olivLaw · US equity research
Cementos Pacasmayo S.A.A. CPAC
Cement, Hydraulic · SIC 3241 · Vertical: Cement, Hydraulic (SIC 3241)
Cementos Pacasmayo is the only cement manufacturer in northern Peru, with an installed capacity of about 4.9 million metric tons a year and an estimated 22.4% share of national cement shipments in 2025. The company came under new control in March 2026, when Holcim acquired a 50.01% stake, which raises questions about its future strategy and listing.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Cementos Pacasmayo S.A.A. (CPAC) stock was 12.73 USD (+0.32% on the day), with beta -0.01, 52-week range 6.38–12.79 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 60.8
- strong (55–70)
- Bollinger (20, 2)
- 12.20 – 13.01
- in the upper half of the band · %B 0.66 · band width 6.4%
- SMA 50 / 200
- 12.46 / 11.35
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.11 / 0.12
- MACD below 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 | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +4.3% | −1.1% | +5.4 pp | — |
| 3 months | +6.5% | −0.5% | +7.0 pp | — |
| 6 months | +21.4% | +4.4% | +17.0 pp | — |
| Year to date | +22.2% | +12.3% | +9.9 pp | — |
| 1 year | +73.0% | +13.5% | +59.4 pp | −14.3% |
| 3 years | +153.1% | +76.4% | +76.7 pp | +47.1% |
| 5 years | +110.8% | +63.7% | +47.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
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.
Fiscal years
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 1.3 bn | 1.4 bn | unavailable | unavailable | 2.1 bn | 2.0 bn | 2.0 bn |
| Revenue YoY | −1.3% | +3.5% | +10.3% | unavailable | unavailable | unavailable | −7.8% | +1.4% |
| Net income | 93.8 m | 76.7 m | 132.0 m | 57.9 m | 153.2 m | 176.8 m | 168.9 m | 198.9 m |
| Net income YoY | −19.3% | −18.2% | +72.2% | −56.2% | +164.6% | +15.4% | −4.5% | +17.7% |
| Diluted EPS | 0.21 | 0.18 | 0.31 | 0.14 | 0.36 | 0.41 | 0.39 | 0.46 |
| Diluted EPS YoY | 0.0% | −14.3% | +72.2% | −54.8% | +157.1% | +13.9% | −4.9% | +17.9% |
| net % | 7.7% | 6.1% | 9.5% | unavailable | unavailable | 8.4% | 8.7% | 10.1% |
| Free cash flow | 179.1 m | 123.4 m | 127.5 m | 284.0 m | 85.0 m | -51.0 m | 139.7 m | 256.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 72.7 m PEN
- Financial debt
- unavailable PEN
- Net debt
- unavailable PEN
- Equity
- 1.2 bn PEN
- Total assets
- 3.2 bn PEN
- Debt / equity
- unavailable
- Current ratio
- 1.30x
- ROE
- 16.6%
- ROA
- 6.2%
- FCF margin
- 13.0%
Financial statements (source on every figure)
Revenue and net income (PEN)
Margins
Income statement · PEN
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.4 bn | — | — | 2.1 bn | 2.0 bn | 2.0 bn | SEC (XBRL)· 29 Apr 2025verified |
| Cost of revenue | 905.8 m | 921.0 m | 1.4 bn | 1.5 bn | 1.3 bn | 1.2 bn | SEC (XBRL)· 29 Apr 2025verified |
| Gross profit | 486.9 m | 375.3 m | 559.4 m | 652.0 m | 689.5 m | 728.5 m | SEC (XBRL)· 29 Apr 2025verified |
| Operating income | 270.5 m | 176.1 m | 318.3 m | 355.3 m | 337.6 m | 391.0 m | SEC (XBRL)· 29 Apr 2025verified |
| Depreciation & amortisation | 115.2 m | 122.5 m | 119.0 m | 121.9 m | 125.5 m | 134.3 m | SEC (XBRL)· 29 Apr 2025verified |
| EBITDA | 385.8 m ≈ | 298.7 m ≈ | 437.2 m ≈ | 477.2 m ≈ | 463.0 m ≈ | 525.4 m ≈ | SEC (XBRL)· 29 Apr 2025derived |
| Interest expense | 78.0 m | 88.7 m | 89.0 m | 95.1 m | 104.0 m | 100.3 m | SEC (XBRL)· 29 Apr 2025verified |
| Pre-tax income | 194.4 m | 85.9 m | 224.1 m | 262.4 m | 245.7 m | 296.2 m | SEC (XBRL)· 29 Apr 2025verified |
