Cementos Pacasmayo S.a.a. (CPAC)
NYSE:CPAC
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Cementos Pacasmayo SAA
(NYSE:CPAC)
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Rating:66Neutral
Price Target:
$11.50
▲(7.28% Upside)
Action:ReiteratedDate:04/28/26
The score is driven primarily by solid operating performance and strong revenue growth, tempered by meaningful leverage and uneven cash conversion. Technically, the stock shows a constructive uptrend with neutral-to-positive momentum. Valuation is supported by the high dividend yield but moderated by a ~20.6 P/E, while the earnings call was broadly positive on 2026 volumes/margins but flagged transaction costs, leverage, and execution/regulatory risks.
Positive Factors
Strong operating profitability
Sustained high operating margins indicate durable pricing power and manufacturing efficiency in cement production. Robust EBITDA levels support internal investment, debt servicing and dividend capacity, making core earnings resilient across construction cycles even if net margin faces below‑the‑line pressure.
Negative Factors
Elevated leverage
Meaningful leverage for a cyclical construction‑materials company reduces financial flexibility and raises sensitivity to volume or margin shocks. Higher indebtedness increases interest burden and limits capacity to fund capex or absorb downturns, elevating refinancing and covenant risks over multiple quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong operating profitability
Sustained high operating margins indicate durable pricing power and manufacturing efficiency in cement production. Robust EBITDA levels support internal investment, debt servicing and dividend capacity, making core earnings resilient across construction cycles even if net margin faces below‑the‑line pressure.
Read all positive factors
Cementos Pacasmayo SAA (CPAC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$954.65M
Dividend Yield5.46%
Average Volume (3M)145.42K
Price to Earnings (P/E)9.2
Beta (1Y)-0.08
Revenue Growth16.65%
EPS Growth-3.36%
CountryUS
Employees1,698
SectorBasic Materials
Sector Strength58
IndustryConstruction Materials
Share Statistics
EPS (TTM)0.27
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 Cap4.80
Enterprise Value/Revenue2.11
Enterprise Value/Gross Profit5.35
Enterprise Value/Ebitda6.87
Forecast
1Y Price Target
$12.90Price Target Upside20.34% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)0.53
Revenue Forecast (FY)$634.39M
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:Jul 28, 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
72
Positive
Balance Sheet
58
Neutral
Cash Flow
61
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.17B | 2.00B | 1.98B | 1.95B | 2.12B | 1.94B |
| Gross Profit | 856.43M | 738.74M | 728.53M | 689.45M | 652.03M | 559.43M |
| EBITDA | 667.67M | 541.52M | 553.40M | 490.66M | 477.71M | 431.45M |
| Net Income | 183.60M | 145.36M | 198.88M | 168.90M | 176.83M | 153.17M |
Balance Sheet | ||||||
| Total Assets | 3.13B | 3.10B | 3.25B | 3.30B | 3.38B | 3.19B |
| Cash, Cash Equivalents and Short-Term Investments | 78.57M | 53.57M | 72.96M | 90.50M | 168.94M | 272.49M |
| Total Debt | 1.44B | 1.43B | 1.51B | 1.59B | 1.60B | 1.55B |
| Total Liabilities | 1.86B | 1.91B | 2.03B | 2.11B | 2.18B | 2.00B |
| Stockholders Equity | 1.27B | 1.19B | 1.22B | 1.19B | 1.20B | 1.19B |
Cash Flow | ||||||
| Free Cash Flow | 245.44M | 243.00M | 256.82M | 123.02M | -66.68M | 76.02M |
| Operating Cash Flow | 340.61M | 339.94M | 321.14M | 412.32M | 111.82M | 170.56M |
| Investing Cash Flow | -105.38M | -108.82M | -76.61M | -289.44M | -176.19M | -91.82M |
| Financing Cash Flow | -202.45M | -249.24M | -261.34M | -115.44M | -121.48M | -130.09M |
Cementos Pacasmayo SAA Technical Analysis
Positive
10.72
Price Trends
10.49
Positive
9.93
Positive
8.08
Positive
Market Momentum
0.12
Negative
55.32
Neutral
60.94
Neutral
