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Cementos Pacasmayo SAA
(NYSE:CPAC)
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Rating:72Outperform
Price Target:
$14.00
â–²(13.27% Upside)
Action:Reiterated
Date:10/22/26
The score is driven primarily by stable-to-improving fundamentals (strong margins and better recent free cash flow) and a positive earnings call showing strong growth, margin expansion, and deleveraging progress. Technicals also support the rating with an established uptrend, while valuation is reasonable with an above-average dividend yield. Key constraints are balance-sheet leverage and historically uneven cash-flow conversion, plus near-term operating risks cited on the call (input cost pressure and project concentration).
Positive Factors
Strong operating growth and margin expansion
Strong shipment and revenue growth, combined with faster EBITDA and net-income expansion, indicates meaningful operating leverage and effective execution. The resulting 31.3% quarterly EBITDA margin gives Pacasmayo greater internal capacity to support investment, defend its market position, and absorb moderate cost pressure.
Negative Factors
Meaningful balance-sheet leverage
Debt remains slightly above equity, which limits financial flexibility if construction demand weakens or production costs rise. Although leverage has improved, continued balance-sheet exposure can constrain capital allocation, increase sensitivity to financing conditions, and make deleveraging an important requirement for long-term resilience.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong operating growth and margin expansion
Strong shipment and revenue growth, combined with faster EBITDA and net-income expansion, indicates meaningful operating leverage and effective execution. The resulting 31.3% quarterly EBITDA margin gives Pacasmayo greater internal capacity to support investment, defend its market position, and absorb moderate cost pressure.
Read all positive factors
Cementos Pacasmayo SAA (CPAC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.15B
Dividend Yield4.8%
Average Volume (3M)44.33K
Price to Earnings (P/E)17.4
Beta (1Y)-0.05
Revenue Growth20.05%
EPS Growth7.67%
CountryUS
Employees1,698
SectorBasic Materials
Sector Strength58
IndustryConstruction Materials
Share Statistics
EPS (TTM)2.50
Shares Outstanding84,773,690
10 Day Avg. Volume26,585
30 Day Avg. Volume44,334
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 Cap1.19
Enterprise Value/Revenue0.61
Enterprise Value/Gross Profit1.53
Enterprise Value/Ebitda2.27
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.93
Revenue Forecast (FY)$647.54M
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
Cementos Pacasmayo SAA makes money mainly by manufacturing and selling cement and other construction materials to a broad set of customers such as construction companies, distributors/retail channels, and infrastructure and real-estate project dev...
Cementos Pacasmayo SAA Earnings Call Summary
Earnings Call Date:Jul 20, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Positive
The call presents a strongly positive operational and financial story: robust volume growth, double-digit revenue increases, materially higher EBITDA and net income, margin expansion, disciplined cost control, improving leverage and clear sustainability and innovation milestones. Headwinds are manageable but notable: a small decline in cement gross margin due to input costs and maintenance, concentrated project-driven variability in the concrete segment (with some dependency on Yanacocha), higher year-to-date selling spend, and short-term risk from El Niño. Overall, positive execution and balance-sheet improvement outweigh the contained challenges.Positive Updates
Strong Volume and Revenue Growth
Total shipments rose 15.5% in Q2 and 13.6% for the first six months; Q2 revenue grew 15.4% to PEN 558.9 million and cumulative six-month revenue reached PEN 1,114.5 million, up 13.3% year-over-year.
Negative Updates
Cement Margin Pressure from Input Costs and Maintenance
Cement gross margin adjusted declined by 1.5 percentage points to 45.2% in Q2, pressured by higher coal prices and increased use of imported clinker during scheduled kiln maintenance.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Volume and Revenue Growth
Total shipments rose 15.5% in Q2 and 13.6% for the first six months; Q2 revenue grew 15.4% to PEN 558.9 million and cumulative six-month revenue reached PEN 1,114.5 million, up 13.3% year-over-year.