| Income tax | 62.3 m | 28.0 m | 70.9 m | 85.6 m | 76.8 m | 97.3 m | SEC (XBRL)· 29 Apr 2025verified |
| Net income | 132.0 m | 57.9 m | 153.2 m | 176.8 m | 168.9 m | 198.9 m | SEC (XBRL)· 29 Apr 2025verified |
| Diluted EPS | 0.31 | 0.14 | 0.36 | 0.41 | 0.39 | 0.46 | SEC (XBRL)· 29 Apr 2025verified |
| Dividend per share | 0.29 | 0.34 | 0.79 | 0.42 | 0.41 | 0.41 | SEC (XBRL)· 29 Apr 2025derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · PEN
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 68.3 m | 308.9 m | 273.4 m | 81.8 m | 90.2 m | 72.7 m | SEC (XBRL)· 29 Apr 2025verified |
| Receivables | 120.5 m | 84.4 m | 102.7 m | 101.5 m | 99.7 m | 131.2 m | SEC (XBRL)· 29 Apr 2025verified |
| Inventories | 519.0 m | 460.6 m | 605.2 m | 885.0 m | 791.1 m | 774.0 m | SEC (XBRL)· 29 Apr 2025verified |
| Current assets | 748.3 m | 877.7 m | 1.0 bn | 1.2 bn | 992.2 m | 992.5 m | SEC (XBRL)· 29 Apr 2025verified |
| Property, plant & equipment, net | 2.1 bn | 2.0 bn | 2.0 bn | 2.0 bn | 2.1 bn | 2.0 bn | SEC (XBRL)· 29 Apr 2025verified |
| Goodwill | 4.5 m | 4.5 m | 4.5 m | 4.5 m | 4.5 m | 4.5 m | SEC (XBRL)· 29 Apr 2025verified |
| Total assets | 2.9 bn | 3.0 bn | 3.2 bn | 3.3 bn | 3.2 bn | 3.2 bn | SEC (XBRL)· 29 Apr 2025verified |
| Accounts payable | 235.4 m | 187.9 m | 227.6 m | 284.6 m | 231.5 m | 242.1 m | SEC (XBRL)· 29 Apr 2025verified |
| Current liabilities | 352.7 m | 265.1 m | 722.2 m | 953.1 m | 689.4 m | 765.6 m | SEC (XBRL)· 29 Apr 2025verified |
| Total liabilities | 1.5 bn | 1.6 bn | 2.0 bn | 2.1 bn | 2.0 bn | 2.0 bn | SEC (XBRL)· 29 Apr 2025verified |
| Equity | 1.4 bn | 1.4 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 29 Apr 2025verified |
| Shares outstanding at year end | 423.9 m | 423.9 m | 423.9 m | 423.9 m | 423.9 m | 423.9 m | SEC (XBRL)· 29 Apr 2025verified |
Cash flow · PEN
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 205.1 m | 331.4 m | 170.6 m | 111.8 m | 412.3 m | 321.1 m | SEC (XBRL)· 29 Apr 2025verified |
| Capex | 77.7 m | 47.3 m | 85.6 m | 162.8 m | 272.6 m | 64.3 m | SEC (XBRL)· 29 Apr 2025verified |
| Free cash flow | 127.5 m ≈ | 284.0 m ≈ | 85.0 m ≈ | -51.0 m ≈ | 139.7 m ≈ | 256.8 m ≈ | SEC (XBRL)· 29 Apr 2025derived |
| Investing cash flow | -79.6 m | -48.4 m | -91.8 m | -176.2 m | -289.4 m | -76.6 m | SEC (XBRL)· 29 Apr 2025verified |
| Financing cash flow | -106.8 m | -43.8 m | -130.1 m | -121.5 m | -115.4 m | -261.3 m | SEC (XBRL)· 29 Apr 2025verified |
| Dividends paid | 121.0 m | 143.6 m | 336.8 m | 179.8 m | 175.4 m | 175.0 m | SEC (XBRL)· 29 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 10.1% | 40 (vs peers) | 18% |
| FCF conversion · Quality | 129.1% | 100 (on a fixed band) | 18% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | 8.5% | 57 (on a fixed band) | 24% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.9x | 37 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 1.3x | 41 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 68.2% | 74 (on a fixed band) | 12% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet39/100 · 2/3 factors with a value
- Growth· partial57/100 · 1/2 factors with a value
- Quality70/100 · 2/3 factors with a value
- Returns· partial74/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 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
Holcim Ltd (CPAC). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 2.0 bn PEN in 2024; YoY growth 1.4%; net margin 10.1%; ROE 16.6%.
