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EQUITIES BUILDING MATERIALS: OUTPERFORM NOT RATED CIMPOR CIMENTOS PORTUGAL TARGET PRICE N/A Brazilian cement players expand overseas th Camargo Correa and Votorantim acquire the 7 largest European cement producer 26 JUNE 2012 On 20 June 2012 Votorantim and Camargo Correa (Brazil’s largest and third largest cement Rohit Bhatia producers, respectively) confirmed their acquisition of a further 40% of Cimpor’s shares. They now (+44) 203 430 8433 effectively control 95% of Cimpor. The EUR 5.4bn bid values Cimpor at 9.0x 2012e EBITDA – [email protected] slightly less than the average transaction multiple over the last decade (9.6x). The assets of Yassine Touahri Cimpor are to be split between the two Brazilian groups. (+44) 207 039 9523 [email protected] Brazilian consolidation and geographical expansion Paul Roger, CFA The deal allows Camargo Correa to establish itself as the second largest cement producer in Brazil (+44) 203 430 8415 [email protected] and takes the market share of the top 5 producers to 81% (vs. 75% pre-deal). This compares favourably versus other large emerging market consuming nations such as China, India and Russia. Consolidation could be positive for the industry in general. There is limited risk of the deal running into anti-trust concerns in Brazil, in our view. The transaction enables Camargo Correa to expand in Africa (the group already had a cement project in Angola). It also facilitates Votorantim’s geographical diversification by adding potential growth platforms in the Mediterranean Rim and Asia to its existing footprint (Latin America, US and Canada). New paradigm in international cement markets: a challenge and an opportunity Industry dynamics were mostly shaped by the European majors last cycle. Now, as evidenced by this sizeable deal, emerging market players are becoming more ambitious and starting to influence the landscape. They are playing an increasingly large part in sector M&A and capacity expansion. This new paradigm presents both a challenge and an opportunity for the sector. It means there are buyers for majors like Lafarge looking to divest assets. Established and rational cement producers such as Camargo Correa and Votorantim could also help improve returns in emerging markets via consolidation. On the other hand, these growing players pose a potential challenge to the existing industry order and some new entrants could also adopt disruptive strategies. Price (25 June 2012) EUR3.79 Performance* (%) 1w 1m 3m 12m Market cap (EURbn) 2.5 Absolute (31) (30)(23) (28) Free float (EURbn) 0.5 Rel. Building Mat. (31) (29) (11) (15) EV (EURbn) 4.2 Rel. MSCI Europe (31) (30) (17) (25) 3m avg volume (EURm) 10.4 Reuters / Bloomberg CPR.LS / CPR PL Country / Sub Sector Portugal / Heavy Building Materials * In listing currency, with dividend reinvested Financials 12/11 12/12e 12/13e 12/14e Valuation metrics* 12/11 12/12e12/13e 12/14e EPS, Adjusted (EUR) 0.29 0.29 0.34 0.38 P/E (x) 17.2 13.2 11.0 9.9 EPS, IBES (EUR) 0.30 0.35 0.39 0.46 Net yield (%) 3.3 4.3 5.1 5.7 Net dividend (EUR) 0.17 0.16 0.19 0.22 FCF yield (%) 8.9 9.4 10.0 10.8 EV/Sales (x) 2.3 1.8 1.7 1.5 Sales (EURm) 2,275 2,300 2,457 2,606 EV/EBITDA (x) 8.4 7.1 6.2 5.7 EBITA, Adj. (EURm) 373 348 396 428 EV/EBITA (x) 13.8 12.1 10.4 9.3 Net profit, Adj.(EURm) 198 193 232 258 EV/CE (x) 1.2 1.0 0.9 0.9 Please refer to important disclosures ROCE (%) 6.1 5.7 6.4 6.9 at the end of this report Net Debt/EBITDA, Adj. (x) 2.7 2.6 2.2 1.9 * Yearly average price for FY ended 12/11 Takeover of the 7th largest cement player in Europe Camargo Correa and Votorantim confirmed that together they had acquired a further 40% of Cimpor’s shares. They now effectively control c. 95% of the stock. What is Cimpor? Cimpor is the largest cement producer in Portugal and also has a significant presence in more than eleven other countries, many of which are emerging markets. Cimpor is the fifth largest cement player in Brazil with an estimated 8% market share. Cimpor has a capacity of 36.5mt. It is the 7th largest integrated cement producer headquartered in Europe, after Buzzi Unicem, CRH, Italcementi, HeidelbergCement, Holcim and Lafarge. In 2011 Cimpor posted sales of EUR2.2bn and EBITDA of EUR0.6bn. Figure 1: World rankings by cement capacity (including 100% of minority stakes) mt 300.0 250.0 200.0 150.0 100.0 50.0 0.0 China Italy Holcim - Holcim Russia Germany China Switzerland Thailand - India Heidelberg - CR Cement - CR Cement Eurocement - CRH - Ireland CRH - Conch - China CNBM - China - CNBM Jidong - China Siam Cement - Buzzi Unicem - Sinoma - China Cemex - Mexico Cemex Taiheiyo - Japan Lafarge - France Italcementi - Italy Italcementi - Taiwan Cement - Cimpor - Portugal Aditya Birla Group Votorantim - Brazil Source: Exane BNP Paribas estimates from company data Cimpor currently derives around 60% of its EBITDA from Brazil, Portugal and South Africa. Cimpor has some vertically integrated positions in concrete & aggregates, but still makes most of its revenues in cement. It is less vertically integrated than groups such as Lafarge, Holcim, Cemex and HeidelbergCement. The map below illustrates the breakdown of Cimpor’s sales in 2011. The charts thereafter provide Cimpor’s EBITDA breakdown and sales split by division. We show Cimpor’s market shares by country in the Appendix. 2 CIMPOR CIMENTOS PORTUGAL │ 26 June 2012 Figure 2: Cimpor - 2011 sales breakdown 15% 10% 7% 5% 3% 4% 7% 2% 27% > 15% 10% to 15% 5% 5 to 10% 6% < 5% (Sources : Exane BNP Paribas estimates) Source: Cimpor, Exane BNP Paribas estimates Figure 3: Cimpor – geographical EBITDA and divisional breakdown (2011) EBITDA breakdown by country Sales breakdown by division South Africa Others Portugal 10% 6% 15% Egypt RMC & 8% Precast 22% Morocco 7% Spain 6% Brazil Turkey 5% 33% Tunisia Cement 4% 72% Mozambique India 4% 1% Cape Verde China Other 1% 3% 3% Source: Exane BNP Paribas estimates Between 2006 and 2009 Cimpor increased capacity by 45% through an ambitious capex programme and acquisitions in China, Turkey, India and the Canary Islands. 3 CIMPOR CIMENTOS PORTUGAL │ 26 June 2012 Figure 4: Cimpor – cement capacity evolution since 2002 mt 40.0 35.0 30.0 25.0 20.0 15 . 0 10 . 0 5.0 0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Portugal Brazil Egypt Spain Tunisia South Africa Morocco Mozambique China Turkey India Source: Cimpor, Exane BNP Paribas estimates In early 2010, Cimpor was the target of a failed takeover attempt by Companhia Siderurgica Nacional (CSN) – Brazil’s third largest steelmaker. CSN’s efforts were thwarted by Votorantim and Camargo Correa who between them acquired c. 54% of Cimpor’s shares (see note from 25 February 2010 titled “Cimpor ownership upheaval: what are the implications?”). Structure of the deal - Cimpor’s assets to be split between Camargo Correa and Votorantim Camargo Correa launched a new takeover bid for Cimpor on 30 March 2012. It offered EUR5.5 per share for the c. 67% of the shares that it did not already own. Caixa Geral de Depositos (CGD – 9.7% shareholder) and Banco Comercial Portugues (BCP – 10.1% shareholder) indicated their willingness to accept the offer. Manuel Fino (10% shareholder) eventually agreed to the deal in early June. Votorantim (holder of a 21.4% stake) was originally uninterested in a cash offer. In order to persuade Votorantim to tender its shares, Camargo Correa announced its intention to split Cimpor’s assets with Votorantim post the completion of the deal. Votorantim agreed to this proposal, with the two groups effectively bidding together for Cimpor. The split is intended to take place in a two stage transfer process. The deal will result in Votorantim taking control of Cimpor’s operations in China, Spain, India, Morocco, Tunisia, Turkey and Peru and 21% of Cimpor’s net debt. Votorantim will then transfer its 21.4% shareholding in Cimpor’s shares to Camargo Correa. The assets in Portugal, Egypt, Brazil, Mozambique and South Africa will come under Camargo Correa’s control, with the group also set to assume c.79% of the remaining net debt. On completion, Votorantim will control Cimpor’s Mediterranean Rim and Asian assets, whereas Camargo Correa takes ownership of Cimpor’s Brazilian and African operations. The map below illustrates the split of Cimpor’s assets between Votorantim and Camargo Correa. 4 CIMPOR CIMENTOS PORTUGAL │ 26 June 2012 Figure 5: Asset split post deal completion 7mt 3.2mt 6mt 6mt 1.8mt 1.3mt 4mt 1.2mt 6.6mt Votorantim Camargo Correa 0.9 mt 1.6mt (Sources : Exane BNP Paribas estimates) Source: Cimpor, CMVM Valuation – slightly below average transaction multiples The deal was completed at a FY12 EV/EBITDA of 9.0x on our numbers. This is slightly below the year-one forward average transaction multiples of deals over the past decade (9.6x). The chart below presents a sample of the major deals between 2000 and 2012 along with Camargo Correa’s proposed offer for Cimpor. Figure 6: Camargo Correa’s deal for Cimpor compared to previous M&A deals in the sector 15.0 14.0 13.0 12.0 11.0 10.0 9.0 8.0 7.0 6.0 5.0 2007 2006 2007 2006 2006 2004 2012 2006 2000 Agg. Ind. by Ind.
