Cementos Pacasmayo S.a.a. (CPAC)
NYSE:CPAC
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Cementos Pacasmayo SAA
(NYSE:CPAC)
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Rating:60Neutral
Price Target:
$10.50
▼(-1.96% Downside)
Action:ReiteratedDate:03/24/26
The score is driven primarily by middling financial fundamentals—solid operating profitability and generally positive free cash flow, but constrained by leverage and recent margin/top-line pressure. The latest earnings call adds support via improved underlying results and constructive 2026 outlook, while technical indicators remain a near-term headwind. Valuation is helped by a strong dividend yield, partially offset by a moderate P/E.
Positive Factors
Strong operating profitability
Record EBITDA and sustained operating margins indicate durable operational efficiency and reliable cash generation. Strong recurring EBITDA supports maintenance capex, dividend capacity and targeted energy projects, helping the company absorb cyclical demand swings and fund strategic initiatives over the next several quarters.
Negative Factors
Elevated leverage
Net debt around 2.8x EBITDA and debt consistently above equity limit financial flexibility. Operating cash flow relative to debt is modest, slowing potential deleveraging. Elevated leverage increases exposure to demand shocks, interest cost volatility and constrains capital allocation for growth or acquisitions.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong operating profitability
Record EBITDA and sustained operating margins indicate durable operational efficiency and reliable cash generation. Strong recurring EBITDA supports maintenance capex, dividend capacity and targeted energy projects, helping the company absorb cyclical demand swings and fund strategic initiatives over the next several quarters.
Read all positive factors
Cementos Pacasmayo SAA (CPAC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$972.83M
Dividend Yield5.46%
Average Volume (3M)145.42K
Price to Earnings (P/E)―
Beta (1Y)-0.04
Revenue Growth9.24%
EPS Growth24.01%
CountryUS
Employees1,698
SectorBasic Materials
Sector Strength58
IndustryConstruction Materials
Share Statistics
EPS (TTM)-0.06
Shares Outstanding84,773,690
10 Day Avg. Volume385,564
30 Day Avg. Volume145,418
Financial Highlights & Ratios
PEG Ratio-0.79
Price to Book (P/B)2.52
Price to Sales (P/S)1.50
P/FCF Ratio12.34
Enterprise Value/Market Cap4.61
Enterprise Value/Revenue2.12
Enterprise Value/Gross Profit5.57
Enterprise Value/Ebitda7.59
Forecast
1Y Price Target
$12.90Price Target Upside20.45% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)0.62
Revenue Forecast (FY)$638.60M
Cementos Pacasmayo SAA Business Overview & Revenue Model
Company Description
Cementos Pacasmayo S.A.A., a cement company, produces, distributes, and sells cement and cement-related materials in Peru. The company operates through three segments: Cement, Concrete and Precast; Quicklime; and Sales of Construction Supplies. It...
How the Company Makes Money
CPAC makes money primarily by producing and selling cement and other construction materials to customers across the construction value chain. Its core revenue stream is the sale of cement (typically the largest driver for integrated cement produce...
Cementos Pacasmayo SAA Earnings Call Summary
Earnings Call Date:Feb 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 29, 2026
Earnings Call Sentiment Positive
The call presented strong strategic and operational positives — notably a binding acquisition agreement with Holcim at PEN 5.1 billion, record full‑year EBITDA (PEN 594.2m), double‑digit quarterly EBITDA and gross profit growth excluding one‑offs, significant cement sales growth, and continued ESG recognition. Offsetting these positives were meaningful one‑off transaction expenses (~PEN 77–80m) that produced a negative reported quarterly net income, higher full‑year administrative and selling expenses (notably a 50% rise in admin expenses), a notable quarterly volume decline (-8.2%), segment margin pressure from paused/ongoing projects (concrete/mortar down 25.1% q/q with a ~7.8pp margin contraction), and a higher net debt/EBITDA of 2.8x. Management expressed optimism on volumes and margins for the coming year and confidence in regulatory approval of the transaction. Overall, the strategic endorsement and solid underlying operational results outweigh near‑term transactional and project‑timing headwinds.Positive Updates
Strategic acquisition agreement with Holcim
Holcim agreed to acquire Inversiones Aspi (50.01% controlling stake in Cementos Pacasmayo) at an agreed valuation of PEN 5.1 billion, representing ~9x record EBITDA (LTM to July 2025). Transaction pending regulatory approvals and seen by management as a strong endorsement of Pacasmayo's strategy and operations.
