reports
- 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 ...
- Loco Douza
Q1 23: Pricing boosts profitability
Q1 23: Pricing boosts profitability EARNINGS/SALES RELEASES Cementir Holding announced a good set of results, in line with our expectations. Despite a decline in volume, the company managed to increase revenue in most segments due to higher average selling prices, while maintaining its margins thanks to its hedging policy and a presence in niche markets. EBITDA increased by 41% and the margin increased by 290bps. The results and guidance for FY23 are in line with our expectations so we won’t ...
- Loco Douza
Price hikes boost the EPS (Cementir Holding)
Price hikes boost the EPS EPS CHANGE CHANGE IN EPS 2023 : € 0.85 vs 0.95 -10.2% 2024 : € 0.94 vs 1.04 -9.91% Cementir Holding reported better-than-expected results thanks to price increases and higher financial income. For the coming years we expect continued organic growth in Nordics & Baltics (43% of sales) where the company has a leading position in white cement, although this will be more limited (4% yoy) as we see a continued decline in volume and Cementir may not be able to hike its pr...
- Loco Douza
FY 22: Price hikes to manage inflation.
FY 22: Price hikes to manage inflation. EARNINGS/SALES RELEASES Cementir has published better than expected preliminary FY22 results with revenue 13% and EBITDA 6% above our expectations. However, for FY23, the group has guided for a conservative outlook due to an uncertain macroeconomic scenario and announced a new industrial Plan to highlight its commitment to decarbonization. FACT Revenue: €1,723.1m, up 27% EBITDA: €335.2m, up 7.8% (€337.2m excluding one-offs) EBIT: €206.3m, up 4.3% Guid...
- Loco Douza
FY 22: Price hikes to manage inflation.
FY 22: Price hikes to manage inflation. EARNINGS/SALES RELEASES Cementir has published better than expected preliminary FY22 results with revenue 13% and EBITDA 6% above our expectations. However, for FY23, the group has guided for a conservative outlook due to an uncertain macroeconomic scenario and announced a new industrial Plan to highlight its commitment to decarbonization. FACT Revenue: €1,723.1m, up 27% EBITDA: €335.2m, up 7.8% (€337.2m excluding one-offs) EBIT: €206.3m, up 4.3% Guid...
- Loco Douza
EPS upgrade (2022: +10.6%, 2023: +9.3%) (Cementir Holding)
EPS CHANGE CHANGE IN EPS 2022 : € 0.90 vs 0.81 +10.6% 2023 : € 0.95 vs 0.87 +9.30% We have updated our model following the better than expected preliminary FY22 results. The EPS 2022 is up by €0.09 and the EPS 2023 forecast is increased by €0.08, driven by high price increases leading to 13% higher revenue and 6% higher EBITDA than in our previous estimates. CHANGE IN DCF € 13.7 vs 12.8 +7.29% The strong growth reported this year has enabled an upwards revision to our sales estimates even ...
- Sejal Varshney
9M 22: competitive pricing but lower cost supports profitability
9M 22: competitive pricing but lower cost supports profitability EARNINGS/SALES RELEASES Cementir Holding announced good 9M 22 results, with revenue at €1,258m (+24% yoy), and EBITDA at €238m (+11% yoy). All regions posted sharp increases in revenues which helped partially to offset input cost inflation. It has hedged its fuel requirement for Q4 and has re-iterated its guidance mainly because of the uncertainties brought by the application of IAS 29 in Turkey, in the absence of which the top-l...
- Sejal Varshney
H1 22: IAS 29 lowers profitability
H1 22: IAS 29 lowers profitability EARNINGS/SALES RELEASES Cementir Holding announced good H1 22 results, with revenue at €811m (+22% yoy), EBITDA at €143.8m (+7.7% yoy) and NI at €66.6m (+39.1% yoy). All the regions posted sharp increases in revenues which helped to partially offset input cost inflation. However, Belgium and Turkey were the key growth drivers with sharp increase in volumes as well (export volume for the latter). Net financial income and equity-accounted income of €17.7m furth...
- Sejal Varshney
Q1 22: profitability outpacing cost inflation
Q1 22: profitability outpacing cost inflation EARNINGS/SALES RELEASES Cementir Holding announced a good set of results, in line with our expectations. It recorded an increase in revenues in all segments due to a higher average selling price and has been able to manage its margins well, thanks to its hedging policy and presence in niche markets. EBITDA was up by 26%, notably without margin dilution. Since the results and the guidance for the full year are in line with our expectations, we will ...
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