olivLaw · European equity research
Vicat VCT.PA
France · Euronext Paris · ISIN FR0000031775 · Vertical: Listed companies from France
Vicat is a French family industrial group active in cement, concrete and aggregates, with an international footprint anchored in local territories. For its profile, what matters most is how it reduces product carbon intensity and uses waste as substitutes for fossil fuels, amid tightening climate regulation.
At the close of 05 Nov 2026, Vicat (VCT.PA) stock was 66.10 EUR (−0.15% on the day), with market capitalisation 2.9 bn EUR, P/E 10.8 on diluted EPS of 6.13 EUR over the last 12 months, dividend yield 3.03%, beta 1.15, 52-week range 57.40–81.20 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 72.6
- overbought (≥ 70)
- Bollinger (20, 2)
- 55.02 – 65.03
- above the upper band · %B 1.11 · band width 16.7%
- SMA 50 / 200
- 60.73 / 64.49
- mixed trend
- MACD (12, 26, 9)
- 1.17 / 0.22
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +11.8% | −0.6% | +12.5 pp | — |
| 3 months | −1.9% | −4.2% | +2.2 pp | — |
| 6 months | +4.3% | +4.3% | −0.1 pp | — |
| Year to date | −13.0% | +7.5% | −20.5 pp | — |
| 1 year | −1.0% | +9.9% | −11.0 pp | −6.8% |
| 3 years | +129.1% | +49.8% | +79.3 pp | −15.9% |
| 5 years | +72.8% | +42.8% | +30.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 5.7, median 6.0, max 12.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 3.9 bn | 3.9 bn | 3.9 bn |
| Revenue YoY | unavailable | −1.3% | −0.8% |
| Net income | 258.4 m | 272.6 m | 274.7 m |
| Net income YoY | unavailable | +5.5% | +0.8% |
| Diluted EPS | 5.78 | 6.09 | 6.13 |
| Diluted EPS YoY | unavailable | +5.4% | +0.7% |
| net % | 6.6% | 7.0% | 7.1% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 528.4 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 3.2 bn EUR
- Total assets
- 6.4 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.35x
- ROE
- 8.5%
- ROA
- 4.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 3.9 bn | 3.9 bn | 3.9 bn | esef· 18 Mar 2026verified |
| Pre-tax income | 353.1 m | 385.6 m | 426.2 m | esef· 18 Mar 2026verified |
| Income tax | 57.8 m | 95.5 m | 119.5 m | esef· 18 Mar 2026verified |
| Net income | 258.4 m | 272.6 m | 274.7 m | esef· 18 Mar 2026verified |
| Diluted EPS | 5.78 | 6.09 | 6.13 | esef· 18 Mar 2026verified |
| Dividend per share | 1.65 | 2.00 | 2.00 | esef· 18 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 493.5 m | 535.7 m | 528.4 m | esef· 18 Mar 2026verified |
| Inventories | 568.7 m | 542.2 m | 512.0 m | esef· 18 Mar 2026verified |
| Current assets | 1.8 bn | 1.7 bn | 1.7 bn | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 2.6 bn | 2.7 bn | 2.7 bn | esef· 18 Mar 2026verified |
| Goodwill | 1.2 bn | 1.2 bn | 1.1 bn | esef· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | 174.2 m | 158.6 m | 155.3 m | esef· 18 Mar 2026verified |
| Total assets | 6.4 bn | 6.4 bn | 6.4 bn | esef· 18 Mar 2026verified |
| Accounts payable | 503.5 m | 478.8 m | — | esef· 24 Sept 2025verified |
| Current liabilities | 1.3 bn | 1.1 bn | 1.3 bn | esef· 18 Mar 2026verified |
| Total liabilities | 3.3 bn | 3.1 bn | 3.1 bn | esef· 18 Mar 2026verified |
| Equity | 3.0 bn | 3.3 bn | 3.2 bn | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 44.4 m | 44.5 m | 44.5 m | esef· 18 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 608.3 m | 700.9 m | 649.3 m | esef· 18 Mar 2026verified |
| Investing cash flow | -312.9 m | -328.3 m | -325.4 m | esef· 18 Mar 2026verified |
| Financing cash flow | -301.5 m | -295.8 m | -261.7 m | esef· 18 Mar 2026verified |
| Dividends paid | 93.6 m | 102.3 m | 116.3 m | esef· 18 Mar 2026verified |
| Share repurchases | 16.7 m | 20.2 m | 60.4 m | esef· 18 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.9 bn EUR
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 27.20 – 182.68 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E67.99 – 182.68 (Mid 105.01)20 companies used · median multiple 17.1x · quartiles 11.1x – 29.8x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
- Dividend discount (DDM)27.20 – 37.09 (Mid 31.38)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 7.1% | 82 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.4x | 46 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 10.8x | 78 (vs peers) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 6.0% | 86 (on a fixed band) | 23% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial46/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial82/100 · 1/3 factors with a value
- Returns· partial86/100 · 1/2 factors with a value
- Valuation· partial78/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
VICAT (VCT.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 3.9 bn EUR in 2025; YoY growth -0.8%; net margin 7.1%; ROE 9.3%.
