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Cementos Pacasmayo SAA
(NYSE:CPAC)
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Rating:67Neutral
Price Target:
$13.00
▲(21.27% Upside)
Action:Reiterated
Date:05/29/26
The score is driven primarily by constructive (but not top-tier) fundamentals: strong revenue growth and solid operating margins are tempered by lower net margin, elevated leverage, and uneven cash conversion. Valuation is a clear positive with a low P/E and high dividend yield, while technical signals are neutral without strong momentum.
Positive Factors
Robust revenue and operating margins
Very strong TTM revenue growth combined with high EBITDA and EBIT margins indicates durable pricing power, scale and operating efficiency in Pacasmayo's core cement business. These operating fundamentals support resilient cash flow potential and competitive position across cycles.
Negative Factors
Elevated leverage
Material leverage (debt about 1.2x equity) reduces financial flexibility in a cyclical sector and heightens sensitivity to rising rates or weaker construction demand. Sustained high leverage constrains capital allocation, increases refinancing risk and limits downside protection over months.
Read all positive and negative factors
Positive Factors
Negative Factors
Robust revenue and operating margins
Very strong TTM revenue growth combined with high EBITDA and EBIT margins indicates durable pricing power, scale and operating efficiency in Pacasmayo's core cement business. These operating fundamentals support resilient cash flow potential and competitive position across cycles.
Read all positive factors
Cementos Pacasmayo SAA (CPAC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.08B
Dividend Yield5.46%
Average Volume (3M)145.42K
Price to Earnings (P/E)18.8
Beta (1Y)-0.02
Revenue Growth16.65%
EPS Growth-3.36%
CountryUS
Employees1,698
SectorBasic Materials
Sector Strength58
IndustryConstruction Materials
Share Statistics
EPS (TTM)2.15
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)1.42
P/FCF Ratio12.34
Enterprise Value/Market Cap4.43
Enterprise Value/Revenue2.21
Enterprise Value/Gross Profit5.59
Enterprise Value/Ebitda9.09
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.38
Revenue Forecast (FY)$634.39M
Cementos Pacasmayo SAA Business Overview & Revenue Model
Company Description
Cementos Pacasmayo S.A.A. (CPAC) is a prominent Peruvian enterprise engaged in the manufacturing, distribution, and sale of cement and related building materials throughout Peru. Its operations are structured into three primary business units: Cem...
How the Company Makes Money
CPAC makes money primarily by selling cement and other construction-related products and services to customers in Peru. Its core revenue stream is the production and commercialization of cement, where it earns revenue per unit sold through distrib...
Cementos Pacasmayo SAA Earnings Call Summary
Earnings Call Date:Feb 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 16, 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 | 2.12B | 1.98B | 1.95B | 2.12B | 1.94B |
| Gross Profit | 857.90M | 806.87M | 728.53M | 689.45M | 652.03M | 559.43M |
| EBITDA | 527.56M | 518.83M | 553.41M | 490.83M | 477.71M | 431.45M |
| Net Income | 183.48M | 154.21M | 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 | 231.48M | 243.00M | 256.82M | 123.02M | -66.68M | 76.02M |
| Operating Cash Flow | 341.59M | 339.94M | 321.14M | 412.32M | 111.82M | 170.56M |
| Investing Cash Flow | -106.16M | -108.82M | -76.61M | -289.44M | -176.19M | -91.82M |
| Financing Cash Flow | -211.45M | -249.24M | -261.34M | -115.44M | -121.48M | -130.09M |
Cementos Pacasmayo SAA Technical Analysis
Positive
10.72
Price Trends
10.92
Positive
10.70
Positive
9.39
Positive
Market Momentum
0.36
Negative
62.16
Neutral
27.79
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 below the 20-day moving average (MA) of 11.35, below the 50-day MA of 10.92, and above the 200-day MA of 9.39, indicating a bullish trend. The MACD of 0.36 indicates Negative momentum. The RSI at 62.16 is Neutral, neither overbought nor oversold. The STOCH value of 27.79 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | $35.99B | 14.26 | 25.07% | 0.51% | -1.28% | 140.98% | |
72 Outperform | $3.36B | 18.03 | 18.35% | 0.94% | 2.67% | 4.16% | |
70 Outperform | $18.56B | 37.74 | 3.40% | 0.74% | 5.01% | -67.33% | |
67 Neutral | $1.08B | 18.84 | 14.22% | 5.46% | 16.65% | -3.36% | |
65 Neutral | $6.80B | 16.68 | 28.27% | 0.47% | 2.13% | -4.85% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
52 Neutral | $1.43B | 54.88 | 3.73% | ― | -8.04% | -72.35% |
* Basic Materials Sector Average
CPAC
Cementos Pacasmayo SAA
11.92
6.24
109.86%
CX
Cemex SAB
12.29
5.21
73.66%
EXP
Eagle Materials
220.15
9.25
4.39%
MLM
Martin Marietta Materials
599.42
46.09
8.33%
LOMA
Loma Negra Compania Industrial Argentina Sociedad Anonima
11.76
1.00
9.29%
TTAM
Titan America SA
18.21
5.41
42.22%
Cementos Pacasmayo SAA Corporate Events
Cementos Pacasmayo Details Holcim’s Planned Tender Offer Structure and Regulatory Requests
Jun 17, 2026
On June 17, 2026, Cementos Pacasmayo S.A.A. reported that Holcim Ltd., which indirectly acquired control of the company, has asked Peru’s securities regulator SMV for exemptions from certain tender offer rules so it can conduct a mandatory t...
Cementos Pacasmayo Details SMV-Initiated Review of Holcim Takeover Terms
May 27, 2026
On May 27, 2026, Cementos Pacasmayo filed a Form 6-K in the United States disclosing its response to a May 12, 2026 information request from Peru’s Securities Market Superintendence (SMV) concerning the valuation of its shares in connection ...
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...
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.