Cementir Holding S.p.A. Receives Buy Rating Due to Strong Profitability and Promising OutlookWe increased our 2025E-26E non-GAAP EBITDA forecasts by respectively 4% and 5.1% assuming a more favorable selling price/input cost gap dynamic. Stock multiples remain undemanding, also thanks to the whole industry market multiples re-rating of the last few weeks. We raise our TP to EUR 14.6 and confirm the BUY rating. FY24 preliminary profitability above forecasts, 2025-27 targets update Preliminary non-GAAP FY24 results up to the PBT line were slightly below estimates at the top line level due to the negative FX impact, while they beat expectations on the EBITDA result and margin. Net cash was better than expected. The FY24 top line (-2.7% yoy) registered a positive volumes and price effect, more than offset by the FX headwinds.