Major Estimate Revision • May 22
Consensus EPS estimates fall by 21% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from د.ت0.19 to د.ت0.15. Revenue forecast unchanged from د.ت414.0m at last update. Net income forecast to grow 33% next year vs 20% growth forecast for Basic Materials industry in Tunisia. Consensus price target up from د.ت2.53 to د.ت3.01. Share price fell 3.0% to د.ت1.92 over the past week. Board Change • May 20
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Price Target Changed • May 20
Price target increased by 19% to د.ت3.01 Up from د.ت2.53, the current price target is provided by 1 analyst. New target price is 56% above last closing price of د.ت1.93. Stock is down 5.9% over the past year. Reported Earnings • May 20
Full year 2025 earnings: Revenues in line with analyst expectations Full year 2025 results: Revenue: د.ت390.9m (down 8.8% from FY 2024). Net income: د.ت40.1m (down 43% from FY 2024). Profit margin: 10% (down from 16% in FY 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Basic Materials industry in Africa. Major Estimate Revision • Sep 11
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from د.ت416.0m to د.ت405.0m. EPS estimate also fell from د.ت0.18 per share to د.ت0.16 per share. Net income forecast to shrink 11% next year vs 42% growth forecast for Basic Materials industry in Tunisia . Consensus price target broadly unchanged at د.ت2.65. Share price was steady at د.ت1.87 over the past week. Price Target Changed • Jul 01
Price target decreased by 11% to د.ت2.72 Down from د.ت3.05, the current price target is provided by 1 analyst. New target price is 37% above last closing price of د.ت1.99. Stock is up 4.2% over the past year. The company is forecast to post earnings per share of د.ت0.18 for next year compared to د.ت0.20 last year. Tillkännagivande • Jun 19
Carthage Cement SA, Annual General Meeting, Jul 08, 2025 Carthage Cement SA, Annual General Meeting, Jul 08, 2025, at 10:00 W. Central Africa Standard Time. Location: institut arabe des chefs d entreprise iace, les berges du lac 1, tunis Tunisia Major Estimate Revision • Sep 23
Consensus EPS estimates increase by 31%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from د.ت473.0m to د.ت445.0m. EPS estimate rose from د.ت0.16 to د.ت0.21. Net income forecast to grow 15% next year vs 42% growth forecast for Basic Materials industry in Tunisia. Consensus price target up from د.ت2.41 to د.ت3.38. Share price was steady at د.ت2.03 over the past week. Price Target Changed • Sep 19
Price target increased by 39% to د.ت3.38 Up from د.ت2.43, the current price target is provided by 1 analyst. New target price is 66% above last closing price of د.ت2.04. Stock is down 2.4% over the past year. The company is forecast to post earnings per share of د.ت0.21 for next year compared to د.ت0.16 last year. Reported Earnings • Jun 07
Full year 2023 earnings released Full year 2023 results: Revenue: د.ت442.3m (up 16% from FY 2022). Net income: د.ت55.2m (up 55% from FY 2022). Profit margin: 13% (up from 9.3% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.1% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Basic Materials industry in Africa. Price Target Changed • May 30
Price target decreased by 13% to د.ت2.46 Down from د.ت2.82, the current price target is provided by 1 analyst. New target price is 27% above last closing price of د.ت1.93. Stock is up 10% over the past year. The company is forecast to post earnings per share of د.ت0.16 for next year compared to د.ت0.10 last year. New Risk • Mar 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Price Target Changed • Jun 30
Price target increased by 22% to د.ت2.82 Up from د.ت2.32, the current price target is provided by 1 analyst. New target price is 38% above last closing price of د.ت2.05. Stock is up 41% over the past year. The company is forecast to post earnings per share of د.ت0.14 for next year compared to د.ت0.10 last year. Reported Earnings • Jun 12
Full year 2022 earnings released Full year 2022 results: Revenue: د.ت382.2m (up 12% from FY 2021). Net income: د.ت35.7m (up 13% from FY 2021). Profit margin: 9.3% (up from 9.2% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.7% p.a. on average during the next 2 years, compared to a 7.6% growth forecast for the Basic Materials industry in Africa. Price Target Changed • Jun 02
Price target increased by 19% to د.ت2.32 Up from د.ت1.95, the current price target is provided by 1 analyst. New target price is 35% above last closing price of د.ت1.72. Stock is up 29% over the past year. The company is forecast to post earnings per share of د.ت0.14 for next year compared to د.ت0.092 last year. Major Estimate Revision • Dec 15