Read all positive updates
Company Guidance
Management guided to maintain sustaining CapEx of about PEN 100 million per year, continue deleveraging (net debt/EBITDA at 2.32), and to actively monitor and pursue potential cement price increases for the remainder of the year; they noted Yanacocha’s contribution through roughly Q3 but expect concrete margins to remain around 16% and foresee potential demand upside from the El Niño event around September and anticipated government-driven riverbank/Chavimochic activity in the next ~120 days. The company expects to defend current profitability levels — Q2 revenue PEN 558.9m (+15.4%), Q2 EBITDA PEN 174.8m (+34.3%, margin 31.3%), six‑month revenue PEN 1,114.5m (+13.3%), six‑month EBITDA PEN 352.7m (+33.1%, margin 31.6%), shipments +15.5% in Q2 (+13.6% YTD), Q2 net income PEN 77.2m (+61.5%), cement revenue Q2 PEN 469.5m (+19.5%, 86.3% of shipments) — driven by operational efficiencies and a shift to higher‑margin concrete solutions.Cementos Pacasmayo SAA Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
61
Positive
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.25B | 2.12B | 1.98B | 1.95B | 2.12B | 1.94B |
| Gross Profit | 899.34M | 806.87M | 728.53M | 689.45M | 652.03M | 559.43M |
| EBITDA | 603.59M | 518.83M | 553.41M | 490.83M | 477.71M | 431.45M |
| Net Income | 212.90M | 154.21M | 198.88M | 168.90M | 176.83M | 153.17M |
Balance Sheet | ||||||
| Total Assets | 3.21B | 3.10B | 3.25B | 3.30B | 3.38B | 3.19B |
| Cash, Cash Equivalents and Short-Term Investments | 199.46M | 53.57M | 72.96M | 90.50M | 168.94M | 272.49M |
| Total Debt | 1.39B | 1.43B | 1.51B | 1.59B | 1.60B | 1.55B |
| Total Liabilities | 1.85B | 1.91B | 2.03B | 2.11B | 2.18B | 2.00B |
| Stockholders Equity | 1.35B | 1.19B | 1.22B | 1.19B | 1.20B | 1.19B |
Cash Flow | ||||||
| Free Cash Flow | 379.68M | 243.00M | 256.82M | 123.02M | -66.68M | 76.02M |
| Operating Cash Flow | 482.42M | 339.94M | 321.14M | 412.32M | 111.82M | 170.56M |
| Investing Cash Flow | -100.76M | -108.82M | -76.61M | -289.44M | -176.19M | -91.82M |
| Financing Cash Flow | -262.34M | -249.24M | -261.34M | -115.44M | -121.48M | -130.09M |
Cementos Pacasmayo SAA Technical Analysis
Positive
12.36
Price Trends
12.29
Positive
11.93
Positive
11.26
Positive
Market Momentum
0.10
Negative
63.90
Neutral
84.31
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 12.36 is above the 20-day moving average (MA) of 12.33, above the 50-day MA of 12.29, and above the 200-day MA of 11.26, indicating a bullish trend. The MACD of 0.10 indicates Negative momentum. The RSI at 63.90 is Neutral, neither overbought nor oversold. The STOCH value of 84.31 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $1.15B | 17.39 | 16.38% | 4.80% | 20.05% | 7.67% | |
70 Outperform | $33.94B | 31.13 | 13.11% | 0.77% | 6.86% | 18.35% | |
68 Neutral | $2.49B | 14.09 | 16.96% | 1.18% | 5.46% | 7.16% | |
65 Neutral | $15.39B | 31.28 | 3.67% | 1.03% | 9.40% | -67.61% | |
62 Neutral | $5.30B | 13.63 | 26.87% | 0.58% | 1.68% | -7.06% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
56 Neutral | $1.20B | 39.77 | 4.06% | 17.75% | -5.25% | -50.76% |
* Basic Materials Sector Average
CPAC
Cementos Pacasmayo SAA
12.66
5.96
88.96%
CX
Cemex SAB
10.39
1.15
12.42%
EXP
Eagle Materials
173.39
-59.45
-25.53%
VMC
Vulcan Materials
264.64
-25.25
-8.71%
LOMA
Loma Negra Compania Industrial Argentina Sociedad Anonima
9.64
1.58
19.60%
TTAM
Titan America SA
13.53
-1.37
-9.19%
Cementos Pacasmayo SAA Corporate Events
Cementos Pacasmayo Discloses SMV Scrutiny of Valuation Behind Holcim Tender Offer
Oct 22, 2026
On October 21, 2026, Cementos Pacasmayo S.A.A. reported that Peru’s Superintendencia del Mercado de Valores (SMV) had issued an official letter to valuation firm MSRA S.A.C. regarding the valuation report used to set the minimum share price ...
