Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €45.00, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Basic Materials industry in Europe. Total returns to shareholders of 175% over the past three years. Upcoming Dividend • Jul 13
Upcoming dividend of €0.35 per share Eligible shareholders must have bought the stock before 17 July 2026. Payment date: 21 July 2026. Payout ratio is a comfortable 34% but the company is paying out more than the cash it is generating. Trailing yield: 2.3%. Lower than top quartile of Spanish dividend payers (5.2%). In line with average of industry peers (2.1%). Declared Dividend • Jun 29
Dividend of €0.35 announced Shareholders will receive a dividend of €0.35. Ex-date: 17th July 2026 Payment date: 21st July 2026 Dividend yield will be 2.1%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (34% earnings payout ratio) but not covered by cash flows (202% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 1.9% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Director Paloma Casillas was the last independent director to join the board, commencing their role in 2026. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • Apr 30
Cementos Molins, S.A., Annual General Meeting, Jun 26, 2026 Cementos Molins, S.A., Annual General Meeting, Jun 26, 2026. Location: carretera n-340, 2-38,km 1242,sant vicenc dels horts, Spain Tillkännagivande • Jan 24
Cementos Molins, S.A. (BDM:CMO) acquired 90% stake in Zenet Prefabricados Sl. Cementos Molins, S.A. (BDM:CMO) acquired 90% stake in Zenet Prefabricados Sl on January 22, 2026. The integration of Zenet will allow us to expand our structural precast offering, increase production capacity and improve operational efficiency, reinforcing our position in a construction market increasingly focused on productivity, sustainability and reduced build times. This marks the third acquisition we announced in our precast business in recent months, following the acquisition of Concremat in Portugal and Baupartner in Southeast Europe.
Zenet’s founder, César Abad, will remain a shareholder and continue to support the business following the transaction.
Ignacio Font, Martí Tubau, Luis Gómez, Ángel Peña, Victoria Clemente, Helena Vázquez, and Ramón Mouriño of KPMG Abogados S.L. acted as tax, legal, regulatory and labour due diligence providers for Cementos Molins, S.A.
Cementos Molins, S.A. (BDM:CMO) completed the acquisition of 90% stake in Zenet Prefabricados Sl. Tillkännagivande • Dec 19
Cementos Molins, S.A. (BDM:CMO) agreed to acquire SECIL - Companhia Geral de Cal e Cimento, S.A. from Semapa - Sociedade de Investimento e Gestão, SGPS, S.A. (ENXTLS:SEM) in a transaction valued at €1.4 billion. Cementos Molins, S.A. (BDM:CMO) agreed to acquire SECIL - Companhia Geral de Cal e Cimento, S.A. from Semapa - Sociedade de Investimento e Gestão, SGPS, S.A. (ENXTLS:SEM) in a transaction valued at €1.4 billion on December 19, 2025. A cash consideration will be paid by Cementos Molins, S.A. As part of consideration, an undisclosed value is paid towards common equity of SECIL - Companhia Geral de Cal e Cimento, S.A. Molins will finance the Transaction with a combination of available cash and funds from a syndicated credit agreement and a bond issuance. The transaction is expected to be accretive.
J.P. Morgan Espana S.A. acted as financial advisor for Cementos Molins, S.A. KPMG S.A. acted as financial advisor for Cementos Molins, S.A. Uría Menéndez Abogados, S.L.P. acted as legal advisor for Cementos Molins, S.A. Deloitte Auditores, S.L. acted as due diligence provider for Cementos Molins, S.A. Tillkännagivande • Jun 04
Cementos Molins, S.A. (BDM:CMO) acquired Concremat - PrefabricaCAo E Obras Gerais, S.A. Cementos Molins, S.A. (BDM:CMO) acquired Concremat - PrefabricaCAo E Obras Gerais, S.A. on June 3, 2025. Molins will open two new factories in Spain and the United States for the combined investment of €100 million. For the period ending December 31, 2024, Concremat - PrefabricaCAo E Obras Gerais, S.A. reported total revenue of €52 million with 110 employees.
