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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Cementir Holding N.V.    CEM   NL0013995087

CEMENTIR HOLDING N.V.

(CEM)
  Report
Delayed Quote. Delayed Italian Stock Exchange - 05/22 11:35:01 am
5.54 EUR   +0.73%
05/18CEMENTIR HOLDING N.V. : Ex-dividend day for final dividend
FA
05/15CREDEM : Fitch rating action
PU
05/14Q1 20 : lower result but good shareholder remuneration ahead (Cementir Holding)
AL
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News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Credem: Fitch affirmed long-term idr at ‘bbb'

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03/24/2020 | 01:13pm EDT

CREDEM: FITCH AFFIRMED LONG-TERM IDR AT 'BBB'

Today Fitch Ratings (Fitch), despite a recent revision of estimates on Italian GDP, which is expected to contract by 2% in 2020 before recovering in 2021, affirmed Credito Emiliano's (Credem) Long-Term Issuer Default Rating (IDR) at 'BBB' and Viability Rating (VR) at 'bbb'. The outlook remained Negative, in line with the Sovereign.

The revision of Italian GDP estimates led the agency to change its risk considerations on the banking credit profiles that were skewed to the downside. Nevertheless, with regards to Credem, Fitch highlighted the bank's relative position of strength thanks to its risk appetite and prudent management stance, which resulted in asset quality remaining consistently better than peers through the cycle and adequate capitalization. Moreover, Fitch stated that Credem's diversified and stable business model has enabled the

Group to perform a greater earnings stability.

With today rating action Fitch reviewed the rating of 14 Italian banking groups, expecting asset quality to weaken relative to previous expectations, earnings challenges to intensify due to weaker business volumes and rising loan impairment charges, and wholesale funding costs to possibly raise in the longer term as a combination of Italian spread widening and bank debt re-pricing.

Additionally, in accordance with its previous rating action of March 4, 2020, Fitch removed the Long-Term Deposit Rating and debt SNP and T2 ratings from 'Under Criteria Observation' as follows:

  • Long-TermDeposit Rating: upgraded at 'BBB+' from 'BBB'
  • Senior Non Preferred, downgraded at 'BBB-' from 'BBB'
  • Tier 2, downgraded at 'BB+' from 'BBB-'

The original Fitch Ratings' press release is available on the agency's website.

Reggio Emilia, March 24, 2020

CREDITO EMILIANO SPA

(Chairman)

Lucio Igino Zanon di Valgiurata

CONTACTS

Media relations Credem

Investor relations Credem

+39.0522.582075 - +39.02.77426202

+39.0522.582580 - 3611

rel@credem.it

investor@credem.it

www.credem.it

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Disclaimer

CREDEM - Credito Emiliano S.p.A. published this content on 24 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 March 2020 18:12:05 UTC

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Latest news on CEMENTIR HOLDING N.V.
05/18CEMENTIR HOLDING N.V. : Ex-dividend day for final dividend
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05/15CREDEM : Fitch rating action
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Financials (EUR)
Sales 2020 1 081 M
EBIT 2020 90,2 M
Net income 2020 79,7 M
Debt 2020 258 M
Yield 2020 2,62%
P/E ratio 2020 11,6x
P/E ratio 2021 8,96x
EV / Sales2020 1,05x
EV / Sales2021 0,79x
Capitalization 882 M
Chart CEMENTIR HOLDING N.V.
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Technical analysis trends CEMENTIR HOLDING N.V.
Short TermMid-TermLong Term
TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 5
Average target price 6,10 €
Last Close Price 5,54 €
Spread / Highest target 26,4%
Spread / Average Target 10,1%
Spread / Lowest Target -13,4%
EPS Revisions
Managers
NameTitle
Francesco Caltagirone Chairman & Chief Executive Officer
Veysi Taner Aykaç President-Eastern Mediterranean Region
Paolo Zugaro Group Chief Operating Officer
Giovanni Luise Group Chief Financial Officer
Giacomo Cornetti Group Chief Information Technology Officer
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