Holcim Unit Launches Major Tender Offer for Up to 49.99% of Cementos Pacasmayo
Oct 22, 2026
On October 21, 2026, Cementos Pacasmayo reported that Inversiones ASPI S.A., a subsidiary of Holcim Ltd., had launched a subsequent tender offer for its common voting shares in Peru, alongside a parallel offer in the U.S. The offers, which run fro...
Holcim Moves Toward Full Tender Offer for Cementos Pacasmayo Shares
Oct 16, 2026
Cementos Pacasmayo S.A.A., based in Lima, is a Peruvian cement producer focused on supplying cement and related construction materials to the domestic market. The company’s common shares, including those represented by American Depositary Sh...
Cementos Pacasmayo Discloses Valuation for Planned Tender Offer
Oct 15, 2026
Cementos Pacasmayo S.A.A. reported that on October 14, 2026, it became aware of a valuation report prepared by MSRA S.A.C. to determine the minimum price per share for a tender offer. The tender offer is to be launched by Inversiones Aspi S.A. for...
SMV Grants Exemptions and Deadline Extension for Subsequent Tender Offer on Cementos Pacasmayo Shares
Oct 15, 2026
On October 13, 2026, Peru’s Superintendency of the Securities Market approved key exemptions requested in connection with a Subsequent Tender Offer for Cementos Pacasmayo’s voting shares. The decision, formally communicated on October ...
Cementos Pacasmayo Names Valuation Firm for Holcim Tender Offer
Sep 2, 2026
On September 2, 2026, Cementos Pacasmayo reported a material event to Peru’s securities regulator concerning a tender offer for its common shares. The notice detailed progress in a formal selection process to appoint an independent valuation...
Cementos Pacasmayo Details Holcim Acquisition Terms Following Regulator Query
Aug 25, 2026
On August 24, 2026, Cementos Pacasmayo reported to Peru’s securities regulator that it had obtained detailed information from new controlling shareholder Holcim on the July 2026 acquisition of 99.99% of Inversiones ASPI, which holds 50.01% o...
Cementos Pacasmayo Says Valuation-Entity Tender for Holcim Offer Declared Void
Aug 13, 2026
On August 13, 2026, Cementos Pacasmayo S.A.A. reported that Peru’s Superintendency of the Securities Market had declared void the first call in the process to select an independent valuation entity. This entity was to determine the minimum p...
Cementos Pacasmayo Discloses Holcim Request to Delay Mandatory Tender Offer Launch
Aug 5, 2026
Cementos Pacasmayo S.A.A., a leading Peruvian cement and construction materials producer, supplies cement and related products to the domestic market, supporting housing, industrial construction, and infrastructure development across the country. ...
Cementos Pacasmayo Aligns Code of Conduct with Holcim Group Ethics
Jul 22, 2026
On July 21, 2026, Cementos Pacasmayo’s board of directors approved a comprehensive alignment of the company’s Code of Conduct with the Holcim Group Code of Ethics, formalizing the change as a material event reported to Peru’s sec...
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.