Cementir Holding N.V (CEM) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Cementir Holding N.V stock €13.68, price €15.41, that is 11.2% below the price, quality 67 out of 100. Rating: overvalued. Calculated from audited financials with 25 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range €4.76 – €19.82 · fair‑value band €11.23 – €16.46 · the €15.41 price screens above the €13.68 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Cementir Holding N.V., together with its subsidiaries, operates in the building materials sector in Italy, Nordic and Baltic, Belgium, North America, Turkiye, Egypt, and the Asia Pacific. It operates through Cement, Ready-Mixed Concrete, Aggregates, Waste, and Other segments.
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The company offers white cement under the Aalborg White brand for architectural, aesthetic, and structural applications; grey cement under the FUTURECEM brand; ready-mixed concrete for use in infrastructure, landscaping, industry and agriculture, energy and environment, buildings, and pre-stressed and prefabricated concrete products; and aggregates, such as natural sand, gravel, and crushed stones used in concrete and prefabricated products, asphalt, road foundations and engineering works, draining materials, and agricultural land applications.
It also provides Aalborg Extreme self-compacting concrete for thin concrete products production, Aalborg Excel ready-to-use mortar for glass giber concrete, and Aalborg INBIND a white cementitious binder.
In addition, the company engages in the purchase and sale clinker, cement, spare parts, pet-coke and coal fuels, and other construction materials; and provision of trading, design-phase assistance, technical and application support, warehousing, shipping and logistics, procurement management, goods forwarding, and digital solutions.
Cementir Holding N.V. was incorporated in 1947 and is headquartered in Amsterdam, the Netherlands.
Stock analysis
Cementir Holding N.V (CEM) currently trades at €15.41, while our model-based Fair Value estimate is €13.68, 11% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €21.37 per share, and 17 of the 25 models we run sit above the €15.41 price.
Bear case: the Dividend Discount group reads lowest at €3.47, and 8 of the 25 models stay below the price. Data coverage for this calculation is medium.
Scenario range: €11.23 (bear) to €16.46 (bull), the price of €15.41 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 67/100 (solid quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Cementir Holding N.V reported revenue of €1.6B in FY2025 versus €1.4B in FY2021, a compound +4.8%/yr. Reported net income was €206M in FY2025, compounding +16.2%/yr from FY2021.
Key figures
Market cap €2.4B Mid · P/E ratio 11.7 · P/S ratio 1.46 · EPS (TTM) €1.32 · Dividend yield 1.9% · Net margin 11.9% · Return on equity 10.2% · Return on assets (EBIT) 8.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 55 out of 100 (low confidence).
What moves the price
The share trades about 22% below its 52-week high and 24% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −21% fair-value upside, at −11%, CEM screens cheaper than that median.
Fair Value models
Bear€11.23Fair Value €13.68Bull€16.46
Price €15.41 · Downside -11.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€0.8747 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF€16.37€20.31€24.9782
Growth DCF€16.59€20.21€24.3380
Owner Earnings€16.77€20.83€25.6378
All 25 models by family
DCF Models
FCF DCF€16.37€20.31€24.9782
Owner Earnings€16.77€20.83€25.6378
5Y Revenue Exit€14.94€19.77€25.5974
5Y EBITDA Exit€18.10€25.31€33.2276
5Y P/E Exit€17.44€24.15€30.7172
10Y Revenue Exit€15.20€19.28€24.0868
10Y EBITDA Exit€17.21€22.60€28.9970
10Y P/E Exit€16.85€21.91€27.3765
Earnings-Based
Graham-Dodd€9.02€19.39€24.6366
PEG = 1.0€2.99€4.27€5.5657
EPV€11.43€12.45€13.3074
Dividend Discount
Gordon GGM€2.51€3.55€4.4869
DDM Multi-Stage€2.51€3.38€4.2167
Multiples
P/E Multiple€16.92€22.56€28.2063
P/S Multiple€11.86€15.81€19.7758
P/B Multiple€8.91€11.88€14.8555
EV/EBIT€18.89€24.21€29.5266
EV/EBITDA€21.21€27.29€33.3867
EV/Revenue€14.02€18.76€23.5154
Asset-Based
NCAV (Graham)€0.4400€0.6700€0.840054
Growth DCF
Growth DCF€16.59€20.21€24.3380
Rev-Margin DCF€14.94€20.00€25.3674
