olivLaw · European equity research
Cementos Molins, S.A. CMO.MC
Spain · BME Madrid · ISIN ES0117360117 · Vertical: Listed companies from Spain
Cementos Molins is a Spanish building materials group active in cement, concrete, aggregates, precast products and construction solutions, with operations in Europe, Mexico, South America and Asia and North Africa. In fiscal 2025 it reported net revenue of 1,027.6 million euros, relevant for investors tracking construction exposure across several regions with uneven results.
At the close of 05 Nov 2026, Cementos Molins, S.A. (CMO.MC) stock was 38.00 EUR (+0.00% on the day), with market capitalisation 2.5 bn EUR, P/E 13.6 on diluted EPS of 2.80 EUR over the last 12 months, dividend yield 2.79%, beta -0.02, 52-week range 28.80–45.00 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)
- 56.7
- strong (55–70)
- Bollinger (20, 2)
- 31.93 – 39.31
- in the upper half of the band · %B 0.82 · band width 20.7%
- SMA 50 / 200
- 38.26 / unavailable
- MACD (12, 26, 9)
- -0.40 / -0.75
- 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% | +0.4% | +11.4 pp | — |
| 3 months | −9.5% | −3.3% | −6.3 pp | — |
| 6 months | +0.5% | +4.0% | −3.4 pp | — |
| Year to date | +21.0% | +8.1% | +12.9 pp | — |
| 1 year | +29.3% | +10.7% | +18.6 pp | +3.2% |
| 3 years | unavailable | +50.1% | unavailable | +30.5% |
| 5 years | unavailable | +43.6% | unavailable | — |
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 100 percentile of its own 3-quarter history (min 3.6, median 9.2, max 11.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 976.5 m | 1.1 bn | 1.0 bn |
| Revenue YoY | unavailable | +8.6% | −3.1% |
| Net income | 151.4 m | 184.1 m | 185.2 m |
| Net income YoY | unavailable | +21.6% | +0.6% |
| Diluted EPS | 2.39 | 2.78 | 2.80 |
| Diluted EPS YoY | unavailable | +16.3% | +0.7% |
| net % | 15.5% | 17.4% | 18.0% |
| Free cash flow | 26.6 m | 91.5 m | 38.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 239.5 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.5 bn EUR
- Total assets
- 2.4 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.70x
- ROE
- 12.6%
- ROA
- 8.0%
- FCF margin
- 3.8%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 976.5 m | 1.1 bn | 1.0 bn | esef· 20 Oct 2026verified |
| Operating income | 111.4 m | 143.0 m | 113.5 m | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 61.8 m | 82.5 m | 89.9 m | esef· 20 Oct 2026verified |
| EBITDA | 173.1 m ≈ | 225.6 m ≈ | 203.4 m ≈ | esef· 20 Oct 2026derived |
| Pre-tax income | 200.6 m | 239.4 m | 207.7 m | esef· 20 Oct 2026verified |
| Income tax | 36.2 m | 33.0 m | 12.0 m | esef· 20 Oct 2026verified |
| Net income | 151.4 m | 184.1 m | 185.2 m | esef· 20 Oct 2026verified |
| Diluted EPS | 2.39 | 2.78 | 2.80 | esef· 20 Oct 2026verified |
| Dividend per share | 0.75 | 1.02 | 1.06 | esef· 20 Oct 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 114.3 m | 157.8 m | 239.5 m | esef· 20 Oct 2026verified |
| Receivables | 211.1 m | 202.6 m | 257.5 m | esef· 20 Oct 2026verified |
| Inventories | 143.0 m | 186.9 m | 170.6 m | esef· 20 Oct 2026verified |
| Current assets | 471.2 m | 585.2 m | 684.0 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 589.0 m | 779.2 m | 713.1 m | esef· 20 Oct 2026verified |
| Goodwill | 99.8 m | 103.0 m | 142.3 m | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 250.6 m | 255.3 m | 295.7 m | esef· 20 Oct 2026verified |
| Total assets | 1.9 bn | 2.2 bn | 2.4 bn | esef· 20 Oct 2026verified |
| Current liabilities | 348.1 m | 391.9 m | 403.3 m | esef· 20 Oct 2026verified |
| Equity | 1.2 bn | 1.4 bn | 1.5 bn | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 63.4 m | 66.2 m | 66.2 m | esef· 20 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 78.8 m | 150.9 m | 105.2 m | esef· 20 Oct 2026verified |
| Capex | 52.2 m | 59.4 m | 66.4 m | esef· 20 Oct 2026verified |
| Free cash flow | 26.6 m ≈ | 91.5 m ≈ | 38.8 m ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | 25.5 m | -7.8 m | -21.5 m | esef· 20 Oct 2026verified |
| Financing cash flow | -98.9 m | -84.4 m | 3.0 m | esef· 20 Oct 2026verified |
| Dividends paid | 47.7 m | 67.8 m | 70.0 m | esef· 20 Oct 2026verified |
≈ 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: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.5 bn EUR
Key indicators
Coverage and freshness
Score by group
46% · 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: 14.40 – 63.65 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/E48.41 – 63.65 (Mid 56.72)18 companies used · median multiple 20.3x · quartiles 17.3x – 22.7xACS.MC, ADX.MC, AEDAS.MC, AENA.MC, AMS.MC, ANA.MC, CAF.MC, CLEO.MC, DESA.MC, DIA.MC, EAT.MC, EDR.MC, ELE.MC, ENER.MC, ENO.MC, FAE.MC, FCC.MC, FDR.MC
- Dividend discount (DDM)14.40 – 19.63 (Mid 16.61)
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: score weight coverage: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 18.0% | 86 (vs peers) | 14% |
| FCF conversion · Quality | 20.9% | 0 (on a fixed band) | 14% |
| 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 | 1.7x | 75 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 13.6x | 86 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1.5% | 19 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | 2.8% | 40 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | 180.6% | 0 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial75/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality43/100 · 2/3 factors with a value
- Returns24/100 · 2/2 factors with a value
- Valuation57/100 · 2/3 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
CEMENTOS MOLINS S.A. (CMO.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.0 bn EUR in 2025; YoY growth -3.1%; net margin 18.0%; ROE 14.3%.
