Financials Cementos Argos S.A.

Equities

CEMARGOS

COD38PA00046

Construction Materials

End-of-day quote Bolsa De Valores De Colombia Other stock markets 03:30:00 26/06/2024 am IST			5-day change	1st Jan Change
8,300 ^COP	+0.48%		+1.84%	+35.84%

15/04	Cementos Argos S.A. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
21/02	Cementos Argos S.A. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	84,07,208	71,17,335	71,51,625	42,13,723	71,51,361	95,45,300	-	-
Enterprise Value (EV) ¹	1,57,91,106	1,41,41,059	1,36,82,478	1,11,60,018	1,34,15,951	1,25,60,775	1,23,30,135	1,19,77,357
P/E ratio	69 x	91 x	16.6 x	29.6 x	-	15.2 x	16.9 x	13.6 x
Yield	3.32%	4.06%	2.09%	5.86%	-	3.69%	3.75%	3.51%
Capitalization / Revenue	0.9 x	0.79 x	0.73 x	0.36 x	0.56 x	1.73 x	1.64 x	1.54 x
EV / Revenue	1.68 x	1.57 x	1.39 x	0.96 x	1.05 x	2.28 x	2.12 x	1.93 x
EV / EBITDA	8.99 x	8.78 x	6.35 x	5.22 x	5 x	8.35 x	9.92 x	8.66 x
EV / FCF	21.2 x	12.6 x	15.1 x	15.9 x	-	19.9 x	44 x	29.6 x
FCF Yield	4.72%	7.91%	6.62%	6.29%	-	5.03%	2.27%	3.37%
Price to Book	1.05 x	1.07 x	0.91 x	0.38 x	-	0.99 x	0.95 x	0.91 x
Nbr of stocks (in thousands)	11,51,672	11,51,672	11,70,479	11,70,479	11,70,435	11,50,036	-	-
Reference price ²	7,300	6,180	6,110	3,600	6,110	8,300	8,300	8,300
Announcement Date	21/02/20	24/02/21	17/02/22	21/02/23	21/02/24	-	-	-

¹COP in Million²COP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	93,75,076	90,00,548	98,17,689	1,16,84,055	1,27,17,345	55,20,842	58,25,650	61,93,205
EBITDA ¹	17,57,438	16,09,739	21,56,154	21,38,086	26,83,972	15,03,801	12,42,526	13,83,365
EBIT ¹	9,77,732	6,96,161	12,35,013	11,76,346	16,40,441	11,55,448	8,38,721	9,70,370
Operating Margin	10.43%	7.73%	12.58%	10.07%	12.9%	20.93%	14.4%	15.67%
Earnings before Tax (EBT) ¹	3,42,823	2,21,815	8,17,634	5,80,408	7,80,688	6,16,180	7,14,895	9,19,294
Net income ¹	1,21,882	78,188	4,31,132	1,42,287	3,19,945	6,52,537	8,04,035	9,56,028
Net margin	1.3%	0.87%	4.39%	1.22%	2.52%	11.82%	13.8%	15.44%
EPS ²	105.8	67.89	368.3	121.6	-	547.3	490.1	611.8
Free Cash Flow ¹	7,45,316	11,18,577	9,05,924	7,01,981	-	6,32,000	2,80,000	4,04,000
FCF margin	7.95%	12.43%	9.23%	6.01%	-	11.45%	4.81%	6.52%
FCF Conversion (EBITDA)	42.41%	69.49%	42.02%	32.83%	-	42.03%	22.53%	29.2%
FCF Conversion (Net income)	611.51%	1,430.62%	210.13%	493.36%	-	96.85%	34.82%	42.26%
Dividend per Share ²	242.0	251.2	127.6	210.9	-	306.1	311.3	291.4
Announcement Date	21/02/20	24/02/21	17/02/22	21/02/23	21/02/24	-	-	-