Cementos Molins, S.A. (BDM:CMO) completed the acquisition of Concremat - PrefabricaCAo E Obras Gerais, S.A. on June 3, 2025. Tillkännagivande • May 08
Cementos Molins, S.A., Annual General Meeting, Jun 27, 2025 Cementos Molins, S.A., Annual General Meeting, Jun 27, 2025. Location: carretera n-340, 2-38, km 1242, sant vicenc dels horts., Spain Price Target Changed • Sep 27
Price target increased by 40% to €28.20 Up from €20.10, the current price target is provided by 1 analyst. New target price is 17% above last closing price of €24.20. Stock is up 37% over the past year. The company is forecast to post earnings per share of €2.57 for next year compared to €2.39 last year. Reported Earnings • Aug 04
Second quarter 2024 earnings released: EPS: €0.87 (vs €0.63 in 2Q 2023) Second quarter 2024 results: EPS: €0.87 (up from €0.63 in 2Q 2023). Revenue: €312.3m (down 4.5% from 2Q 2023). Net income: €53.2m (up 25% from 2Q 2023). Profit margin: 17% (up from 13% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jun 28
Dividend of €0.42 announced Shareholders will receive a dividend of €0.42. Ex-date: 15th July 2024 Payment date: 17th July 2024 Dividend yield will be 3.4%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (38% earnings payout ratio) but not covered by cash flows (290% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 14% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 30
First quarter 2024 earnings released First quarter 2024 results: Revenue: €237.2m (down 12% from 1Q 2023). Net income: €51.6m (up 38% from 1Q 2023). Profit margin: 22% (up from 14% in 1Q 2023). The increase in margin was driven by lower expenses. Reported Earnings • Mar 07
Full year 2023 earnings released: EPS: €2.39 (vs €1.77 in FY 2022) Full year 2023 results: EPS: €2.39 (up from €1.77 in FY 2022). Revenue: €1.05b (down 6.4% from FY 2022). Net income: €151.4m (up 35% from FY 2022). Profit margin: 14% (up from 10.0% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Feb 24
Now 21% undervalued Over the last 90 days, the stock has risen 8.3% to €19.50. The fair value is estimated to be €24.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 18%. Buying Opportunity • Jan 09
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 1.7%. The fair value is estimated to be €23.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 18%. Upcoming Dividend • Dec 11
Upcoming dividend of €0.32 per share at 4.4% yield Eligible shareholders must have bought the stock before 18 December 2023. Payment date: 20 December 2023. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 4.4%. Lower than top quartile of Spanish dividend payers (5.9%). Higher than average of industry peers (3.7%). Reported Earnings • Nov 03
Third quarter 2023 earnings released: EPS: €1.88 (vs €1.36 in 3Q 2022) Third quarter 2023 results: EPS: €1.88 (up from €1.36 in 3Q 2022). Revenue: €862.9m (up 3.0% from 3Q 2022). Net income: €124.3m (up 38% from 3Q 2022). Profit margin: 14% (up from 11% in 3Q 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 8.8% p.a. on average during the next 2 years, compared to a 3.1% growth forecast for the Basic Materials industry in Europe. Over the last 3 years on average, earnings per share has increased by 18% 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 • Jul 30
Second quarter 2023 earnings released: EPS: €0.63 (vs €0.58 in 2Q 2022) Second quarter 2023 results: EPS: €0.63 (up from €0.58 in 2Q 2022). Revenue: €327.1m (up 3.9% from 2Q 2022). Net income: €42.5m (up 22% from 2Q 2022). Profit margin: 13% (up from 11% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.6% p.a. on average during the next 2 years, compared to a 3.3% growth forecast for the Basic Materials industry in Europe. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 10% per year. Upcoming Dividend • Jul 06
Upcoming dividend of €0.28 per share at 4.3% yield Eligible shareholders must have bought the stock before 13 July 2023. Payment date: 17 July 2023. Payout ratio is a comfortable 38% but the company is paying out more than the cash it is generating. Trailing yield: 4.3%. Lower than top quartile of Spanish dividend payers (5.9%). Higher than average of industry peers (3.4%). Reported Earnings • Mar 03
Full year 2022 earnings released: EPS: €1.77 (vs €1.65 in FY 2021) Full year 2022 results: EPS: €1.77 (up from €1.65 in FY 2021). Revenue: €1.07b (up 31% from FY 2021). Net income: €112.0m (up 7.0% from FY 2021). Profit margin: 10% (down from 13% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 1.9% growth forecast for the Basic Materials industry in Europe. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 6% per year. Upcoming Dividend • Dec 12
Upcoming dividend of €0.27 per share Eligible shareholders must have bought the stock before 19 December 2022. Payment date: 21 December 2022. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of Spanish dividend payers (6.0%). In line with average of industry peers (3.9%). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Director Jean-Carlos Angulo was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 29