The estimated value range is 31.40–41.64 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 36.66 EUR, the price of 38.00 EUR leaves a potential of -3.5% (value / price − 1) and a margin of safety of -3.6% (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 (score weight coverage: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 18.0%
- Current ratio: 1.7x
- P/E (TTM): 13.6x
What contradicts it
- FCF conversion: 20.9%
- FCF yield: 1.5%
- Payout ratio (FCF): 180.6%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Listed companies from Spain · 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 | |
|---|---|---|---|---|---|---|
| ELE.MCEndesa SA | 46.9 bn | 21.4 | 26.4% | 10.5% | +0.5% | +43% / +134% |
| AENA.MCAena S.m.e. SA | 42.6 bn | 19.9 | 24.2% | 34.0% | +8.9% | +21% / +79% |
| AMS.MCAmadeus It Group Sociedad Anonima | 26.2 bn | 19.8 | 26.9% | 20.5% | +6.1% | −6% / −5% |
| ACS.MCAcs Actividades De Construccion Y Servicios, S.A. | 21.9 bn | 23.0 | 19.9% | 1.9% | +19.7% | +7% / +134% |
| ANA.MCAcciona SA | 11.7 bn | 14.5 | 16.9% | 4.0% | +5.5% | +24% / +66% |
| FCC.MCFomento De Construcciones Y Contratas S.A. | 5.0 bn | 30.3 | 5.3% | 1.7% | +6.9% | −8% / −14% |
| FDR.MCFluidra S.A. | 3.8 bn | 21.3 | 10.9% | 7.8% | +4.1% | −17% / +4% |
| DIA.MCDistribuidora Internacional De Alimentacion SA | 2.7 bn | 20.6 | 165.6% | 2.2% | −2.7% | +51% / +380,733% |
| CMO.MCCementos Molins S.A. | 2.5 bn | 13.6 | 14.3% | 18.0% | −3.1% | +31% / unavailable |
| ENO.MCElecnor SA | 2.4 bn | 21.9 | 10.5% | 2.5% | +15.1% | −3% / +58% |
| ALM.MCAlmirall S.A. | 2.4 bn | 51.1 | 3.1% | 4.2% | +12.4% | −11% / +32% |
| FAE.MCFaes Farma SA | 1.5 bn | 19.3 | 10.8% | 13.0% | +23.7% | +3% / +57% |
| AEDAS.MCAedas Homes SA | 1.0 bn | 17.1 | 57.8% | 7.0% | −24.8% | +0% / +38% |
| EDR.MCEdreams Odigeo SA | 574.4 m | 11.5 | 21.0% | 7.8% | −0.4% | +40% / −24% |
| EAT.MCAmRest Holdings SE | 506.0 m | 31.4 | 4.3% | 0.6% | +0.1% | −34% / −61% |
| ADX.MCAudax Renovables S.A. | 468.5 m | 23.9 | 9.3% | 1.0% | −5.4% | −23% / −18% |
| ATRY.MCAtrys Health, S.A. | 200.4 m | — | -49.5% | -71.1% | +8.5% | −3% / −29% |
| ENER.MCEcoener, S.A. | 175.6 m | 32.2 | 4.2% | 6.4% | +3.6% | −34% / −6% |
| ADZ.MCAdolfo Dominguez SA | 62.9 m | 38.3 | 9.0% | 1.2% | +1.8% | +39% / +40% |
| DESA.MCDesarrollos Especiales De Sistemas De Anclaje S.A. | 44.8 m | 9.2 | 152.3% | 10.0% | +2.2% | +19% / unavailable |
| EZE.MCGrupo Ezentis SA | 29.0 m | — | — | -9.3% | +147.2% | −30% / −37% |
| CLEO.MCCompañia Levantina De Edificacion Y Obras Publicas SA | 17.3 m | 14.4 | 4.1% | 3.4% | +13.4% | unavailable / unavailable |
| AYC.MCAyco Grupo Inmobiliario, S.A. | 16.4 m | — | -33.8% | — | −100.0% | unavailable / unavailable |
| EBRO.MCEbro Foods, S.A. | 3.0 m | 0.0 | 10.0% | 7.7% | −4.0% | −0% / +19% |
| A3M.MCAtresmedia Corporacion De Medios De Comunicacion, S.A. | — | — | 7.9% | 6.9% | −2.7% | +13% / +60% |
1- and 3-year price returns: for CMO.MC 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 | 20.75 Total return -43% · Per year -43% | 36.83 Total return -0% · Per year -0% | 55.68 Total return 50% · Per year 50% |
| 3 years | 17.19 Total return -49% · Per year -20% | 34.61 Total return -1% · Per year -0% | 57.85 Total return 62% · Per year 18% |
| 5 years | 14.24 Total return -54% · Per year -14% | 32.52 Total return -2% · Per year -0% | 60.11 Total return 75% · Per year 12% |
- Exit P/E± 8.65
- Net margin± 6.06
- Annual revenue growth± 5.36
- Annual dilution± 0.51
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
Cementos Molins is a Spanish building materials group active in cement, concrete, aggregates, precast products and construction solutions, with operations in Europe, Mexico, South America and Asia and North Africa. In fiscal 2025 it reported net revenue of 1,027.6 million euros, relevant for investors tracking construction exposure across several regions with uneven results.
SWOT
Strengths
- Geographic diversification across four regions and consolidated presence in several countries.
- Solid liquidity and undrawn committed credit lines with distant maturity.
- Integrated portfolio covering cement, concrete, precast and solutions.
