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 prices as in 2022.


CHANGE IN NAV
€ 11.0 vs 9.82 +11.7%

Cementir Holding has reported a robust balance sheet, leading to a positive net cash position that has increased our NAV by 12% compared to our previous estimates.