Economic Profit
Residual Income€10.13€11.12€12.9776
ROIC Compounder€11.43€12.57€13.7872
Growth Earnings
Growth-Adj P/E€12.66€18.09€23.5267
The fair value above starts from this blend and is adjusted for a cyclical peak year.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.70/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−2.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.0%
Start year 2020 (pandemic). Over 10 years: +5.3% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.2%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+17.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+15.6%
Dividend (yield on the price)1.9%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.12% → 14%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−3.5%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about −5.6% a year for the price and +2.9% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (11 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Building Materials · 257 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside−11.2% · Below median
Profitability
Return on equity (12 months)10.2% · Top 25%
Return on assets7.2% · Top 25%
Net margin (12 months)11.9% · Top 25%
Operating margin (12 months)14.6% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)5.5% · Above median
Dividend yield (12 months)1.9% · Below median
Balance sheet
Debt / equity0.04× · Below median
Valuation Multiplesvs Building Materials median · lower = cheaper
P/E (12 months)11.7× · Cheaper than median
P/B1.29× · Pricier than median
P/S (12 months)1.46× · Pricier than median
Price / free cash flow (fiscal year)10.4× · Cheaper than median
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Is Cementir Holding N.V (CEM) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of €13.68 versus a price of €15.41, about 11% lower (overvalued).
What is the fair value of CEM?
Our model-based fair value for Cementir Holding N.V is €13.68 (as of Nov 8, 2026), built from audited fundamentals. The current price: €15.41.
What is the quality score of CEM?
Cementir Holding N.V has a Quality Score of 67/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Cementir Holding N.V (CEM)?
Our model-based price target is the fair value of €13.68 (as of Nov 8, 2026) from 25 valuation models. Cautious scenario €11.23, optimistic scenario €16.46. It is a calculation from audited fundamentals, not an analyst target.
What is the Cementir Holding N.V stock forecast for 2026?
Our models put fair value at €13.68, about 11% lower versus a price of €15.41 (overvalued). Cautious scenario €11.23, optimistic scenario €16.46. The calculation is refreshed regularly with new filings.
What is the revenue of Cementir Holding N.V (CEM)?
Cementir Holding N.V reported trailing-twelve-month revenue of about €1.6B (latest available figure, as of Nov 8, 2026).
Does Cementir Holding N.V pay a dividend?
Cementir Holding N.V currently shows a dividend yield of 1.95% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Cementir Holding N.V (CEM) and when is the ex-dividend date?
Cementir Holding N.V pays a dividend of €0.3 per share a year, a dividend yield of 1.9%. The last ex-dividend date was May 18, 2026. A dividend has been paid every year since at least 1985. The payout ratio is 22.7% of earnings. Free cash flow covers the dividend 4.95 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Cementir Holding N.V (CEM)?
For today's price to be fair in a discounted-cash-flow model, Cementir Holding N.V would have to grow free cash flow by -3.5 % per year for five years (discount rate 11.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.0 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of CEM use?
Our models discount Cementir Holding N.V at 11.5 %: a base by market capitalisation (mid), damped by beta 0.84, country premium for Italy. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Cementir Holding N.V that is -3.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.5 %) and the same formula as our fair value.
How much growth has Cementir Holding N.V (CEM) delivered so far?
Over the past 5 years revenue at Cementir Holding N.V grew +6.0 % a year. The price currently implies free-cash-flow growth of -3.5 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Cementir Holding N.V (CEM) growing?
