Cementos Pacasmayo S.A.A. (CPAC) 주식 분석

회사 개요

Cementos Pacasmayo S.A.A. (CPAC) is a primary producer, distributor, and seller of cement and associated building materials within the Peruvian market. The company operates strictly within the Basic Materials sector, specifically the Building Materials industry, which involves the extraction, processing, and distribution of essential infrastructure components. CPAC operates on a substantial scale with a market capitalization of $923.00M and reported annual revenue (TTM) of $2.12B, while employee count data is not disclosed in the available records. These valuation and revenue figures indicate that the firm holds a significant position in its domestic market, generating substantial top-line sales that support its operations across three distinct segments including Cement, Concrete, Mortar and Precast, Quicklime, and Sales of Construction Supplies.

재무 건전성

The company reported a trailing twelve-month revenue of $2.12B, generating a net income of $154.20M and an EBITDA of $490.27M. The substantial gap between the $2.12B revenue and the $154.20M net income reveals a cost structure where operating expenses, including the cost of goods sold and administrative costs, consume a significant portion of gross earnings before taxes. Free cash flow stands at $261.86M, which provides the company with considerable financial flexibility to manage capital expenditures or service its obligations without relying on external financing. However, the balance sheet shows high leverage with total debt of $1.43B against cash reserves of only $53.57M, resulting in a debt-to-equity ratio of 119.89, which indicates a leveraged financial structure rather than a conservative one. Profitability metrics further illustrate this dynamic, with a gross margin of 38.1%, an operating margin of 6.9%, and a profit margin of 7.3%, suggesting that while production costs are controlled, the final conversion to net income is influenced by significant operating overhead. Liquidity is constrained by a current ratio of 1.09, which implies that current assets barely exceed current liabilities, requiring efficient working capital management to meet short-term obligations. Management effectiveness is highlighted by a return on equity of 12.8% and a return on assets of 6.9%, demonstrating the ability to generate returns despite the high leverage inherent in the capital structure.

밸류에이션 평가

Valuation metrics present a complex picture, with a trailing P/E ratio (TTM) of 20.73 compared to a forward P/E of 70.00. This drastic difference between the trailing and forward P/E ratios implies that the market is pricing in significantly higher expected earnings growth or that current earnings are being suppressed by temporary factors, leading to a valuation that is currently very expensive relative to future expectations. The price-to-book ratio is 2.71, indicating that the stock trades at a substantial premium over its book value, which reflects investor confidence in the company's intangible assets or future growth potential beyond its tangible net worth. Alternative valuation measures such as a price-to-sales ratio of 0.44 and an EV/EBITDA of 12.22 suggest that the company is valued reasonably relative to its sales volume, though the EV/EBITDA remains elevated due to the high debt load affecting enterprise value. Price momentum is visible within a 52-week range spanning from a low of $5.10 to a high of $11.50, and without the current share price explicitly listed in the facts, the relative positioning can only be inferred against this historical band. The stock exhibits a beta of 0.16, which indicates that price volatility is significantly lower than the broader market, making it a defensive holding that moves less than half as much as the general market index during periods of volatility.

Growth & Income

Revenue growth for the trailing twelve months stands at 6.2% year-over-year, while earnings growth data is listed as N/A, meaning specific year-over-year earnings expansion cannot be quantified from the provided facts. Consequently, it is not possible to determine if earnings are growing faster or slower than revenue, but the revenue expansion suggests a growing demand for construction materials in Peru. The company is a dividend payer with a yield of 5.6%, yet the payout ratio is 115.8%, which indicates that the company is distributing more in dividends than its reported net income, suggesting it may be utilizing cash reserves or other capital sources to fund payouts. This payout structure is mathematically unsustainable based on current earnings alone, as paying out more than 100% of earnings depletes retained earnings unless offset by cash flow generation. The overall profile presents a mix of steady revenue growth in the building materials sector, a high dividend yield that exceeds current earnings, and a low-beta defensive characteristic that offers income stability with reduced price fluctuation relative to the broader market.