Financials Cementos Argos S.A.

Equities

CEMARGOS

COD38PA00046

Construction Materials

End-of-day quote Bolsa De Valores De Colombia Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
8,500 ^COP	-0.47%		+1.80%	+39.12%

Feb. 21	Cementos Argos S.A. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023	CI
Feb. 21	Cementos Argos S.A. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	8,407,208	7,117,335	7,151,625	4,213,723	7,151,361	9,881,021	-	-
Enterprise Value (EV) ¹	15,791,106	14,141,059	13,682,478	11,160,018	13,415,951	12,908,923	12,741,464	12,430,304
P/E ratio	69 x	91 x	16.6 x	29.6 x	-	15.5 x	17.3 x	13.9 x
Yield	3.32%	4.06%	2.09%	5.86%	-	4.13%	3.61%	3.42%
Capitalization / Revenue	0.9 x	0.79 x	0.73 x	0.36 x	0.56 x	1.34 x	1.66 x	1.55 x
EV / Revenue	1.68 x	1.57 x	1.39 x	0.96 x	1.05 x	1.75 x	2.14 x	1.96 x
EV / EBITDA	8.99 x	8.78 x	6.35 x	5.22 x	5 x	8.56 x	10.1 x	8.83 x
EV / FCF	21.2 x	12.6 x	15.1 x	15.9 x	-	14 x	16.3 x	13.8 x
FCF Yield	4.72%	7.91%	6.62%	6.29%	-	7.16%	6.15%	7.27%
Price to Book	1.05 x	1.07 x	0.91 x	0.38 x	-	1.03 x	0.99 x	0.95 x
Nbr of stocks (in thousands)	1,151,672	1,151,672	1,170,479	1,170,479	1,170,435	1,162,473	-	-
Reference price ²	7,300	6,180	6,110	3,600	6,110	8,500	8,500	8,500
Announcement Date	2/21/20	2/24/21	2/17/22	2/21/23	2/21/24	-	-	-

¹COP in Million²COP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	9,375,076	9,000,548	9,817,689	11,684,055	12,717,345	7,359,030	5,943,314	6,358,056
EBITDA ¹	1,757,438	1,609,739	2,156,154	2,138,086	2,683,972	1,508,836	1,257,283	1,407,858
EBIT ¹	977,732	696,161	1,235,013	1,176,346	1,640,441	858,431	853,426	994,623
Operating Margin	10.43%	7.73%	12.58%	10.07%	12.9%	11.66%	14.36%	15.64%
Earnings before Tax (EBT) ¹	342,823	221,815	817,634	580,408	780,688	616,180	727,490	940,863
Net income ¹	121,882	78,188	431,132	142,287	319,945	652,537	780,604	940,428
Net margin	1.3%	0.87%	4.39%	1.22%	2.52%	8.87%	13.13%	14.79%
EPS ²	105.8	67.89	368.3	121.6	-	547.3	490.1	611.8
Free Cash Flow ¹	745,316	1,118,577	905,924	701,981	-	923,750	783,500	904,000
FCF margin	7.95%	12.43%	9.23%	6.01%	-	12.55%	13.18%	14.22%
FCF Conversion (EBITDA)	42.41%	69.49%	42.02%	32.83%	-	61.22%	62.32%	64.21%
FCF Conversion (Net income)	611.51%	1,430.62%	210.13%	493.36%	-	141.56%	100.37%	96.13%
Dividend per Share ²	242.0	251.2	127.6	210.9	-	351.1	307.0	291.1
Announcement Date	2/21/20	2/24/21	2/17/22	2/21/23	2/21/24	-	-	-

¹COP in Million²COP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	2,488,851	2,537,441	2,577,281	2,851,315	3,117,690	3,137,769	3,381,707	3,331,512	3,086,634	2,917,492	1,368,088	1,436,060	1,457,499	1,346,619	1,457,845
EBITDA ¹	473,190	541,745	445,200	508,845	582,832	601,209	593,519	668,650	742,154	675,723	279,212	287,241	350,298	315,071	207,990
EBIT ¹	239,968	310,512	212,819	284,544	335,650	343,333	325,666	417,653	500,670	396,452	86,537	143,804	219,453	190,581	32,183
Operating Margin	9.64%	12.24%	8.26%	9.98%	10.77%	10.94%	9.63%	12.54%	16.22%	13.59%	6.33%	10.01%	15.06%	14.15%	2.21%
Earnings before Tax (EBT) ¹	140,315	215,316	-	128,963	202,558	150,682	132,358	159,166	286,952	202,212	198,658	254,379	235,119	204,702	105,078
Net income ¹	99,508	110,786	-	5,000	79,015	57,009	78,426	101,000	208,426	-67,642	1,693,074	175,995	164,987	147,603	99,205
Net margin	4%	4.37%	-	0.18%	2.53%	1.82%	2.32%	3.03%	6.75%	-2.32%	123.75%	12.26%	11.32%	10.96%	6.8%
EPS ²	85.01	95.76	-	4.680	49.54	48.70	67.00	86.06	178.1	-	96.36	139.5	155.3	155.3	72.40
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/8/21	2/17/22	5/9/22	8/8/22	11/8/22	2/21/23	5/9/23	8/8/23	11/8/23	2/21/24	-	-	-	-	-

¹COP in Million²COP

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	7,383,898	7,023,724	6,530,853	6,946,295	6,264,590	3,027,903	2,860,443	2,549,283
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.202 x	4.363 x	3.029 x	3.249 x	2.334 x	2.007 x	2.275 x	1.811 x
Free Cash Flow ¹	745,316	1,118,577	905,924	701,981	-	923,750	783,500	904,000
ROE (net income / shareholders' equity)	1.5%	2.45%	5.05%	1.4%	3.3%	6.8%	6.94%	8.2%
ROA (Net income/ Total Assets)	0.64%	1.04%	2.26%	0.66%	-	3.37%	3.8%	4.09%
Assets ¹	19,032,167	7,546,740	19,072,418	21,419,088	-	19,377,479	20,558,441	22,987,737
Book Value Per Share ²	6,979	5,760	6,705	9,414	-	8,245	8,543	8,934
Cash Flow per Share	1,121	1,247	1,159	1,217	-	-	-	-
Capex ¹	546,133	317,669	450,981	722,582	-	567,627	606,962	656,408
Capex / Sales	5.83%	3.53%	4.59%	6.18%	-	7.71%	10.21%	10.32%
Announcement Date	2/21/20	2/24/21	2/17/22	2/21/23	2/21/24	-	-	-

¹COP in Million²COP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Cementos Argos S.A.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

8,500 COP

Average target price

7,487 COP

Spread / Average Target

-11.92%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Cement & Concrete Manufacturing

	1st Jan change	Capi.
CEMENTOS ARGOS S.A.	+39.12%	2.51B
HOLCIM LTD	+19.81%	48.58B
JAMES HARDIE INDUSTRIES PLC	-2.89%	15.52B
ANHUI CONCH CEMENT COMPANY LIMITED	-1.00%	15.46B
SHREE CEMENT LIMITED	-15.75%	10.44B
EAGLE MATERIALS INC.	+26.55%	8.84B
DANGOTE CEMENT PLC	+105.28%	8.27B
XINJIANGTIANSHAN CEMENT CO.,LTD	-0.30%	7.96B
TAIWAN CEMENT CORP.	-8.75%	7.34B
BUZZI S.P.A.	+23.60%	6.73B

Cement & Concrete Manufacturing