES RELEASES Cementir Holding has reported a strong set of results that exceeded our initial expectations. Despite a decrease in volume, the company maintained stable revenue due to increased average selling prices, and improved its margins through an operational cost reduction and its presence in niche markets. The company has raised its guidance, but we believe it to be on the conservative side. FACT • Revenue: €1,295m (vs €1,288m in 9M 22) • EBITDA...
- Loco Douza
H1 23: positive price-cost spread
H1 23: positive price-cost spread EARNINGS/SALES RELEASES Cementir Holding announced a good set of results, which were in line with our expectations. Despite a decline in volume, the company managed to keep revenue stable thanks to higher average selling prices, while improving its margins thanks to its hedging policy and a presence in niche markets. EBITDA, excluding one-off effects, increased by 34% and the margin increased by 5.6pp. FACT Revenue: €840.7m (vs €831.6m in H1 22) EBITDA: €20...
- Loco Douza
EPS upgrade (2023: +17.3%, 2024: +4.9%) (Cementir Holding)
EPS CHANGE CHANGE IN EPS 2023 : € 1.00 vs 0.85 +17.3% 2024 : € 0.98 vs 0.94 +4.92% Cementir Holding has announced a strong set of results for H1, leading to a significant upgrade in its EBIT guidance. The company has revised its EBIT projection to around €365m, which marks a considerable improvement from the previous range of €335-345m. Cementir Holding's ability to implement robust pricing strategies across all markets has been the key driver behind this significant upgrade. Looking ahead ...
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