Second quarter 2022 earnings released: EPS: €0.58 (vs €0.39 in 2Q 2021) Second quarter 2022 results: EPS: €0.58 (up from €0.39 in 2Q 2021). Revenue: €314.6m (up 72% from 2Q 2021). Net income: €34.9m (up 50% from 2Q 2021). Profit margin: 11% (down from 13% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 3.3%, compared to a 7.9% growth forecast for the industry in Spain. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Jul 07
Upcoming dividend of €0.23 per share Eligible shareholders must have bought the stock before 14 July 2022. Payment date: 18 July 2022. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of Spanish dividend payers (6.1%). Lower than average of industry peers (4.6%). Price Target Changed • Apr 27
Price target increased to €20.90 Up from €18.10, the current price target is provided by 1 analyst. New target price is 23% above last closing price of €17.00. Stock is up 1.8% over the past year. The company is forecast to post earnings per share of €1.69 for next year compared to €1.65 last year. Reported Earnings • Feb 26
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: €1.65 (up from €1.41 in FY 2020). Revenue: €795.1m (up 34% from FY 2020). Net income: €149.9m (up 60% from FY 2020). Profit margin: 19% (up from 16% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 28%, compared to a 9.9% growth forecast for the industry in Spain. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 08
Upcoming dividend of €0.23 per share Eligible shareholders must have bought the stock before 14 December 2021. Payment date: 16 December 2021. Payout ratio is a comfortable 7.8% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Spanish dividend payers (5.4%). Lower than average of industry peers (3.0%). Reported Earnings • Aug 04
Second quarter 2021 earnings released: EPS €0.36 (vs €0.13 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €182.6m (up 66% from 2Q 2020). Net income: €23.2m (up 183% from 2Q 2020). Profit margin: 13% (up from 7.4% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 05
Upcoming dividend of €0.11 per share Eligible shareholders must have bought the stock before 12 July 2021. Payment date: 14 July 2021. Trailing yield: 2.4%. Lower than top quartile of Spanish dividend payers (4.8%). Lower than average of industry peers (2.8%). Reported Earnings • May 03
First quarter 2021 earnings released The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €169.4m (up 19% from 1Q 2020). Net income: €33.4m (up 39% from 1Q 2020). Profit margin: 20% (up from 17% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year and the company’s share price has also fallen by 2% per year. Is New 90 Day High Low • Mar 02
New 90-day high: €14.50 The company is up 9.0% from its price of €13.30 on 02 December 2020. The Spanish market is up 2.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Basic Materials industry, which is up 10.0% over the same period. Is New 90 Day High Low • Jan 21
New 90-day high: €14.00 The company is up 3.0% from its price of €13.60 on 23 October 2020. The Spanish market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is up 20% over the same period. Tillkännagivande • Jan 20
Cementos Molins, S.A. (BDM:CMO) acquired an additional 39% stake in Escofet 1886 S.A. from two family shareholders of Escofet and others. Cementos Molins, S.A. (BDM:CMO) acquired an additional 39% stake in Escofet 1886 S.A. from two family shareholders of Escofet and others on January 18, 2021. Part of the family is still in the capital. Escofet will be integrated in Molins' business portfolio.
Cementos Molins, S.A. (BDM:CMO) completed the acquisition of an additional 39% stake in Escofet 1886 S.A. from two family shareholders of Escofet and others on January 18, 2021. Is New 90 Day High Low • Jan 01
New 90-day high: €13.70 The company is up 1.0% from its price of €13.50 on 02 October 2020. The Spanish market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is up 15% over the same period. Is New 90 Day High Low • Dec 12
New 90-day low: €13.20 The company is down 3.0% from its price of €13.60 on 11 September 2020. The Spanish market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is up 5.0% over the same period. Is New 90 Day High Low • Nov 21
New 90-day low: €13.30 The company is down 2.0% from its price of €13.60 on 21 August 2020. The Spanish market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is up 7.0% over the same period. Reported Earnings • Nov 01
Third quarter earnings released Over the last 12 months the company has reported total profits of €81.1m, down 11% from the prior year. Total revenue was €576.0m over the last 12 months, down 14% from the prior year. Is New 90 Day High Low • Sep 26
New 90-day low: €13.50 The company is down 4.0% from its price of €14.00 on 26 June 2020. The Spanish market is down 5.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Basic Materials industry, which is up 3.0% over the same period.