¹COP in Million²COP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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	2025 Q2
Net sales ¹	25,37,441	25,77,281	28,51,315	31,17,690	31,37,769	33,81,707	33,31,512	30,86,634	29,17,492	13,11,333	14,36,060	14,57,499	13,46,619	14,57,845	15,28,127
EBITDA ¹	5,41,745	4,45,200	5,08,845	5,82,832	6,01,209	5,93,519	6,68,650	7,42,154	6,75,723	2,91,252	2,76,621	3,32,649	2,99,536	2,07,990	2,95,862
EBIT ¹	3,10,512	2,12,819	2,84,544	3,35,650	3,43,333	3,25,666	4,17,653	5,00,670	3,96,452	1,88,001	1,43,804	2,19,453	1,90,581	32,183	1,20,004
Operating Margin	12.24%	8.26%	9.98%	10.77%	10.94%	9.63%	12.54%	16.22%	13.59%	14.34%	10.01%	15.06%	14.15%	2.21%	7.85%
Earnings before Tax (EBT) ¹	2,15,316	-	1,28,963	2,02,558	1,50,682	1,32,358	1,59,166	2,86,952	2,02,212	10,894	2,54,379	2,35,119	2,04,702	1,05,078	1,91,252
Net income ¹	1,10,786	-	5,000	79,015	57,009	78,426	1,01,000	2,08,426	-67,642	53,30,617	1,75,995	1,64,987	1,47,603	99,205	1,48,457
Net margin	4.37%	-	0.18%	2.53%	1.82%	2.32%	3.03%	6.75%	-2.32%	406.5%	12.26%	11.32%	10.96%	6.8%	9.71%
EPS ²	95.76	-	4.680	49.54	48.70	67.00	86.06	178.1	-	4.587	139.5	155.3	155.3	72.40	108.3
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	17/02/22	09/05/22	08/08/22	08/11/22	21/02/23	09/05/23	08/08/23	08/11/23	21/02/24	15/05/24	-	-	-	-	-

¹COP in Million²COP

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	73,83,898	70,23,724	65,30,853	69,46,295	62,64,590	30,15,475	27,84,835	24,32,057
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.202 x	4.363 x	3.029 x	3.249 x	2.334 x	2.005 x	2.241 x	1.758 x
Free Cash Flow ¹	7,45,316	11,18,577	9,05,924	7,01,981	-	6,32,000	2,80,000	4,04,000
ROE (net income / shareholders' equity)	1.5%	2.45%	5.05%	1.4%	3.3%	6.8%	7.12%	8.3%
ROA (Net income/ Total Assets)	0.64%	1.04%	2.26%	0.66%	-	3.37%	3.8%	4.09%
Assets ¹	1,90,32,167	75,46,740	1,90,72,418	2,14,19,088	-	1,93,77,479	2,11,75,527	2,33,69,059
Book Value Per Share ²	6,979	5,760	6,705	9,414	-	8,377	8,691	9,098
Cash Flow per Share	1,121	1,247	1,159	1,217	-	-	-	-
Capex ¹	5,46,133	3,17,669	4,50,981	7,22,582	-	5,67,627	6,06,962	6,56,408
Capex / Sales	5.83%	3.53%	4.59%	6.18%	-	10.28%	10.42%	10.6%
Announcement Date	21/02/20	24/02/21	17/02/22	21/02/23	21/02/24	-	-	-

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

8,300 COP

Average target price

7,740 COP

Spread / Average Target

-6.74%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Cement & Concrete Manufacturing

	1st Jan change	Capi.
CEMENTOS ARGOS S.A.	+35.84%	2.28B
HOLCIM LTD	+18.75%	48.94B
ANHUI CONCH CEMENT COMPANY LIMITED	+1.77%	16.12B
JAMES HARDIE INDUSTRIES PLC	-16.23%	13.8B
SHREE CEMENT LIMITED	-2.85%	11.87B
TCC GROUP HOLDINGS CO., LTD.	-1.29%	7.95B
BUZZI S.P.A.	+34.86%	7.23B
EAGLE MATERIALS INC.	+5.79%	7.27B
DANGOTE CEMENT PLC	+105.28%	7.34B
TIANSHAN MATERIAL CO., LTD.	-18.11%	6.52B

Cement & Concrete Manufacturing