Cementir Holding S.p.A. (CEM) AI Stock Analysis

• Market Cap: €2.33B
• Dividend Yield: 1.48%
• Average Volume (3M): 204.89K
• Price to Earnings (P/E): 14.2
• Beta (1Y): 0.59
• Revenue Growth: 0.39%
• EPS Growth: -14.36%
• Country: IT
• Employees: 3,082
• Sector: General
• Sector Strength: N/A
• Industry: Construction Materials
• EPS (TTM): 0.85
• Shares Outstanding: 159,120,000
• 10 Day Avg. Volume: 497,089
• 30 Day Avg. Volume: 204,889
• PEG Ratio: 6.13
• Price to Book (P/B): 1.58
• Price to Sales (P/S): 1.78
• P/FCF Ratio: 11.60
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €22.00
• Price Target Upside: 47.45% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 1.28
• Revenue Forecast (FY): €1.71B

• Rating: 71 Outperform
• Price Target: €16.50 ▲(10.59% Upside)
• Action: Reiterated Date: 03/17/26
• Date: Action: Reiterated 03/17/26

The score is supported primarily by strong underlying financial performance (low leverage and resilient margins) and attractive valuation (low P/E). This is partially offset by weak technicals, with price trading below key moving averages and negative momentum indicators, suggesting near-term bearish trend despite oversold readings.

Positive Factors

Balance Sheet Strength

Material deleveraging and rising equity have pushed leverage to very low levels (~0.11), giving Cementir durable financial flexibility. Lower debt reduces refinancing risk, supports investment or cyclical buffers, and improves capacity to sustain dividends or absorb downturns over the medium term.

Margin Sustainability

Consistently high gross and stable net margins indicate structural cost efficiency and pricing power in core cement and higher-value products. Sustained margin levels support cash generation and resilience to moderate input cost swings, underpinning long-term profitability across cycles.

Integrated Downstream Portfolio

Vertical integration into aggregates, ready-mix and concrete products diversifies revenue and improves unit economics by capturing more of the construction value chain. This structural business-model advantage supports cross-selling, margin uplift from higher-value products, and more stable demand exposure.

Negative Factors

Free Cash Flow Volatility

A marked negative swing in free cash flow growth in 2025 signals working-capital or capex timing risks that weaken cash consistency. Even with historically positive FCF, such volatility can constrain near-term flexibility for buybacks, dividends or debt reduction and raises forecasting risk over the next 2–6 months.

Inconsistent Revenue-to-Earnings Translation

Revenue swings have not reliably flowed through to net income, indicating variable pricing, cost pass-through, or mix shifts. This inconsistency reduces predictability of earnings and complicates medium-term profit planning, making margins and EPS less reliable indicators for investors.

Exposure to Input Costs & Logistics

Profitability is structurally sensitive to energy, raw-material prices and logistics across multiple countries. Persistent or rising input and transport costs can erode margins and are only partially controllable, creating a lasting headwind to margin stability absent offsetting price power.

Cementir Holding S.p.A. Business Overview & Revenue Model

Company Description

Cementir Holding N.V., together with its subsidiaries, manufactures and distributes grey and white cement, ready-mix concrete, aggregates, and concrete products in Nordic and Baltic, Belgium, North America, Turkiye, Egypt, and Asia Pacific. The company offers white cement under the Aalborg White brand for architectural, aesthetic, and structural applications; grey cement under the FUTURECEM brand; concrete for use in infrastructure, landscaping, industry and agriculture, energy and environment, buildings, and pre-stressed and prefabricated concrete products; and aggregates, such as natural sand, gravel, and crushed stones used in concrete and prefabricated products, asphalt, road foundations and engineering works, draining materials, and agricultural land applications. It also purchases and sells clinker, replacement parts, pet-coke and coal fuels, and other construction materials; and offers shipping and logistics services, procurement management services, assistance and technical support, goods forwarding, and digital solutions. Cementir Holding N.V. was incorporated in 1947 and is headquartered in Amsterdam, the Netherlands.