Negative Updates
Quarterly volume decline
Sales volumes in the quarter declined 8.2% year‑over‑year despite full‑year volume growth; the quarter weakness was attributed to project timing and the Motupe riverbank protection project being put on standby.
Read all updates
Q4-2025 Updates
Positive
Negative
Strategic acquisition agreement with Holcim
Holcim agreed to acquire Inversiones Aspi (50.01% controlling stake in Cementos Pacasmayo) at an agreed valuation of PEN 5.1 billion, representing ~9x record EBITDA (LTM to July 2025). Transaction pending regulatory approvals and seen by management as a strong endorsement of Pacasmayo's strategy and operations.
Read all positive updates
Company Guidance
Management provided only qualitative 2026 guidance: they expect volumes to be stronger than in 2025, prices to remain competitive, and EBITDA margins to stay at 2025 levels or trend slightly higher (helped by planned energy‑saving projects in 2H), with election‑driven public spending likely to pick up after Q2–Q3 — but they declined to give numeric revenue or EBITDA targets. For context they highlighted key 2025 metrics: agreed valuation of PEN 5.1 billion (≈9x LTM EBITDA to July 2025), full‑year EBITDA PEN 594.2m (+6.4% YoY excl. one‑offs), Q4 EBITDA PEN 158.7m excl. transaction expenses, quarter revenues PEN 559.5m (+6.2% YoY), cement sales +30.6% in the quarter / +8.7% FY, concrete/pavement/mortar -25.1% in Q4 / +6.3% FY, precast -16% Q4 / +3% FY, gross margin +0.4 ppt Q4 / +1.9 ppt FY, concrete margin -7.8 ppt Q4 / -3.2 ppt FY, net income excl. one‑offs PEN 59.8m for the quarter (+19.6% YoY) and PEN 231.8m FY (+16.5% YoY), net debt/EBITDA 2.8x, and transaction‑related costs of roughly PEN 77–80m.Cementos Pacasmayo SAA Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
52
Neutral
Cash Flow
57
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.00B | 1.98B | 1.95B | 2.12B | 1.94B |
| Gross Profit | 738.74M | 728.53M | 689.45M | 652.03M | 559.43M |
| EBITDA | 541.52M | 553.40M | 490.66M | 477.71M | 431.45M |
| Net Income | 145.36M | 198.88M | 168.90M | 176.83M | 153.17M |
Balance Sheet | |||||
| Total Assets | 3.10B | 3.25B | 3.30B | 3.38B | 3.19B |
| Cash, Cash Equivalents and Short-Term Investments | 53.57M | 72.96M | 90.50M | 168.94M | 272.49M |
| Total Debt | 1.43B | 1.51B | 1.59B | 1.60B | 1.55B |
| Total Liabilities | 1.91B | 2.03B | 2.11B | 2.18B | 2.00B |
| Stockholders Equity | 1.19B | 1.22B | 1.19B | 1.20B | 1.19B |
Cash Flow | |||||
| Free Cash Flow | 243.00M | 256.82M | 123.02M | -66.68M | 76.02M |
| Operating Cash Flow | 339.94M | 321.14M | 412.32M | 111.82M | 170.56M |
| Investing Cash Flow | -108.82M | -76.61M | -289.44M | -176.19M | -91.82M |
| Financing Cash Flow | -249.24M | -261.34M | -115.44M | -121.48M | -130.09M |
Cementos Pacasmayo SAA Technical Analysis
Positive
10.71
Price Trends
10.50
Positive
9.73
Positive
7.95
Positive
Market Momentum
0.08
Negative
55.99
Neutral
85.65
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CPAC, the sentiment is Positive. The current price of 10.71 is above the 20-day moving average (MA) of 10.23, above the 50-day MA of 10.50, and above the 200-day MA of 7.95, indicating a bullish trend. The MACD of 0.08 indicates Negative momentum. The RSI at 55.99 is Neutral, neither overbought nor oversold. The STOCH value of 85.65 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CPAC.
