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

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Cementir Holding S.p.A.

(Milan:CEM)

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Rating:70Outperform

Price Target:EUR 17.50▲(11.46% Upside)

Action:reiterated

Date:09/13/26

The score is driven primarily by strong financial performance (low leverage and resilient margins) and attractive valuation (low P/E with a dividend). These positives are partially offset by weak technical conditions (price below key moving averages with negative MACD) and the noted 2025 free-cash-flow volatility, which reduces near-term confidence.

Positive Factors

Improving balance sheetMaterial debt reduction alongside expanding equity has strengthened Cementir’s financial foundation. Low leverage should preserve flexibility to fund operations, withstand construction-market softness, and pursue capital allocation priorities without excessive reliance on external financing.

Negative Factors

Limited recent revenue growthMuted recent revenue progression suggests Cementir has not consistently expanded its top line across its markets. Prolonged stagnation could limit operating leverage, reduce the scope for earnings growth, and leave results more dependent on pricing, mix, or cost discipline.

Cementir Holding S.p.A. (CEM) vs. iShares MSCI Italy ETF (EWI)

Market Cap: EUR 2.44B
Dividend Yield: 1.91%
Average Volume (3M): 106.58K
Price to Earnings (P/E): 8.5
Beta (1Y): 0.69
Revenue Growth: -1.84%
EPS Growth: 9.37%
Country: Italy
Employees: 2,987
Sector: General
Sector Strength: 55
Industry: Construction Materials

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

Company Description

Cementir Holding N.V., through its subsidiaries, manufactures and supplies a broad spectrum of construction materials, including grey and white cement, ready-mix concrete, aggregates, and precast concrete items. The company operates across numerous i...

How the Company Makes Money

Cementir makes money primarily by manufacturing and selling building materials across a vertically integrated value chain. Its core revenue stream comes from cement and clinker sales: the company produces cement (and intermediate clinker) at its plan...

Cementir Holding S.p.A. Financial Statement Overview

Summary

Strong overall fundamentals supported by improving balance-sheet strength (debt down materially and equity up) and resilient profitability (net margin around ~12% in 2023–2024). The main drag is cash-flow reliability: despite solid operating cash flow and improved free cash flow through 2024, 2025 shows a sharp negative change in free cash flow, raising near-term confidence risk.

Income Statement

78Positive

Balance Sheet

86Very Positive

Cash Flow

62Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.44B	1.64B	1.69B	1.70B	1.72B	1.37B
Gross Profit	1.07B	612.99M	978.92M	967.88M	919.68M	817.50M
EBITDA	577.09M	437.92M	439.28M	434.12M	371.68M	290.24M
Net Income	285.61M	206.41M	201.64M	201.36M	162.29M	113.32M
Balance Sheet
Total Assets	0	2.85B	2.76B	2.52B	2.49B	2.11B
Cash, Cash Equivalents and Short-Term Investments	424.32M	618.78M	503.24M	412.39M	355.76M	282.54M
Total Debt	0	160.20M	183.15M	189.02M	297.67M	318.74M
Total Liabilities	-2.05B	878.30M	899.34M	871.36M	971.20M	883.50M
Stockholders Equity	2.05B	1.85B	1.72B	1.50B	1.37B	1.09B
Cash Flow
Free Cash Flow	311.12M	251.75M	216.26M	193.81M	176.33M	137.30M
Operating Cash Flow	357.86M	336.95M	343.90M	300.38M	281.40M	218.98M
Investing Cash Flow	-9.03M	-46.26M	-109.32M	-91.76M	-138.98M	-72.67M
Financing Cash Flow	-35.68M	-125.12M	-164.20M	-139.01M	-70.27M	-284.40M

Cementir Holding S.p.A. Technical Analysis

Technical Analysis SentimentPositive

Last Price15.70

Price Trends

50DMA13.65Positive

100DMA14.17Positive

200DMA14.71Positive

Market Momentum

MACD0.64Negative

RSI73.08Negative

STOCH90.69Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:CEM, the sentiment is Positive. The current price of 15.70 is above the 20-day moving average (MA) of 13.94, above the 50-day MA of 13.65, and above the 200-day MA of 14.71, indicating a bullish trend. The MACD of 0.64 indicates Negative momentum. The RSI at 73.08 is Negative, neither overbought nor oversold. The STOCH value of 90.69 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IT:CEM.

Cementir Holding S.p.A. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IT:CEM against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IT:BZU	80Outperform	EUR 7.45B	9.30	11.94%	1.58%	1.64%	-4.63%
IT:CEM	70Outperform	EUR 2.44B	8.54	14.64%	1.91%	-1.84%	9.37%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

IT:CEM and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IT:CEM	Cementir Holding S.p.A.	15.70	0.04	0.24%
IT:BZU	Buzzi SpA	44.36	-5.94	-11.81%
IT:CALT	Caltagirone SPA	9.72	1.19	13.94%

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.

Date of analysis: Sep 13, 2026

Cementir Holding S.p.A. AI Stock Analysis