How the Company Makes Money

Cementir makes money mainly by producing and selling cement, with revenue generated from volumes sold and pricing across its markets. A core earnings driver is the sale of grey cement and higher-value white cement to construction and infrastructure customers, typically under supply contracts and spot orders, with revenue recognized on delivery. The company also generates revenue from downstream and adjacent building-material activities that are often integrated with cement sales: aggregates (quarried and sold as raw construction material), ready-mix concrete (produced in batching plants and delivered to job sites), and concrete products (manufactured items sold to construction customers). These segments provide additional margin opportunities and help capture demand along the construction value chain. Other factors influencing earnings include the geographic mix of operations, energy and raw-material costs (which affect profitability), logistics and distribution capabilities (which can support pricing and service levels), and overall construction activity cycles. Information on specific significant partnerships contributing to earnings is null.

Cementir Holding S.p.A. Financial Statement Overview

Summary

Strong overall financial profile led by a conservative, improving balance sheet (material debt reduction and rising equity) and resilient profitability (net margin ~12% in 2023–2024). The main drag is cash-flow volatility in 2025, with a sharp negative change in free cash flow growth, which lowers confidence in near-term cash consistency.

Income Statement

Cementir shows solid profitability and generally stable margins, with net margin holding around ~12% in 2023–2024 (vs. ~8–9% in 2020–2022) and a strong gross margin profile (~53–61% over the period). Revenue was essentially flat in 2023–2024, but 2025 rebounded with strong reported revenue growth (~31%) while net income remained steady (~€200M range). The main watch-out is that earnings growth has not consistently followed revenue, suggesting a less predictable translation of sales into incremental profit.

Balance Sheet

The balance sheet looks conservative and improving: total debt declined materially from ~€538M (2020) to ~€160M (2025), while equity expanded from ~€1.06B (2020) to ~€1.85B (2025). Leverage is low based on the provided debt-to-equity levels in 2021–2024 (declining from ~0.29 to ~0.11), supporting financial flexibility. A potential risk is that profitability on equity has moderated from its 2023 high (~13%) to ~12% in 2024, but remains healthy.

Cash Flow

Cash generation is consistently positive, with operating cash flow running ~€218M–€344M and free cash flow improving from ~€137M (2021) to ~€216M (2024), indicating good underlying cash conversion in recent years (free cash flow around ~63–65% of net income in 2021–2024). However, 2025 shows a sharp decline in free cash flow growth (large negative), signaling a potential working-capital swing or higher investment/outflows despite still-positive free cash flow. This volatility lowers confidence in near-term cash consistency.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.64B	1.69B	1.70B	1.72B	1.37B
Gross Profit	612.99M	978.92M	967.88M	919.68M	817.50M
EBITDA	437.92M	439.28M	434.12M	371.68M	290.24M
Net Income	206.41M	201.64M	201.36M	162.29M	113.32M
Balance Sheet
Total Assets	2.85B	2.76B	2.52B	2.49B	2.11B
Cash, Cash Equivalents and Short-Term Investments	618.78M	503.24M	412.39M	355.76M	282.54M
Total Debt	160.20M	183.15M	189.02M	297.67M	318.74M
Total Liabilities	878.30M	899.34M	871.36M	971.20M	883.50M
Stockholders Equity	1.85B	1.72B	1.50B	1.37B	1.09B
Cash Flow
Free Cash Flow	251.75M	216.26M	193.81M	176.33M	137.30M
Operating Cash Flow	336.95M	343.90M	300.38M	281.40M	218.98M
Investing Cash Flow	-46.26M	-109.32M	-91.76M	-138.98M	-72.67M
Financing Cash Flow	-125.12M	-164.20M	-139.01M	-70.27M	-284.40M

Cementir Holding S.p.A. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 14.92
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:CEM, the sentiment is Negative. The current price of 14.92 is below the 20-day moving average (MA) of 15.39, below the 50-day MA of 17.54, and below the 200-day MA of 15.78, indicating a bearish trend. The MACD of -0.79 indicates Negative momentum. The RSI at 37.97 is Neutral, neither overbought nor oversold. The STOCH value of 59.30 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IT:CEM.

Cementir Holding S.p.A. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BZU	73 Outperform	€8.03B	5.51	14.45%	1.35%	5.34%	-3.46%
CEM	71 Outperform	€2.33B	14.15	10.89%	1.48%	0.39%	-14.36%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%