Financials Cementos Argos S.A. OTC Markets

Equities

CMTOY

US1512601063

Construction Materials

Market Closed - OTC Markets Other stock markets 14:30:05 13/06/2024 BST			5-day change	1st Jan Change
9 ^USD	-10.00%		-14.29%	+6.89%

04-15	Cementos Argos S.A. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
02-21	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	8,407,208	7,117,335	7,151,625	4,213,723	7,151,361	9,407,296	-	-
Enterprise Value (EV) ¹	15,791,106	14,141,059	13,682,478	11,160,018	13,415,951	12,422,770	12,192,130	11,839,353
P/E ratio	69 x	91 x	16.6 x	29.6 x	-	14.9 x	16.7 x	13.4 x
Yield	3.32%	4.06%	2.09%	5.86%	-	3.74%	3.81%	3.56%
Capitalization / Revenue	0.9 x	0.79 x	0.73 x	0.36 x	0.56 x	1.7 x	1.61 x	1.52 x
EV / Revenue	1.68 x	1.57 x	1.39 x	0.96 x	1.05 x	2.25 x	2.09 x	1.91 x
EV / EBITDA	8.99 x	8.78 x	6.35 x	5.22 x	5 x	8.26 x	9.81 x	8.56 x
EV / FCF	21.2 x	12.6 x	15.1 x	15.9 x	-	13.4 x	15.6 x	13.1 x
FCF Yield	4.72%	7.91%	6.62%	6.29%	-	7.44%	6.43%	7.64%
Price to Book	1.05 x	1.07 x	0.91 x	0.38 x	-	0.98 x	0.94 x	0.9 x
Nbr of stocks (in thousands)	1,151,672	1,151,672	1,170,479	1,170,479	1,170,435	1,150,036	-	-
Reference price ²	7,300	6,180	6,110	3,600	6,110	8,180	8,180	8,180
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	9,375,076	9,000,548	9,817,689	11,684,055	12,717,345	5,520,842	5,825,650	6,193,205
EBITDA ¹	1,757,438	1,609,739	2,156,154	2,138,086	2,683,972	1,503,801	1,242,526	1,383,365
EBIT ¹	977,732	696,161	1,235,013	1,176,346	1,640,441	1,155,448	838,721	970,370
Operating Margin	10.43%	7.73%	12.58%	10.07%	12.9%	20.93%	14.4%	15.67%
Earnings before Tax (EBT) ¹	342,823	221,815	817,634	580,408	780,688	616,180	714,895	919,294
Net income ¹	121,882	78,188	431,132	142,287	319,945	652,537	804,035	956,028
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	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%	-	16.73%	13.45%	14.6%
FCF Conversion (EBITDA)	42.41%	69.49%	42.02%	32.83%	-	61.43%	63.06%	65.35%
FCF Conversion (Net income)	611.51%	1,430.62%	210.13%	493.36%	-	141.56%	97.45%	94.56%
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	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	1,311,333	1,436,060	1,457,499	1,346,619	1,457,845	1,528,127
EBITDA ¹	541,745	445,200	508,845	582,832	601,209	593,519	668,650	742,154	675,723	291,252	276,621	332,649	299,536	207,990	295,862
EBIT ¹	310,512	212,819	284,544	335,650	343,333	325,666	417,653	500,670	396,452	188,001	143,804	219,453	190,581	32,183	120,004
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	215,316	-	128,963	202,558	150,682	132,358	159,166	286,952	202,212	10,894	254,379	235,119	204,702	105,078	191,252
Net income ¹	110,786	-	5,000	79,015	57,009	78,426	101,000	208,426	-67,642	5,330,617	175,995	164,987	147,603	99,205	148,457
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	7,383,898	7,023,724	6,530,853	6,946,295	6,264,590	3,015,475	2,784,835	2,432,057
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	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%	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	19,032,167	7,546,740	19,072,418	21,419,088	-	19,377,479	21,175,527	23,369,059
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	546,133	317,669	450,981	722,582	-	567,627	606,962	656,408
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

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

8,180 COP

Average target price

7,537 COP

Spread / Average Target

-7.87%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Cement & Concrete Manufacturing

	1st Jan change	Capi.
HOLCIM LTD	+21.24%	50.46B
ANHUI CONCH CEMENT COMPANY LIMITED	-2.33%	15.99B
JAMES HARDIE INDUSTRIES PLC	-14.50%	13.79B
SHREE CEMENT LIMITED	-3.89%	11.89B
TAIWAN CEMENT CORP.	-2.44%	7.9B
EAGLE MATERIALS INC.	+11.70%	7.68B
BUZZI S.P.A.	+37.40%	7.46B
DANGOTE CEMENT PLC	+105.28%	7.42B
TIANSHAN MATERIAL CO., LTD.	-22.90%	6.15B

Cement & Concrete Manufacturing