The estimated value range is 47.60–109.88 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 68.20 EUR, the price of 66.10 EUR leaves a potential of 3.2% (value / price − 1) and a margin of safety of 3.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 7.1%
- P/E (TTM): 10.8x
- Shareholder yield (distributions): 6.0%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| VCT.PAVicat | 2.9 bn | 10.8 | 9.3% | 7.1% | −0.8% | −7% / +101% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for VCT.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 37.25 Total return -41% · Per year -41% | 66.02 Total return 3% · Per year 3% | 99.69 Total return 54% · Per year 54% |
| 3 years | 32.42 Total return -45% · Per year -18% | 65.02 Total return 7% · Per year 2% | 108.31 Total return 75% · Per year 21% |
| 5 years | 28.23 Total return -47% · Per year -12% | 64.03 Total return 12% · Per year 2% | 117.68 Total return 98% · Per year 15% |
- Exit P/E± 16.25
- Net margin± 11.38
- Annual revenue growth± 9.84
- Annual dilution± 0.96
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Vicat is a French family industrial group active in cement, concrete and aggregates, with an international footprint anchored in local territories. For its profile, what matters most is how it reduces product carbon intensity and uses waste as substitutes for fossil fuels, amid tightening climate regulation 1.
SWOT
Strengths
- International network of cement plants, concrete plants and quarries, giving broad geographic coverage.
- Dedicated waste recovery subsidiaries that reduce reliance on fossil fuels.
- Local roots and structured relations with authorities and communities in the territories.
Weaknesses
- High energy costs directly affect the cost price of core products.
- The business depends on heavy assets and large decarbonisation investments.
- Supplier payment performance varies widely between countries, pointing to uneven administrative practices.
Opportunities
- Demand for renewable energy infrastructure could increase sales of concrete products.
- Zero-carbon solutions, including CO2 capture and storage, could provide a competitive edge.
- Developing the circular economy could reduce costs of primary raw materials.
Threats
- Tighter climate regulation and the removal of carbon quotas could raise costs.
- Difficulty accessing finance or worse credit terms could affect investment.
- Controversies over climate or environmental impact could damage the group's reputation.
Risks
- Carbon quota costshigh
Removal of quotas or tighter emissions trading mechanisms could raise operating costs in Europe.
- Energy costshigh
Energy restrictions or outages, including for climate reasons, could affect production and margins.
- Climate eventsmedium
Exposure of operations to extreme weather could lead to repair costs and production stoppages.
- Relations with local authoritiesmedium
Degraded relations with local authorities could create operational and financial risks, which the group monitors through compliance policies.
- Corruption and ethics riskslow
Activity through high-risk commercial agents and third parties could expose the group to sanctions, although the document reports no convictions in 2025.
Investment thesis
What would need to be true (bull case)
- If investment in decarbonisation and the circular economy delivers results, the group could gain market share from higher-footprint competitors.
- Energy transition infrastructure projects could support steady demand for the group's products.
- A network of installations spread across several continents could offer resilience to regional fluctuations.
What would break the thesis
- If carbon quota and energy costs rise faster than selling prices, margins could come under pressure.
- The large investments needed for decarbonisation could strain cash flow and financing capacity.
- If the pace of construction investment slows, sales volumes could be affected.
What to watch
- Evolution of carbon quota costs and ETS regulation2027
- Progress of the decarbonisation plan and related investmentnext 10-K
- Development of the waste recovery subsidiaries2027
- Trend in supplier payment terms and the on-time payment indicatornext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The Vicat group offers construction materials in three areas: cement, concrete and aggregates, complemented by services for construction professionals. It operates 17 cement plants, 5 grinding units, 278 ready-mix concrete plants and 68 aggregate quarries worldwide 1. The offer includes mineral and bio-based materials, and the stated objective is to reduce the carbon footprint of products and promote circular economy solutions 1. The company presents itself as a family industrial group rooted locally, working with authorities and communities where it operates 1.
Segments
Cement, concrete and aggregates
The core activity covers cement production, ready-mix concrete and aggregates, distributed through plants, concrete centres and owned quarries. The network of 17 cement plants and 278 concrete plants 1 allows deliveries close to construction sites, which matters for the logistics costs of heavy materials.
Circular economy and waste recovery
The group has created seven subsidiaries dedicated to reuse and recycling of waste, which replace fossil fuels or natural resources in production 1. This segment is a strategic component of the decarbonisation plan and of reduced dependence on primary raw materials 1.
Market context
The construction materials market depends on the pace of infrastructure and housing investment, as well as rules on carbon emissions. The group notes that the EU ETS quota system and stricter climate regulation influence costs and investment 1. Energy costs represent a significant part of the cost price of cement and concrete, which makes energy efficiency a competitive factor 1.
Trends
- Decarbonisation and climate regulationmixed
Tighter climate rules and the phase-out of carbon quotas could raise costs, but could also favour low-carbon products. The group identifies both cost risks and opportunities linked to zero-carbon solutions 1.
- Energy transition projectstailwind
Building infrastructure for renewables, such as foundations for wind farms, structures for solar plants and charging stations, could create additional demand for the group's products 1.
- Energy costs and restrictionsheadwind
Rising energy prices or supply restrictions, including for climate reasons, could affect margins in an energy-intensive industry 1.
- Circular economytailwind
Using waste as alternative fuels and recycling raw materials can reduce reliance on primary resources and support decarbonisation goals 1.
Competitive position
The group operates in a construction materials industry where competition is based on price, proximity and the ability to offer low-carbon products. The available sources do not identify competitors by name or ticker, so the list below is limited to what can be directly supported by the official documentation.
- Regional and global cement and concrete producers
The official documentation does not name direct competitors; no names or tickers are given here.
- Low-carbon solution providers
The group mentions zero-carbon solutions, including CO2 capture and storage, as a potential advantage over competitors, without naming any actors.
- Building materials makers perceived as climate-stronger
The group identifies the risk of losing market share to products seen as better on climate performance, without identifying them.
- Local aggregate and concrete players
Local competition in quarries and concrete plants is cited as a factor, without identifying the companies.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202424 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Vicat · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.