Consensus EPS estimates increase by 33% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from د.ت334.0m to د.ت357.0m. EPS estimate increased from د.ت0.09 to د.ت0.12 per share. Net income forecast to grow 38% next year vs 28% growth forecast for Basic Materials industry in Tunisia. Consensus price target down from د.ت2.00 to د.ت1.96. Share price was steady at د.ت1.91 over the past week. Price Target Changed • Nov 16
Price target increased to د.ت2.00 Up from د.ت1.61, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of د.ت1.93. Stock is up 39% over the past year. The company is forecast to post earnings per share of د.ت0.09 for next year compared to د.ت0.092 last year. Reported Earnings • Sep 09
First half 2022 earnings released: EPS: د.ت0 (vs د.ت0.047 in 1H 2021) First half 2022 results: EPS: د.ت0 (down from د.ت0.047 in 1H 2021). Revenue: د.ت175.1m (up 1.5% from 1H 2021). Net income: د.ت15.3m (down 5.1% from 1H 2021). Profit margin: 8.7% (down from 9.4% in 1H 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Basic Materials industry in Africa. Price Target Changed • Aug 22
Price target increased to د.ت2.00 Up from د.ت1.66, the current price target is provided by 1 analyst. New target price is 18% above last closing price of د.ت1.69. Stock is up 10% over the past year. The company is forecast to post earnings per share of د.ت0.12 for next year compared to د.ت0.092 last year. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improved over the past week After last week's 15% share price gain to د.ت1.53, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Basic Materials industry in Africa. Total returns to shareholders of 26% over the past three years. Reported Earnings • Jun 08
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: د.ت341.1m (up 28% from FY 2020). Net income: د.ت31.5m (up 63% from FY 2020). Profit margin: 9.2% (up from 7.2% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is expected to shrink by 5.6% compared to a 7.3% growth forecast for the industry in Tunisia. Price Target Changed • Oct 28
Price target decreased to د.ت1.58 Down from د.ت1.88, the current price target is provided by 1 analyst. New target price is 8.2% above last closing price of د.ت1.46. Stock is down 0.7% over the past year. The company is forecast to post earnings per share of د.ت0.13 for next year compared to د.ت0.056 last year. Major Estimate Revision • Jul 29
Consensus revenue estimates increase to د.ت310.0m The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from د.ت270.0m to د.ت310.0m. EPS estimate increased from د.ت0.096 to د.ت0.10 per share. Net income forecast to shrink 12% next year vs 5.2% growth forecast for Basic Materials industry in Tunisia . Consensus price target down from د.ت2.56 to د.ت1.88. Share price rose 3.8% to د.ت1.65 over the past week. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment deteriorated over the past week After last week's 20% share price decline to د.ت1.60, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 16x in the Basic Materials industry in Africa. Total loss to shareholders of 18% over the past three years. Price Target Changed • Mar 24
Price target increased to د.ت2.56 Up from د.ت2.22, the current price target is provided by 1 analyst. New target price is 28% above last closing price of د.ت2.00. Stock is up 98% over the past year. Reported Earnings • Mar 12
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: د.ت267.5m (up 3.7% from FY 2019). Net income: د.ت19.4m (up د.ت70.7m from FY 2019). Profit margin: 7.2% (up from net loss in FY 2019). The move to profitability was primarily driven by lower expenses. Analyst Estimate Surprise Post Earnings • Mar 12
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 8.3%. Earnings per share (EPS) exceeded analyst estimates by 174%. Over the next year, revenue is forecast to grow 14%, compared to a 6.9% growth forecast for the Basic Materials industry in Tunisia. Is New 90 Day High Low • Mar 04
New 90-day high: د.ت1.98 The company is up 10.0% from its price of د.ت1.80 on 04 December 2020. The Tunisian 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 12% over the same period. Is New 90 Day High Low • Dec 22
New 90-day high: د.ت1.96 The company is up 28% from its price of د.ت1.53 on 23 September 2020. The Tunisian market is flat over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Basic Materials industry, which is up 40% over the same period. Is New 90 Day High Low • Dec 07
New 90-day high: د.ت1.85 The company is up 15% from its price of د.ت1.61 on 08 September 2020. The Tunisian market is flat over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Basic Materials industry, which is up 31% over the same period. Is New 90 Day High Low • Nov 18
New 90-day high: د.ت1.72 The company is up 20% from its price of د.ت1.43 on 19 August 2020. The Tunisian 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 30% over the same period. 
