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1. Company Snapshot

1.a. Company Description

Vicat S.A. produces and sells cement, ready-mixed concrete, and aggregates.The company operates in three segments: Cement, Concrete & Aggregates, and Other Products & Services.It offers various cement products, including Portland cement, Portland composite cement, blast furnace cement, slag cement, and Pozzolan cement for the general contractors, such as concrete mixers; manufacturers of precast concrete products; construction and public works contractors; local authorities; residential property developers or master masons; and construction material wholesalers or retail chains.


The company also provides ready-mixed concrete comprising standard and special concrete for the construction and public works contractors, including construction groups, house building companies, farmers, or private individuals, as well as industrial, commercial buildings, roads, bridges, tunnels, and highways; aggregates, such as sands and gravel products for the ready-mixed concrete and precast concrete products manufacturers.In addition, it offers construction chemicals for use in exterior wall coatings, mortar and traditional concretes, tiling adhesives, and thermal insulation products, as well as for the products used to repair floors and walls; adhesives, and paper bags for the agro-food, chemical, and construction sectors.Further, the company provides various services comprising logistics, transportation, and distribution.


It operates in France, Switzerland, Italy, the United States, Turkey, Egypt, Senegal, Mali, Mauritania, Kazakhstan, India, and Brazil.Vicat S.A. was incorporated in 1853 and is headquartered in L'Isle-d'Abeau, France.

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1.b. Last Insights on VCT

Vicat S.A.'s recent performance was positively driven by its Q3 2025 trading update, which reported a 4.9% organic growth and 1.4% reported growth in sales. The company's cement activity stabilized in France, while Switzerland saw continued recovery. Emerging countries, the Mediterranean region, and Brazil showed strong momentum. Additionally, the company's revenue and EBITDA outlook for 2025 was confirmed, despite an unfavorable currency effect. This update likely boosted investor confidence.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Vicat - 2026 Financial Communication agenda

Dec -03

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Vicat - Q3 2025 Trading update

Nov -03

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Oct -15

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.29%)

6. Segments

Cement

Expected Growth: 8%

Vicat S.A.'s 8% growth in cement segment is driven by increasing infrastructure development, government-backed construction projects, and rising demand for sustainable building materials. Additionally, the company's strategic expansion into emerging markets, cost-saving initiatives, and focus on innovative products have contributed to its growth momentum.

Concrete and Aggregates

Expected Growth: 9%

Vicat S.A.'s Concrete and Aggregates segment growth of 9% is driven by increasing infrastructure development, urbanization, and government investments in construction projects. Rising demand for sustainable and eco-friendly construction materials, coupled with the company's strategic expansion into emerging markets, also contribute to the growth.

Other Products and Services

Expected Growth: 7%

Vicat S.A.'s Other Products and Services segment growth is driven by increasing demand for specialty cement and concrete, expansion into new geographies, and strategic acquisitions. Additionally, investments in research and development have led to innovative products, enhancing the company's competitive edge and driving revenue growth.

7. Detailed Products

Cement

Vicat S.A. offers a range of cement products for construction, infrastructure, and industrial applications.

Concrete

Vicat S.A. provides ready-mix concrete solutions for various construction projects.

Aggregates

Vicat S.A. supplies aggregates such as sand, gravel, and crushed stone for construction and infrastructure projects.

Precast Concrete

Vicat S.A. offers precast concrete products such as pipes, tunnels, and other infrastructure components.

Specialty Products

Vicat S.A. provides specialty products such as mortars, plasters, and other construction materials.

8. Vicat S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Vicat S.A. is medium due to the availability of alternative building materials, but the company's focus on sustainability and innovative products reduces the likelihood of substitution.

Bargaining Power Of Customers

The bargaining power of customers is low due to the fragmented nature of the construction industry, which reduces the negotiating power of individual customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the presence of a few large suppliers of raw materials, but Vicat S.A.'s diversified supply chain and long-term contracts mitigate this risk.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the cement industry, including significant capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established players in the cement industry, leading to intense competition and pricing pressure.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 39.68%
Debt Cost 6.90%
Equity Weight 60.32%
Equity Cost 9.60%
WACC 8.53%
Leverage 65.78%

11. Quality Control: Vicat S.A. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Semapa

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Value: 8.4

Growth: 5.6

Quality: 4.8

Yield: 7.5

Momentum: 7.5

Volatility: 9.7

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Vicat

A-Score: 7.1/10

Value: 7.9

Growth: 6.1

Quality: 4.8

Yield: 6.9

Momentum: 9.5

Volatility: 7.3

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A-Score: 6.9/10

Value: 7.0

Growth: 5.9

Quality: 7.7

Yield: 10.0

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Breedon

A-Score: 5.5/10

Value: 6.4

Growth: 6.0

Quality: 4.7

Yield: 6.9

Momentum: 2.5

Volatility: 6.7

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Marshalls

A-Score: 3.9/10

Value: 6.1

Growth: 2.6

Quality: 4.6

Yield: 6.9

Momentum: 0.5

Volatility: 3.0

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Ibstock

A-Score: 3.4/10

Value: 3.8

Growth: 1.6

Quality: 3.2

Yield: 6.2

Momentum: 1.0

Volatility: 4.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

70.5$

Current Price

70.5$

Potential

-0.00%

Expected Cash-Flows