Oddo BHF maintains its "neutral" rating on Vicat and adjusts its price target from 66 to 75 euros, reflecting updated market data and revised 2025 estimates for the construction materials group.
Following a meeting with Vicat's management, the research firm reports that after "a transitional but still solid 2025, management is anticipating well-oriented short-term prospects."
Oddo BHF adds that management revisited the main levers for decarbonization, with the group aiming to modernize equipment, increase the use of alternative fuels, and optimize the clinker factor.
"The 8th generation of the Vicat family is preparing to take the reins, particularly Eléonore Sidos Vicat. The new generation will likely bring fresh ideas while maintaining the company's fundamentals and family vision," the firm also notes.
Vicat specializes in the production and marketing of cement, ready-to-use concrete granulates. Net sales by family of product break down as follows:
- cement (53.5%): 28 Mt sold in 2024;
- ready-to-use concrete and aggregates (38%): 9.4 million m3 of ready-to-use concrete and 22.9 Mt of aggregates sold.
The remaining net sales (8.5%) are from transporting materials and merchandise to large work sites, prefabricated concrete products, and fabrication of building products (glues, coatings, etc.) and paper.
At the end of 2024, the group owns 275 concrete plants, 67 granulate quarries, 17 cement plants, and 5 crushing centers worldwide.
Net sales are distributed geographically as follows: France (29.8%), Europe (10.6%), Americas (25.9%), Mediterranean (12.8%), Asia (11.3%) and Africa (9.6%).
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