Cementos Pacasmayo SAA Risk Analysis
Cementos Pacasmayo SAA disclosed 47 risk factors in its most recent earnings report. Cementos Pacasmayo SAA reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
We are incorporating artificial intelligence technologies into our processes. These technologies may present business, compliance, and reputational risks. Q4, 2023
2.
Evolving expectations and/or requirements for reporting on or implementing environmental, social and governance (ESG) programs could increase our costs, and failure to meet expectations or requirements could adversely affect our sales and results of operations. Q4, 2023
3.
Our operations are subject to physical challenges related to climate change. Q4, 2023
Cementos Pacasmayo SAA Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $18.05B | 1.73 | 10.45% | 0.74% | -6.34% | 210.97% | |
72 Outperform | $38.09B | 33.02 | 11.90% | 0.51% | 1.99% | -41.08% | |
70 Outperform | $6.27B | 16.19 | 28.78% | 0.47% | 1.50% | -4.44% | |
69 Neutral | $2.94B | 16.29 | ― | 0.94% | 0.28% | -1.57% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | $972.83M | -44.08 | 11.98% | 5.46% | 9.24% | 24.01% | |
49 Neutral | $1.52B | 79.74 | 2.03% | ― | -33.99% | -61.41% |
* Basic Materials Sector Average
CPAC
Cementos Pacasmayo SAA
10.71
5.80
118.13%
CX
Cemex SAB
11.92
6.64
125.84%
EXP
Eagle Materials
199.47
-26.39
-11.69%
MLM
Martin Marietta Materials
631.53
131.28
26.24%
LOMA
Loma Negra Compania Industrial Argentina Sociedad Anonima
11.56
0.23
2.03%
TTAM
Titan America SA
16.11
4.31
36.53%
Cementos Pacasmayo SAA Corporate Events
Cementos Pacasmayo Gains Unconditional Antitrust Clearance for Holcim Control Deal
Mar 23, 2026
On March 21, 2026, Cementos Pacasmayo disclosed that Peru’s competition authority INDECOPI has granted unconditional approval for Holcim Ltd.’s planned acquisition of 99.99% of Inversiones Aspi S.A., which owns 50.01% of Cementos Pacas...
Cementos Pacasmayo Defends Holcim Deal Expenses in Response to SMV Scrutiny
Mar 19, 2026
On March 18, 2026, Cementos Pacasmayo filed a Form 6-K in the United States to disclose an official letter from Peru’s securities regulator, the SMV, concerning its accounting for expenses tied to a planned Holcim acquisition. The company in...
Cementos Pacasmayo Challenges SMV Orders Amid Holcim Control-Change Review
Mar 19, 2026
On March 19, 2026, Cementos Pacasmayo S.A.A. filed a Form 6-K in the United States detailing its response to Peruvian securities regulator SMV’s Official Letter No. 1004-2026-SMV/11.1, issued and notified on March 11, 2026. The company infor...
Cementos Pacasmayo Files IFRS-Audited 2025 Consolidated Results With U.S. Regulators
Feb 13, 2026
On February 13, 2026, Cementos Pacasmayo S.A.A. filed a Form 6-K in the United States announcing the publication of its audited consolidated financial statements for the years ended December 31, 2025 and 2024. The accompanying independent auditors...
Cementos Pacasmayo Posts Record Underlying 2025 Results as Holcim Moves to Take Control
Feb 13, 2026
On December 16, 2025, Cementos Pacasmayo reached a key milestone when Holcim agreed to acquire Inversiones Aspi S.A., which controls 50.01% of the company, valuing Pacasmayo at S/5.1 billion, with closing subject to regulatory approvals expected i...
Cementos Pacasmayo Convenes 2026 Annual Shareholders’ Meeting to Decide Dividends, Board and ESG Priorities
Feb 13, 2026
Cementos Pacasmayo S.A.A. has called its Annual Mandatory Shareholders’ Meeting for March 24, 2026, with a second-call date of March 31, 2026, at its Lima headquarters. Shareholders of record up to 10 days before the meeting may participate,...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.