The estimated value range is 6.05–6.88 PEN per share (median of 2 methods, agreement: low); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 129.1%
- Payout ratio (FCF): 68.2%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Cement, Hydraulic (SIC 3241) · same industry (4-digit SIC) · compared with 5 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 | |
|---|---|---|---|---|---|---|
| CXCemex Sab De Cv | 158.6 bn | 513.1 | 7.8% | 5.8% | −2.1% | +1% / +58% |
| CRHCRH public limited company | 65.7 bn | 18.6 | 14.8% | 9.2% | +5.3% | −18% / +57% |
| AMRZAmrize Ltd | 23.5 bn | 19.5 | 9.8% | 10.2% | +0.9% | −14% / unavailable |
| EXPEagle Materials Inc. | 6.0 bn | 16.4 | 24.5% | 16.1% | +2.1% | −11% / +9% |
| CPACHolcim Ltd | — | — | 16.6% | 10.1% | +1.4% | +73% / +153% |
| LOMALoma Negra Compania Industrialargentina Sociedad Anonima | — | — | 21.5% | 22.0% | −23.9% | −29% / +37% |
1- and 3-year price returns: for CPAC 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
Scenarios are not available. input data missing
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.
Possibly outdated: the newest document it read is from 28 Apr 2026; since then the company filed 6-K (04 Nov 2026), 6-K (03 Nov 2026), 6-K (02 Nov 2026), 6-K (30 Oct 2026), 6-K (29 Oct 2026).
In brief
Cementos Pacasmayo is the only cement manufacturer in northern Peru, with an installed capacity of about 4.9 million metric tons a year and an estimated 22.4% share of national cement shipments in 2025. The company came under new control in March 2026, when Holcim acquired a 50.01% stake, which raises questions about its future strategy and listing.
SWOT
Strengths
- The company is the only cement manufacturer in northern Peru and has an extensive distribution network of independent retailers.
- Its brand and customer loyalty are strong, and value-added products support its position.
- The company holds concessions over several limestone quarries near its plants, which supports control of raw material costs.
Weaknesses
- Energy and coal costs are sensitive to international prices, which can reduce margins.
- Its geographic exposure to northern Peru means revenue depends on the economic conditions of a single region.
- Margins on third-party construction supplies are much lower than those on cement.
Opportunities
- Growth in private construction and infrastructure could offset its dependence on self-construction.
- Peru's infrastructure and housing deficits support long-term demand for cement.
- A new majority shareholder could bring capital, expertise and opportunities to optimize operations.
Threats
- The entry of domestic or international competitors could reduce market share and profitability.
- Geopolitical tensions and protectionist trade could affect the Peruvian economy and construction demand.
- Extortion and insecurity in the north could slow construction projects.
Risks
- Dependence on northern economic conditionshigh
Cement demand relies heavily on residential construction in northern Peru, so a regional slowdown would directly affect results.
- Change of controlmedium
Holcim's acquisition could lead to shifts in strategy, management and governance, with uncertain effects on the company.
- Energy and coal costsmedium
Energy and coal prices are linked to international markets, and increases could reduce margins.
- Depreciation of the local currencymedium
A depreciation of the sol against the dollar could negatively affect results and the company's financing costs.
- Litigation over transaction-related expenseslow
Regulatory information requests about certain transaction-related expenses recorded in 2025 could lead to litigation or administrative proceedings.
Investment thesis
What would need to be true (bull case)
- If demand from private construction and infrastructure grows, the company could benefit from higher sales volumes as the only manufacturer in the north.
- Backing from a majority shareholder with substantial resources could bring investment and operational improvements.
- Its extensive distribution network and strong brand could support market share even if competition increases.
