Buy Or Sell Opportunity • Aug 11
Now 21% undervalued Over the last 90 days, the stock has risen 11% to TT$1.77. The fair value is estimated to be TT$2.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.8% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Aug 04
Second quarter 2026 earnings released: EPS: TT$0.20 (vs TT$0.049 loss in 2Q 2025) Second quarter 2026 results: EPS: TT$0.20 (up from TT$0.049 loss in 2Q 2025). Revenue: TT$576.6m (down 6.7% from 2Q 2025). Net income: TT$72.9m (up TT$91.3m from 2Q 2025). Profit margin: 13% (up from net loss in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 05
Third quarter 2025 earnings released: EPS: TT$0.17 (vs TT$0.073 in 3Q 2024) Third quarter 2025 results: EPS: TT$0.17 (up from TT$0.073 in 3Q 2024). Revenue: TT$607.7m (up 16% from 3Q 2024). Net income: TT$61.4m (up 125% from 3Q 2024). Profit margin: 10% (up from 5.2% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Board Change • Oct 24
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Non-Executive Director Fernando Reiter Landa was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to TT$2.53, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 7x in the Basic Materials industry in South America. Total loss to shareholders of 34% over the past three years. Upcoming Dividend • Aug 05
Upcoming dividend of TT$0.08 per share Eligible shareholders must have bought the stock before 12 August 2024. Payment date: 09 September 2024. Trailing yield: 2.7%. Lower than top quartile of Trinidadian or Tobagonian dividend payers (5.0%). In line with average of industry peers (2.7%). Reported Earnings • Aug 04
Second quarter 2024 earnings released: EPS: TT$0.19 (vs TT$0.22 in 2Q 2023) Second quarter 2024 results: EPS: TT$0.19 (down from TT$0.22 in 2Q 2023). Revenue: TT$607.5m (up 2.2% from 2Q 2023). Net income: TT$71.5m (down 11% from 2Q 2023). Profit margin: 12% (down from 14% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to TT$2.52, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 7x in the Basic Materials industry in South America. Total loss to shareholders of 29% over the past three years. Annuncio • May 31
Trinidad Cement Limited, Annual General Meeting, Jul 05, 2024 Trinidad Cement Limited, Annual General Meeting, Jul 05, 2024, at 14:00 SA Western Standard Time. Location: will be held at the the ballroom, trinidad hilton and conference centre, lady young road, port of spain, trinidad w.l., port of spain Trinidad & Tobago New Risk • May 15
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Jan 19
Now 22% undervalued Over the last 90 days, the stock has risen 3.1% to TT$3.00. The fair value is estimated to be TT$3.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years, while earnings per share has been flat. Reported Earnings • Oct 31
Third quarter 2023 earnings released: EPS: TT$0.12 (vs TT$0.11 in 3Q 2022) Third quarter 2023 results: EPS: TT$0.12 (up from TT$0.11 in 3Q 2022). Revenue: TT$553.3m (up 13% from 3Q 2022). Net income: TT$44.3m (up 8.2% from 3Q 2022). Profit margin: 8.0% (down from 8.4% in 3Q 2022). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. New Risk • Aug 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Trinidadian or Tobagonian stocks, typically moving 6.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Reported Earnings • May 14
Full year 2022 earnings released: TT$0.038 loss per share (vs TT$0.38 profit in FY 2021) Full year 2022 results: TT$0.038 loss per share (down from TT$0.38 profit in FY 2021). Revenue: TT$2.06b (up 8.7% from FY 2021). Net loss: TT$14.2m (down 110% from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 7 experienced directors. No highly experienced directors. No independent directors (8 non-independent directors). Director Fernando Reiter Landa was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 06
Third quarter 2022 earnings released: EPS: TT$0.11 (vs TT$0.062 loss in 3Q 2021) Third quarter 2022 results: EPS: TT$0.11 (up from TT$0.062 loss in 3Q 2021). Revenue: TT$489.4m (up 4.7% from 3Q 2021). Net income: TT$40.9m (up TT$63.8m from 3Q 2021). Profit margin: 8.4% (up from net loss in 3Q 2021). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 19
First quarter 2022 earnings released: EPS: TT$0.10 (vs TT$0.084 in 1Q 2021) First quarter 2022 results: EPS: TT$0.10 (up from TT$0.084 in 1Q 2021). Revenue: TT$529.4m (up 7.5% from 1Q 2021). Net income: TT$39.0m (up 26% from 1Q 2021). Profit margin: 7.4% (up from 6.3% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 118% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 8 non-independent directors. Director Fernando Reiter Landa was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 03
Full year 2021 earnings released: EPS: TT$0.38 (vs TT$0.065 loss in FY 2020) Full year 2021 results: EPS: TT$0.38 (up from TT$0.065 loss in FY 2020). Revenue: TT$1.90b (up 12% from FY 2020). Net income: TT$140.8m (up TT$165.0m from FY 2020). Profit margin: 7.4% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 30
Third quarter 2021 earnings released: TT$0.062 loss per share (vs TT$0.061 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: TT$467.3m (down 3.3% from 3Q 2020). Net loss: TT$22.9m (down 201% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Executive Departure • Aug 14
Non-Executive Director Louisa Rodriguez has left the company On the 4th of August, Louisa Rodriguez's tenure as Non-Executive Director ended after 3.9 years in the role. We don't have any record of a personal shareholding under Louisa's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 2.33 years. Reported Earnings • Aug 04
Second quarter 2021 earnings released: EPS TT$0.052 (vs TT$0.017 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: TT$446.4m (up 24% from 2Q 2020). Net income: TT$19.4m (up TT$25.7m from 2Q 2020). Profit margin: 4.4% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 04
Full year 2020 earnings released: TT$0.065 loss per share (vs TT$0.029 loss in FY 2019) The company reported a soft full year result with increased losses and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: TT$1.69b (up 1.3% from FY 2019). Net loss: TT$24.2m (loss widened 124% from FY 2019). Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 21
New 90-day high: TT$3.41 The company is up 71% from its price of TT$2.00 on 23 October 2020. The Trinidadian or Tobagonian market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 29% over the same period. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improved over the past week After last week's 18% share price gain to TT$2.95, the stock is trading at a trailing P/E ratio of 52.6x, up from the previous P/E ratio of 44.6x. This compares to an average P/E of 25x in the Basic Materials industry in South America. Total return to shareholders over the past three years is a loss of 21%. Is New 90 Day High Low • Jan 05
New 90-day high: TT$2.79 The company is up 40% from its price of TT$1.99 on 07 October 2020. The Trinidadian or Tobagonian market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 19% over the same period. Is New 90 Day High Low • Dec 10
New 90-day high: TT$2.29 The company is up 14% from its price of TT$2.01 on 11 September 2020. The Trinidadian or Tobagonian market is down 4.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Basic Materials industry, which is up 21% over the same period. Is New 90 Day High Low • Nov 14
New 90-day high: TT$2.20 The company is up 5.0% from its price of TT$2.10 on 14 August 2020. The Trinidadian or Tobagonian market is down 2.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Basic Materials industry, which is up 15% over the same period. Annuncio • Nov 05
Trinidad Cement Limited Announces Management Changes Caribbean Cement Company Limited announced that Mr. Francisco Aguilera Mendoza will replace Mr. Jose Luis Seijo Gonzalez as Chief Executive Officer of Trinidad Cement Limited, effective December 1, 2020. Is New 90 Day High Low • Oct 07
New 90-day low: TT$1.99 The company is down 5.0% from its price of TT$2.10 on 09 July 2020. The Trinidadian or Tobagonian market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is up 18% over the same period. 