The median revenue growth in the sector is +9.8 % a year. That is the yardstick for the growth priced into Cementir Holding N.V (-3.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Cementir Holding N.V (CEM)?
The free-cash-flow yield on the price is 9.62 %: that much free cash flow Cementir Holding N.V produces per unit of market value. When it exceeds the discount rate of our models (11.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Cementir Holding N.V (CEM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Cementir Holding N.V it is €13.68 per share (as of Nov 8, 2026), against a price of €15.41. It is the blended result of 25 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Cementir Holding N.V stock overvalued or undervalued in 2026?
As of Nov 8, 2026, CEM trades above its calculated fair value: price €15.41, fair value €13.68, a gap of about −11% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CEM?
No. The price is what the market pays today (€15.41); the fair value is what the company's own numbers justify (€13.68). For Cementir Holding N.V the two are €1.73 per share apart. That gap is exactly why we show both numbers side by side.
How much is Cementir Holding N.V worth?
The market values Cementir Holding N.V at about €2.4B (market capitalisation, as of Nov 8, 2026). Per share that is €15.41; our models calculate a fair value of €13.68 per share.
What do the bullish and bearish scenarios say about CEM?
Our models span a range for Cementir Holding N.V: cautious scenario €11.23, base €13.68, optimistic €16.46 per share (as of Nov 8, 2026, price €15.41). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CEM?
Cementir Holding N.V trades at a price-to-earnings ratio of 11.7 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €13.68 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2017 to 2025), reported earnings: 10.3. Other multiples: P/B 1.3, P/S 1.5, EV/EBITDA 5.7.
How solid is the balance sheet of Cementir Holding N.V (CEM)?
Balance-sheet figures for Cementir Holding N.V (as of Nov 8, 2026): return on equity 10.2%, debt of 0.04 per unit of equity. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is CEM from its 52-week high?
Cementir Holding N.V trades at €15.41, about 22% below its 52-week high of €19.82 and 24% above the low of €12.46 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €13.68 is for.
Which stocks are comparable to Cementir Holding N.V?
From the same area (Basic Materials) we also value CRH plc, Holcim AG, Martin Marietta Materials, Inc, Vulcan Materials Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Cementir Holding N.V stock attractive at the current price?
The data as of Nov 8, 2026: price €15.41, calculated fair value €13.68 (−11%), Quality Score 67/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CEM calculated?
We run Cementir Holding N.V through 25 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €13.68 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Cementir Holding N.V itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Cementir Holding N.V (CEM)?
The closing price on Nov 6, 2026 was €15.41. Our model-based fair value is €13.68, about 11% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Cementir Holding N.V right now?
The price sits in the upper half of our model range, so the margin of safety is thin. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Cementir Holding N.V
How large is the market capitalisation of Cementir Holding N.V (CEM)?
The market capitalisation of Cementir Holding N.V is €2.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Cementir Holding N.V (CEM)?
The price-to-sales ratio of Cementir Holding N.V is 1.46 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Cementir Holding N.V (CEM)?
Earnings per share at Cementir Holding N.V are €1.32 (price ÷ EPS = P/E 11.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Cementir Holding N.V (CEM)?
The dividend yield of Cementir Holding N.V is 1.9% (payout 22.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Cementir Holding N.V (CEM)?
The net margin of Cementir Holding N.V is 11.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Cementir Holding N.V (CEM)?
The return on equity (ROE) of Cementir Holding N.V is 10.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Cementir Holding N.V (CEM)?
On an EBIT basis the return on assets of Cementir Holding N.V is 8.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Cementir Holding N.V (CEM)?
The operating margin of Cementir Holding N.V is 14.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Cementir Holding N.V (CEM)?
Revenue at Cementir Holding N.V is growing +5.5% versus a year earlier (3y avg −1.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Cementir Holding N.V (CEM)?
Earnings per share at Cementir Holding N.V are growing +26.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Cementir Holding N.V (CEM) hold?
Cementir Holding N.V holds more cash than debt, €459M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Some data
Nov 8, 2026