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 10.72 is above the 20-day moving average (MA) of 10.40, above the 50-day MA of 10.49, and above the 200-day MA of 8.08, indicating a bullish trend. The MACD of 0.12 indicates Negative momentum. The RSI at 55.32 is Neutral, neither overbought nor oversold. The STOCH value of 60.94 is Neutral, 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 | $18.59B | 1.84 | 3.40% | 0.74% | 5.01% | -67.33% | |
70 Outperform | $6.60B | 16.19 | 28.78% | 0.47% | 1.44% | -5.89% | |
70 Outperform | $37.30B | 33.02 | 11.90% | 0.51% | 0.12% | -41.94% | |
69 Neutral | $3.04B | 16.29 | 19.07% | 0.94% | 1.82% | 6.65% | |
66 Neutral | $954.65M | 9.20 | 11.98% | 5.46% | 16.65% | -3.36% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
49 Neutral | $1.39B | 79.74 | 2.03% | ― | -5.63% | -86.58% |
* Basic Materials Sector Average
CPAC
Cementos Pacasmayo SAA
10.65
5.70
115.15%
CX
Cemex SAB
12.30
6.21
101.94%
EXP
Eagle Materials
210.11
-22.74
-9.77%
MLM
Martin Marietta Materials
619.07
86.13
16.16%
LOMA
Loma Negra Compania Industrial Argentina Sociedad Anonima
11.04
-0.08
-0.72%
TTAM
Titan America SA
16.49
3.33
25.35%
Cementos Pacasmayo SAA Corporate Events
Cementos Pacasmayo Files Stronger First-Quarter 2026 Results on Form 6-K
Apr 27, 2026
Cementos Pacasmayo S.A.A. has filed its April 2026 Form 6-K in the United States, furnishing unaudited interim consolidated financial statements as of March 31, 2026 and for the three-month period then ended. The report, signed on April 27, 2026, ...
Cementos Pacasmayo Details Holcim-Related Costs and Dividend Capacity in Response to Regulator
Apr 7, 2026
On April 6–7, 2026, Cementos Pacasmayo S.A.A. reported to Peru’s securities regulator that it had formally responded to an official inquiry about expenses labeled “Expenses associated with the Holcim acquisition” in its 202...
Cementos Pacasmayo Flags Holcim’s Intent to Delist ADS from NYSE After Tender Offer
Apr 7, 2026
On April 6, 2026, Cementos Pacasmayo reported that its controlling shareholder Holcim Ltd. filed a Schedule 13D with the U.S. Securities and Exchange Commission. In that filing, Holcim stated its intention, once it completes a mandatory tender off...
Cementos Pacasmayo Revamps Board Committees to Strengthen Governance and Sustainability
Apr 7, 2026
At a board meeting held on April 6, 2026, Cementos Pacasmayo S.A.A. unanimously approved a new composition of its key board committees, including the Executive, Audit, Good Corporate Governance, Antitrust Best Practices and Sustainability committe...
Cementos Pacasmayo Adopts Holcim Group Code of Ethics in Board Decision
Apr 1, 2026
On March 30, 2026, Cementos Pacasmayo S.A.A.’s board of directors approved the company’s adherence to the Holcim Group Code of Ethics, formally reporting this as a material event to Peru’s securities regulator. The decision, late...
Holcim Closes Acquisition of Indirect Majority Stake in Cementos Pacasmayo
Mar 31, 2026
On March 30, 2026, Cementos Pacasmayo reported that Holcim Ltd. had completed the acquisition of 99.99% of the shares of Inversiones ASPI S.A., which holds 50.01% of Cementos Pacasmayo’s capital, giving Holcim an indirect majority stake in t...
Cementos Pacasmayo Overhauls Board Leadership in Late-March 2026
Mar 31, 2026
Cementos Pacasmayo S.A.A., a long-established Peruvian cement producer listed on the NYSE, focuses on supplying cement, concrete products and quicklime to the domestic construction and mining sectors. Its operations are concentrated in northern Pe...
Cementos Pacasmayo Details Holcim-Related Transaction Expenses After SMV Inquiry
Mar 30, 2026
On March 27, 2026, Cementos Pacasmayo responded to a request from Peru’s securities regulator SMV to detail the S/77.6 million recorded as “Expenses associated with the Holcim acquisition” in its 2025 audited financial statements...
Cementos Pacasmayo Shareholders Approve 2025 Results, Dividends and New Board at March 24 Meeting
Mar 25, 2026
Cementos Pacasmayo S.A.A., a leading cement producer for the Peruvian construction and mining sectors, operates mainly in northern Peru and has been listed on the New York Stock Exchange since 2012. The company’s product portfolio spans ceme...
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
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