BIT:CEM

Stock Analysis Report

Cementir Holding

Executive Summary

Cementir Holding S.p.A., through its subsidiaries, manufactures and distributes grey and white cement, ready-mix concrete, aggregates, and concrete products worldwide.

Snowflake

Fundamentals

Adequate balance sheet average dividend payer.


Similar Companies

Share Price & News

How has Cementir Holding's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

2.6%

CEM

2.5%

IT Basic Materials

1.3%

IT Market


1 Year Return

26.1%

CEM

14.8%

IT Basic Materials

13.9%

IT Market

Return vs Industry: CEM exceeded the Italian Basic Materials industry which returned 14.8% over the past year.

Return vs Market: CEM exceeded the Italian Market which returned 13.9% over the past year.


Shareholder returns

CEMIndustryMarket
7 Day2.6%2.5%1.3%
30 Day-1.0%-0.05%0.8%
90 Day-3.9%0.5%1.3%
1 Year29.0%26.1%18.4%14.8%19.1%13.9%
3 Year45.0%37.0%2.7%-5.5%24.5%6.2%
5 Year43.4%30.1%31.6%14.8%23.0%-26.0%

Price Volatility Vs. Market

How volatile is Cementir Holding's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Cementir Holding undervalued compared to its fair value and its price relative to the market?

10.92x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: CEM (€6.18) is trading above our estimate of fair value (€4.98)

Significantly Below Fair Value: CEM is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: CEM is good value based on its PE Ratio (10.9x) compared to the Basic Materials industry average (12x).

PE vs Market: CEM is good value based on its PE Ratio (10.9x) compared to the Italian market (17.6x).


Price to Earnings Growth Ratio

PEG Ratio: CEM is poor value based on its PEG Ratio (1x)


Price to Book Ratio

PB vs Industry: CEM is good value based on its PB Ratio (1x) compared to the XE Basic Materials industry average (1.1x).


Next Steps

Future Growth

How is Cementir Holding forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

10.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CEM's forecast earnings growth (10.6% per year) is above the savings rate (2.9%).

Earnings vs Market: CEM's earnings (10.6% per year) are forecast to grow faster than the Italian market (8.4% per year).

High Growth Earnings: CEM's earnings are forecast to grow, but not significantly.

Revenue vs Market: CEM's revenue (3.8% per year) is forecast to grow faster than the Italian market (3% per year).

High Growth Revenue: CEM's revenue (3.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CEM's Return on Equity is forecast to be low in 3 years time (8.5%).


Next Steps

Past Performance

How has Cementir Holding performed over the past 5 years?

17.3%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: CEM's earnings have grown by 17.3% per year over the past 5 years.

Accelerating Growth: CEM's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: CEM had negative earnings growth (-42.9%) over the past year, making it difficult to compare to the Basic Materials industry average (16.6%).


Return on Equity

High ROE: CEM's Return on Equity (8.8%) is considered low.


Return on Assets

ROA vs Industry: CEM's Return on Assets is below or equal to the Basic Materials industry average last year.


Return on Capital Employed

ROCE Improving: CEM has improved its Return on Capital Employed over the past 3 years.


Next Steps

Financial Health

How is Cementir Holding's financial position?


Financial Position Analysis

Short Term Liabilities: CEM's short term assets (€589.1M) exceeds its short term liabilities (€318.1M)

Long Term Liabilities: CEM's short term assets (589.1M) do not cover its long term liabilities (724.9M)


Debt to Equity History and Analysis

Debt Level: CEM's debt to equity ratio (43.2%) is considered high

Reducing Debt: CEM's debt to equity ratio has reduced from 43.6% to 43.2% over the past 5 years.

Debt Coverage: CEM's debt is well covered by operating cash flow (38.7%).

Interest Coverage: CEM's interest payments on its debt are well covered by EBIT (18.1x coverage).


Balance Sheet

Inventory Level: CEM has a high level of physical assets or inventory.

Debt Coverage by Assets: CEM's debt is covered by short term assets (assets are 1.214060x debt).


Next Steps

Dividend

What is Cementir Holding's current dividend yield, its reliability and sustainability?

2.27%

Current Dividend Yield


Dividend Yield vs Market

company2.3%marketbottom25%2.1%markettop25%4.4%industryaverage3.0%forecastin3Years2.6%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: CEM's dividend (2.27%) is higher than the bottom 25% of dividend payers in the Italian market (2.12%).

High Dividend: CEM's dividend (2.27%) is low compared to the top 25% of dividend payers in the Italian market (4.37%).

Stable Dividend: CEM's dividend payments have been volatile in the past 10 years.

Growing Dividend: CEM's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (24.7%), CEM's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: CEM's dividends in 3 years are forecast to be well covered by earnings (25% payout ratio).


Next Steps

Management

What is the CEO of Cementir Holding's salary, the management and board of directors tenure and is there insider trading?

1.9yrs

Average management tenure


CEO

Francesco Caltagirone (51yo)

0yrs

Tenure

€3,503,000

Compensation

Mr. Francesco Caltagirone, Jr., serves as the Group Chief Executive Officer and Member of Executive Board at Aalborg Portland Holding A/S. Mr. Caltagirone has been the Chairman of the Board and Chief Execu ...