What would break the thesis
- If the northern economy slows, cement demand could fall, and margins could be squeezed by energy costs.
- The change of control and a possible NYSE delisting could reduce transparency and liquidity for investors.
- New competitors or insecurity in the region could reduce market share and raise costs.
What to watch
- Launch and outcome of the mandatory tender offer for the company's shares2026
- Holcim's decision on delisting the ADSs from the NYSE and deregistering with the SECafter the offer closes
- New electricity supply agreement with Orygen Perú starting in June 2026June 2026
- Development of private construction demand and public investment in the northnext 20-F
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.
Possibly outdated: the newest document it read is from 28 Apr 2026; since then the company filed 6-K (04 Nov 2026), 6-K (03 Nov 2026), 6-K (02 Nov 2026), 6-K (30 Oct 2026), 6-K (29 Oct 2026).
The business
Cementos Pacasmayo S.A.A. is a Peruvian cement company and the only cement manufacturer serving northern Peru, with almost 70 years of operating history. It produces, distributes and sells cement and related materials such as precast products and ready-mix concrete, mainly for construction. It also produces and sells quicklime for mining, though this is a very small part of revenue. Its distribution network included 287 independent retailers and 334 hardware stores as of December 31, 2025, and it also sells third-party construction materials. The company has been listed on the Lima Stock Exchange since 1995 and its ADSs have traded on the NYSE since 2012.
Segments
Cement, concrete, mortar and precast
This is the main segment, covering bagged and bulk cement, ready-mix concrete and precast products. In 2025 about 81.4% of cement sales were in bags, with the rest sold in bulk or as precast and ready-mix to large construction firms. Sales are driven mainly by residential construction, particularly self-construction, which accounted for 73.9% of total cement sales in 2025.
Quicklime
The quicklime segment produces and sells lime for use in mining operations. According to the report it represents a very small part of total revenue, but it diversifies production by using the limestone from the company's quarries.
Third-party construction supplies
The company also sells and distributes construction supplies made by third parties, such as steel rebar, wires and pipes. Margins on these sales are much lower than on cement, and the company uses them mainly as a service to retailers to support cement sales.
Market context
The northern region, where the company sells almost all its cement, accounted for about 32.8% of the country's population and 20.1% of national GDP in 2025. Two other groups sell most of the cement consumed in the central and southern regions, which makes Pacasmayo a dominant local player with a geographically concentrated exposure.
Trends
- Growth of formal constructiontailwind
As the Peruvian economy becomes less informal and private sector confidence grows, private construction and infrastructure could become more important to the company than self-construction.
- Energy and coal costsheadwind
Electricity prices are linked to international oil and coal markets. Geopolitical tensions that push energy prices up could reduce the company's margins.
- Change of control and future strategymixed
Holcim's acquisition could lead to shifts in strategy, management and governance, while the mandatory tender offer and a possible NYSE delisting are under way.
- Insecurity and extortion in the northheadwind
Extortion targeting the construction sector in northern Peru has in some cases led to temporary suspension of projects and higher security and insurance costs.
Competitive position
The company faces the possible entry of domestic or international competitors, which could reduce its market share and profitability. It is currently the only cement manufacturer in northern Peru, but competition from other regions and imports can influence prices.
The main competitors are the groups selling cement in the central and southern regions, and the sources provided do not give a detailed comparison of market shares across the industry. The company differentiates itself through its brand, its extensive distribution network and its control of quarries.
- Group dominant in central Peru
A group that sells most of the cement consumed in the central region, according to the company's report.
- Group dominant in southern Peru
A group that sells most of the cement consumed in the southern region, according to the company's report.
- Clinker and cement importers
Imported clinker accounted for part of production costs, pointing to indirect competition from imports.
- New entrants in the domestic or international market
The report mentions the possibility of new competitors entering, which could reduce the company's market share.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)04 Nov 2026
- Current report (foreign issuer)03 Nov 2026
- Current report (foreign issuer)03 Nov 2026
- Current report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)30 Oct 2026
- Current report (foreign issuer)29 Oct 2026
- Current report (foreign issuer)29 Oct 2026
- Current report (foreign issuer)28 Oct 2026
- Current report (foreign issuer)27 Oct 2026
- Current report (foreign issuer)27 Oct 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Cementos Pacasmayo S.A.A. · 28 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.