Cementos Pacasmayo S.A.A. (CPAC) 株式分析

企業概要

Cementos Pacasmayo S.A.A. engages in the production, distribution, and sale of cement and associated construction materials within Peru, operating specifically across three distinct segments: Cement, Concrete, Mortar and Precast; Quicklime; and the sales of construction supplies. The enterprise functions within the Basic Materials sector and the Building Materials industry, positions that classify it as a fundamental provider of essential infrastructure inputs for residential and commercial development projects. As of the latest reporting period, the company holds a market capitalization of 9.23 億ドル（$923.00M）and generated annual revenue totaling 21.2 億ドル（$2.12B）based on trailing twelve-month figures. Although the specific employee count is not disclosed in the available data, the aggregate revenue and market cap figures suggest a significant operational scale relative to peers in the building materials sub-sector. These valuation metrics indicate that the firm commands a substantial market presence, reflecting its critical role in the local supply chain for concrete and cement products which are indispensable for large-scale construction activities in the region.

財務健全性

The company reported a trailing twelve-month revenue of 21.2 億ドル（$2.12B）with corresponding net income of 1.542 億ドル（$154.20M）and EBITDA reaching 4.9027 億ドル（$490.27M）, illustrating a cost structure where operating expenses consume a significant portion of gross receipts before reaching the bottom line. The gap between the 21.2 億ドル（$2.12B）revenue and the 1.542 億ドル（$154.20M）net income reveals a gross margin of 38.1%, which subsequently narrows further to an operating margin of 6.9% and a final profit margin of 7.3% after accounting for interest and taxes. Free cash flow stood at 2.6186 億ドル（$261.86M）, a metric that demonstrates the entity's ability to generate liquidity from core operations independent of financing activities, thereby providing financial flexibility for capital expenditures or debt servicing. On the balance sheet, the company holds cash reserves of 5357 万ドル（$53.57M）against total debt obligations of 14.3 億ドル（$1.43B）, resulting in a debt-to-equity ratio of 119.89 which characterizes a highly leveraged capital structure. The current ratio of 1.09 indicates that current assets slightly exceed current liabilities, suggesting a tight but manageable short-term liquidity position that requires careful working capital management. Furthermore, the return on equity of 12.8% and return on assets of 6.9% highlight the management's effectiveness in utilizing shareholder capital and total assets to generate profits, although the high leverage naturally dampens the return on assets relative to equity returns.

バリュエーション評価

The trailing twelve-month price-to-earnings ratio is 20.73, while the forward P/E ratio is significantly elevated at 70.00, implying that the market expects a substantial increase in future earnings or is pricing in current earnings quality concerns that may not materialize in the near term. The price-to-book ratio stands at 2.71, indicating that the stock trades at a premium of 171% over its book value, which may reflect investor confidence in the company's tangible asset quality or potential for future growth despite the high debt load. Alternative valuation metrics such as the price-to-sales ratio of 0.44 and the EV/EBITDA of 12.22 provide a broader perspective on value, suggesting the company is valued at a discount relative to its sales volume when excluding interest expenses and non-operating income. Regarding trading ranges, the 52-week high was 11.50 ドル（$11.50）and the 52-week low was 5.10 ドル（$5.10）, with the current price position needing contextualization against these extremes to determine relative valuation levels within the historical band. The beta coefficient of 0.16 is notably low, signifying that the stock exhibits minimal price volatility relative to the broader market movements, offering a hedge-like characteristic during periods of high market turbulence.

Growth & Income

Revenue growth year-over-year recorded a 6.2% increase, whereas earnings growth for the trailing twelve months is marked as unavailable, preventing a direct comparison of earnings velocity against revenue expansion but implying potential variability in profitability drivers. The company distributes a dividend yield of 5.6% while maintaining a payout ratio of 115.8%, a figure that exceeds the net income coverage and suggests that dividends are being funded by cash reserves or debt proceeds rather than retained earnings alone. This payout ratio of 115.8% indicates a potential sustainability risk, as the company is distributing more in cash to shareholders than it retains from its reported net income, which could constrain future growth investments if earnings do not improve significantly. The overall growth and income profile presents a trade-off between a high current income yield and limited disclosed earnings growth, requiring investors to weigh the attractive dividend against the constraints imposed by the high leverage and the inability to sustain payouts solely from operating profits.