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    Análisis y Estrategia Bursátil México Reporte Trimestral 29 de julio 2021 CEMEX www.banorte.com Perspectivas más favorables y valuación atractiva @analisis_fundam ▪ Las cifras de CEMEX del 2T21 mostraron sólidos avances, por arriba de nuestras estimaciones, y una expansión en rentabilidad, superando José Espitia Subdirector Análisis Bursátil los niveles pre-pandemia. Destacó la mayor generación de FCF [email protected] ▪ El indicador de apalancamiento ya se colocó en un nivel de estructura de capital de grado de inversión. Aumentamos nuestras proyecciones COMPRA Precio Actual $16.76 ante perspectivas más favorables comunicadas en el CEMEX Day PO $22.50 Rendimiento Potencial 34.2% ▪ Subimos el PO a $22.50 vs. 19.50 -FV/EBITDA 2021e 8.3x vs. 8.8x del Precio ADR US$8.40 PO ADR US$11.14 sector. Reiteramos la visión positiva para la cementera, que forma Acciones por ADR 10 parte de nuestra selección de emisoras beneficiadas por el entorno Máx – Mín 12m (P$) 17.88 – 6.6 Valor de Mercado (US$m) 12,378.3 Acciones circulación (m) 14,708 Continúan los fuertes crecimientos ante el mejor desempeño de mercado y Flotante 90% eficiencias operativas. Los números del 2T21 se vieron apoyados por un buen Operatividad Diaria (P$ m) 445 .8 Múltiplos 12m comportamiento de la demanda y un entorno favorable de precios, además de la FV/EBITDA 7.4x baja base comparativa (la mayor afectación del COVID-19 se dio en el 2T20). P/U -23.3x MSCI ESG Rating* BBB En todas las regiones hubo dinámicas favorables aunque destacaron México y Europa, Medio Oriente África y Asia.
  • Acquisition of Hope 181115

    Acquisition of Hope 181115

    FOR IMMEDIATE RELEASE 18 November 2015 Breedon Aggregates Limited (“Breedon”) Breedon to acquire Hope Construction Materials Limited for £336m, creating the UK’s largest independent building materials group Breedon announces that it has entered into a conditional agreement with Cortolina Investments S.à.r.l. (the “Seller”) to acquire Hope Construction Materials Limited (“Hope”) for £336 million (the “Acquisition”). The combination of Breedon and Hope will create the UK’s leading independent producer of cement, concrete and aggregates and a vertically-integrated building materials group. The Acquisition is consistent with Breedon’s strategy of organic growth combined with the continuing consolidation of the smaller end of the UK heavyside building materials industry. Transaction highlights • Breedon has agreed definitive terms to acquire Hope for £336 million on a cash- and debt-free basis1 • Hope is a leading independent construction materials supplier in the UK with a national footprint of over 160 operational sites, including the Hope cement works in Derbyshire, 5 quarries and 152 concrete plants2 • In the 12 months ended 30 June 2015, Hope sold 1.6 million tonnes of cement3, 4.7 million tonnes of aggregates and 2.3 million cubic metres of concrete, generating revenue of £285.6 million and Underlying EBITDA of £37.0 million • The consideration for Hope will be payable in a combination of cash and new Ordinary Shares to be issued to Abicad Holding Limited (“Abicad”), an associated company of the Seller, upon completion of the Acquisition (“Completion”) 1 Subject to completion adjustments. 2 As at October 2015; includes co-located concrete sites and sites presently mothballed.