CEO Compensation Analysis

Compensation vs. Market: Francesco 's total compensation ($USD0.00) is too low to compare against companies of similar size in the Italian market ($USD0.00).

Compensation vs Earnings: Francesco 's compensation has been consistent with company performance over the past year.


Management Age and Tenure

1.9yrs

Average Tenure

Experienced Management: CEM's management team is not considered experienced ( 1.9 years average tenure), which suggests a new team.


Insider Trading

Insider Buying: CEM insiders have bought and sold the same number of shares in the past 3 months.


Recent Insider Transactions

Buy€7,412,50013 Aug 19
Francesco Caltagirone
EntityIndividual
Role
Chief Executive Officer
Chairman & CEO
Shares1,250,000
Max Price€5.93
Sell€7,412,50013 Aug 19
Francesco Caltagirone
EntityIndividual
Role
Chief Executive Officer
Chairman & CEO
Shares1,250,000
Max Price€5.93
Buy€7,672,60617 Jun 19
Francesco Caltagirone
EntityIndividual
Role
Chief Executive Officer
Chairman & CEO
Shares1,270,299
Max Price€6.04
Sell€7,672,60617 Jun 19
Francesco Caltagirone
EntityIndividual
Role
Chief Executive Officer
Chairman & CEO
Shares1,270,299
Max Price€6.04
Buy€323,07420 Dec 18
Francesco Caltagirone
EntityIndividual
Role
Chief Executive Officer
Chairman & CEO
Shares67,307
Max Price€4.80
Buy€161,65419 Dec 18
Francesco Caltagirone
EntityIndividual
Role
Chief Executive Officer
Chairman & CEO
Shares33,678
Max Price€4.80
Buy€12,00017 Dec 18
Francesco Caltagirone
EntityIndividual
Role
Chief Executive Officer
Chairman & CEO
Shares2,500
Max Price€4.80
Buy€319,26014 Dec 18
Francesco Caltagirone
EntityIndividual
Role
Chief Executive Officer
Chairman & CEO
Shares66,515
Max Price€4.88

Ownership Breakdown


Management Team

  • Francesco Caltagirone (51yo)

    Chairman & CEO

    • Tenure: 0yrs
    • Compensation: €3.50m
  • Marco Bianconi (53yo)

    Corporate Development

    • Tenure: 2.9yrs
  • Paolo Zugaro

    General Manager

    • Tenure: 1.5yrs
  • Pasquale Vetrano

    Chief Global Procurement Officer

    • Tenure: 2.3yrs
  • Giacomo Cornetti

    Chief Information Technology Officer

    • Tenure: 2.1yrs
  • Claudio Gioacchino Criscuolo

    General Counsel

    • Tenure: 0yrs
  • Franco Doria

    Chief Internal Audit Officer

    • Tenure: 0yrs
  • Michele Marino

    Chief Sales

    • Tenure: 0yrs
  • Alessandro Maniscalco

    Chief Human Resources Officer

    • Tenure: 1.8yrs
  • Giovanni Luise

    Chief Financial Officer

    • Tenure: 0.9yrs

Board Members

  • Carlo Carlevaris (88yo)

    Senior Non Executive Director

    • Tenure: 0yrs
    • Compensation: €12.00k
  • Azzurra Caltagirone (46yo)

    Vice Chairman of the Board

    • Tenure: 0yrs
    • Compensation: €10.00k
  • Paolo Di Benedetto (72yo)

    Independent Director

    • Tenure: 0yrs
    • Compensation: €71.00k
  • Mario Delfini

    Director

    • Tenure: 0yrs
    • Compensation: €32.00k
  • Saverio Caltagirone

    Director

    • Tenure: 0yrs
    • Compensation: €80.00k
  • Edoardo Caltagirone

    Director

    • Tenure: 0yrs
    • Compensation: €10.00k
  • Francesco Caltagirone (51yo)

    Chairman & CEO

    • Tenure: 0yrs
    • Compensation: €3.50m
  • Alessandro Caltagirone (50yo)

    Vice Chairman of the Board

    • Tenure: 0yrs
    • Compensation: €8.00k
  • Fabio Corsico (46yo)

    Director

    • Tenure: 0yrs
    • Compensation: €11.00k
  • Veronica De Romanis

    Independent Director

    • Tenure: 0yrs
    • Compensation: €35.00k

Company Information

Cementir Holding S.p.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Cementir Holding S.p.A.
  • Ticker: CEM
  • Exchange: BIT
  • Founded: 1947
  • Industry: Construction Materials
  • Sector: Materials
  • Market Cap: €982.884m
  • Shares outstanding: 159.12m
  • Website: https://www.cementirholding.it

Number of Employees


Location

  • Cementir Holding S.p.A.
  • 200, corso di Francia
  • Rome
  • Rome
  • 191
  • Italy

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CEMBIT (Borsa Italiana)YesOrdinary SharesITEURNov 1980
0HY2LSE (London Stock Exchange)YesOrdinary SharesGBEURNov 1980
CEMMBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURNov 1980
3PCDB (Deutsche Boerse AG)YesOrdinary SharesDEEURNov 1980

Biography

Cementir Holding S.p.A., through its subsidiaries, manufactures and distributes grey and white cement, ready-mix concrete, aggregates, and concrete products worldwide. The company offers various grey cemen ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/21 20:47
End of Day Share Price2019/10/21 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.