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Steppe Cement
(LSE:STCM)
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Rating:77Outperform
Price Target:
41.00 p
▲(90.70% Upside)
Action:Upgraded
Date:10/08/26
Overall score is driven primarily by solid financial strength (notably very low leverage) and a strong 2025 rebound in revenue and cash generation. Valuation is also supportive with a low P/E and high dividend yield. Technicals are bullish with price well above major moving averages, but elevated RSI suggests the rally may be stretched, tempering the score.
Positive Factors
Very low leverage
Very low leverage gives Steppe Cement substantial financial flexibility during construction cycles. A debt-to-equity ratio near 0.05 reduces solvency pressure and interest burden, helping the company preserve capacity for operations, investment, and shareholder returns through weaker periods.
Negative Factors
Long-term margin compression
Although profitability improved in 2025, net margins remain substantially below the exceptionally strong 2021–2022 levels. This sustained deterioration shows that revenue growth has not fully translated into earnings and leaves results exposed to cement pricing and production-cost cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage
Very low leverage gives Steppe Cement substantial financial flexibility during construction cycles. A debt-to-equity ratio near 0.05 reduces solvency pressure and interest burden, helping the company preserve capacity for operations, investment, and shareholder returns through weaker periods.
Read all positive factors
Steppe Cement (STCM) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£78.84M
Dividend Yield4.11%
Average Volume (3M)234.73K
Price to Earnings (P/E)8.3
Beta (1Y)0.41
Revenue Growth15.81%
EPS Growth242.42%
CountryUK
Employees792
SectorBasic Materials
Sector Strength58
IndustryConstruction Materials
Share Statistics
EPS (TTM)0.06
Shares Outstanding219,000,000
10 Day Avg. Volume163,049
30 Day Avg. Volume234,729
Financial Highlights & Ratios
PEG Ratio0.07
Price to Book (P/B)0.91
Price to Sales (P/S)0.52
P/FCF Ratio4.41
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Steppe Cement Business Overview & Revenue Model
Company Description
Steppe Cement Ltd. operates as an investment holding company, primarily involved in the manufacturing and sale of cement and clinker in Kazakhstan. Beyond its core construction materials business, the firm also delivers consulting services and par...
How the Company Makes Money
Steppe Cement makes money primarily by producing cement and selling it to customers in Kazakhstan. Its core revenue stream is the sale of cement (and related cement product variants) supplied to construction firms, building-materials merchants/dis...
Steppe Cement Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
82
Very Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 121.65M | 101.54M | 84.92M | 81.76M | 86.73M | 84.58M |
| Gross Profit | 40.36M | 28.26M | 23.36M | 24.20M | 37.62M | 39.74M |
| EBITDA | 23.24M | 10.97M | 6.81M | 11.69M | 27.85M | 30.96M |
| Net Income | 12.78M | 3.32M | 997.29K | 4.53M | 17.88M | 17.07M |
Balance Sheet | ||||||
| Total Assets | 97.94M | 81.72M | 79.17M | 95.82M | 88.00M | 86.61M |
| Cash, Cash Equivalents and Short-Term Investments | 18.78M | 11.43M | 6.06M | 6.44M | 4.14M | 10.14M |
| Total Debt | 2.13M | 2.65M | 5.21M | 6.48M | 6.79M | 7.58M |
| Total Liabilities | 27.45M | 23.41M | 22.12M | 25.12M | 22.92M | 21.03M |
| Stockholders Equity | 70.49M | 58.32M | 57.05M | 70.70M | 65.08M | 65.58M |
Cash Flow | ||||||
| Free Cash Flow | 18.08M | 12.04M | 9.63M | 2.59M | 6.56M | 12.90M |
| Operating Cash Flow | 21.37M | 13.92M | 11.10M | 5.65M | 14.33M | 19.12M |
| Investing Cash Flow | -3.36M | -1.86M | -1.28M | -2.08M | -7.11M | -5.71M |
| Financing Cash Flow | -6.92M | -7.12M | -9.46M | -1.32M | -12.05M | -11.22M |
Steppe Cement Technical Analysis
Positive
21.50
Price Trends
25.68
Positive
23.14
Positive
21.58
Positive
Market Momentum
2.77
Negative
75.08
Negative
71.22
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:STCM, the sentiment is Positive. The current price of 21.5 is below the 20-day moving average (MA) of 31.38, below the 50-day MA of 25.68, and below the 200-day MA of 21.58, indicating a bullish trend. The MACD of 2.77 indicates Negative momentum. The RSI at 75.08 is Negative, neither overbought nor oversold. The STOCH value of 71.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:STCM.
Steppe Cement Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | £78.84M | 8.28 | 19.85% | 5.01% | 15.81% | 242.42% | |
66 Neutral | £66.18M | 18.15 | 4.06% | 6.15% | -7.01% | -28.77% | |
65 Neutral | £289.00M | 16.35 | 7.98% | 4.24% | -4.66% | 16.91% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
58 Neutral | £403.19M | 19.07 | 3.79% | 4.33% | -0.25% | -12.96% | |
49 Neutral | £306.73M | -13.01 | -6.19% | 2.65% | -10.12% | -287.99% | |
46 Neutral | £15.19M | -3.33 | -45.47% | ― | -39.36% | -4.53% |
* Basic Materials Sector Average
GB:STCM
Steppe Cement
36.50
20.35
125.96%
GB:FORT
Forterra
141.40
-34.60
-19.66%
GB:ECOB
Eco Buildings Group
10.50
6.00
133.33%
GB:IBST
Ibstock
75.35
-55.77
-42.53%
GB:MSLH
Marshalls
156.00
-9.53
-5.76%
GB:MBH
Michelmersh Brick Holdings
73.50
-15.77
-17.66%
Steppe Cement Corporate Events
Business Operations and StrategyDividends
Steppe Cement Declares Cash-Only Interim Dividend
Positive
Oct 7, 2026
Steppe Cement Ltd has declared an interim dividend of 2 pence per ordinary share, underscoring its confidence in current trading and cash generation and reinforcing its appeal to income-focused investors. The shares will trade ex‑dividend on...
Business Operations and StrategyDividendsFinancial Disclosures
Steppe Cement Swings to Profit as Capacity Expansion and Dividend Signal Confidence
Positive
Sep 9, 2026
Steppe Cement reported a sharp turnaround in the first half of 2026, lifting sales volumes by 15% to 978,950 tonnes and boosting turnover by 49% in USD terms to $61.1 million, helped by higher prices and a stronger Kazakh Tenge. Gross margin jumpe...
Business Operations and StrategyRegulatory Filings and Compliance
Steppe Cement Chairman’s Family Lifts Stake to Nearly 9%
Positive
Jul 20, 2026
The family of Executive Chairman Javier del Ser Pérez has increased its stake in Steppe Cement, purchasing 122,000 ordinary shares at 21.5 pence each through Portola Group Limited. Following the transaction, the family now holds 19,625,115 sh...
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.