Cementir Holding N.V., through its subsidiaries, produces and distributes grey and white cement, ready-mix concrete, aggregates, and concrete products in the Nordic and Baltic regions, Belgium, North America, Turkey, Egypt, the Asia Pacific, and Italy.
The last earnings update was 30 days ago.
Discounted Cash Flow Calculation for DB:3PC using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for
is arrived at by discounting future cash flows to their present value using the 2 stage method.
We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
Note: Free cash flow to equity valuations ignore the company's cash or debt.
DB:3PC DCF 1st Stage: Next 10 year cash flow forecast
Amount off the current price
is available for.
Share price is
vs Future cash flow value of
Current Discount Checks
to be considered undervalued it must be available for at least 20% below the
current price. Less than 40% is even better.
Cementir Holding's share price is below the future cash flow value, and at a moderate discount (> 20%).
Cementir Holding's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.
The amount the stock market is willing to pay for
is considered below, and whether this is a fair price.
Price based on past earnings
Cementir Holding's earnings available for a low price, and how does
this compare to other companies in the same industry?
Cementir Holding's earnings are expected to grow by 13.7% yearly, however this is not considered high growth (20% yearly).
Cementir Holding's revenue is expected to grow by 4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can
be gauged below. We look back 3 years and see if they were any good at
predicting what actually occurred. We also show the highest and lowest estimates
looking forward to see if there is a wide range.
Cementir Holding's performance over the past 5 years by checking for:
Has earnings increased in past 5 years? (1 check)
Has the earnings growth in the last year exceeded that of the
industry? (1 check)
Is the recent earnings growth over the last year higher than the average annual growth over the
past 5 years? (1 check)
Is the Return on Equity (ROE) higher than 20%? (1 check)
Is the Return on Assets (ROA) above industry average? (1 check)
Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent
earnings report. Some checks require at least 3 or 5 years worth of data.
has a total score of
2/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
A company's financial position is much like your own financial position,
it includes everything you own
The boxes below represent the relative size of what makes up
Cementir Holding's finances.
The net worth of a company is the difference between its assets and liabilities.
Cementir Holding is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
Cementir Holding's long term commitments exceed its cash and other short term assets.
This treemap shows a more detailed breakdown of
Cementir Holding's finances. If any of them are yellow this
indicates they may be out of proportion and red means they relate to one of the
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
High level of physical assets or inventory.
Debt is covered by short term assets, assets are 1.4x debt.
Nearly all companies have debt. Debt in itself isn’t
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.
The graphic below shows equity (available funds) and debt, we ideally want to
see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and
whether the level has increased over the past 5 years.
Management is one of the most important areas of a company. We look at
unreasonable CEO compensation, how long the team and board of directors have
been around for and insider trading.
Mr. Francesco C. 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 Executive Officer of Cementir Holding N.V. (formerly known as Cementir Holding S.p.A.) since 1996 and serves as its Executive Director since June 27, 1995. After spending six years in the building sector, he joined the Cementir Group in 1995. He has deep knowledge and significant experience in the cement and recycling sector. He serves as Vice Chairman of Cimbeton Hazir Beton ve Prefabrik Yapi Elemanlari Sanayi ve Ticaret A.S., and served as Director at Çimentas Izmir Çimento Fabrikasi Türk A.S. (alternate name, Cimentas Izmir Cimento Fabrikalari TAS). He serves as Chairman of the Board of Directors of Caltagirone SpA (Italy). He served as a Vice Chairman of Aalborg Portland Holding A/S (alternate name, Aalborg Portland AS) and Banca Antonveneta S.p.A. He has been Director of SUEZ SA since February 28, 2017. He serves as a Director of Cimentas Izmir Cimento Fabrikalari TAS. Mr. Caltagirone serves as a Director at Caltagirone SpA. He serves as Director of Caltagirone Editore SpA since April 23, 2018. He served as Member of the Board of Directors of ACEA SpA.
Francesco's compensation has been consistent with company performance over the past year, both up more than 20%.
Francesco's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure
Average tenure of the
management team in years:
The tenure for the Cementir Holding management team is about average.
Chairman & CEO
Chief Financial Officer
Chief Information Technology Officer
Claudio Gioacchino Criscuolo
Chief Human Resources Officer
Chief Global Procurement Officer
Chief Internal Audit Officer
Board of Directors Tenure
Average tenure and age of the
board of directors in years:
The tenure for the Cementir Holding board of directors is about average.
Board of Directors
Chairman & CEO
Vice Chairman of the Board
Vice Chairman of the Board
Paolo Di Benedetto
Veronica De Romanis
Who owns this company?
Recent Insider Trading
No 3 month open market individual insider trading information.
Cementir Holding N.V., through its subsidiaries, produces and distributes grey and white cement, ready-mix concrete, aggregates, and concrete products in the Nordic and Baltic regions, Belgium, North America, Turkey, Egypt, the Asia Pacific, and Italy. The company offers various grey cement products and solutions that are used in construction industry; and white cement products and solutions for architectural, aesthetic, and structural applications. It also provides pre-stressed cement products that consists of structural components for the building and transport industries; aggregates, such as sand, gravel, or crushed stones; and value added products and solutions. In addition, the company purchases, sells, and manages clinker, cement, spare parts, pet-coke, coal, and other construction materials. Cementir Holding N.V. was incorporated in 1947 and is headquartered in Rome, Italy.
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