Weaknesses
- Reliance on results of investees accounted for under the equity method.
- Decline in the cement segment during fiscal 2025.
- Exposure to overdue receivables, with part of the debt past due for more than 90 days.
Opportunities
- Further precast growth through acquisitions if integration succeeds.
- Digitalisation of processes could improve operating efficiency.
- Sustainability projects and use of alternative fuels.
Threats
- Competitive pressure and volatility in raw material and energy prices.
- Climate and natural events that could interrupt production.
- Changes in tax and environmental rules in the countries where it operates.
Risks
- Market and cost riskmedium
Competition and cost volatility could erode margins if selling prices do not offset them.
- Liquidity risklow
Gross debt due in the following year is covered by available funds and credit lines, but a rapid deterioration could pressure financing.
- Customer credit riskmedium
There are delays in collections and overdue debts, although part of the exposure is covered by guarantees.
- Climate and operational riskmedium
Physical events linked to climate change could interrupt plant operations.
- Currency and hyperinflation riskhigh
Operations in Argentina and other countries are exposed to currency swings and hyperinflation effects on reported results.
Investment thesis
What would need to be true (bull case)
- If precast keeps growing and acquisition integration succeeds, group revenue could become less dependent on cement.
- Solid liquidity and undrawn credit lines give flexibility during investment periods.
- If digitalisation efficiencies materialise, operating margins could benefit.
What would break the thesis
- If the decline in the cement segment deepens, group results could be significantly affected.
- Results also depend on investees, which makes profit harder to anticipate from direct activity.
- Currency and hyperinflation risks in certain countries could reduce reported results.
What to watch
- Revenue trend in the cement segment2026
- Integration and profitability of precast acquisitions2026
- Level of overdue receivables and bad debt provisions2026
- Repayment of gross debt scheduled for the following year2026
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
According to the consolidated annual report for the year ended 31 December 2025, Molins organises its activity by geographic segment: Europe, Mexico, South America and Asia and North Africa. Operations include manufacturing and sale of cement, concrete, aggregates, precast products and construction solutions. The company reported profit attributable to shareholders of 185.2 million euros in 2025 1.
The group operates through fully consolidated subsidiaries and companies included under the equity method, notably in Mexico, Uruguay, Colombia, Bolivia, Bangladesh and India. This structure means a meaningful part of the result comes from investees rather than direct sales 1.
In 2025 the group expanded its precast business through acquisitions, and this segment grew from 220.9 to 281.8 million euros while cement declined. The company also presents a strategic plan to 2030 including digitalisation and sustainable growth 1.
Segments
Market context
The group's activity depends on construction demand in the regions where it operates, and the report shows results differ widely across geographic segments. The company notes its risks are predominantly shaped by operating in regional markets 1.
Competitive conditions and cost pressure are explicitly identified in the management report as market risks, which could affect margins if prices and demand move unfavourably 1.
Trends
- Precast growth through acquisitionstailwind
Expansion in precast added assets and goodwill and could support revenue if integration and profitability are confirmed.
- Pressure on cement volumesheadwind
The decline in the cement segment points to weaker demand or pricing in this category, with a negative effect if the trend continues.
- Digitalisation and efficiencytailwind
The strategic plan includes automation and digitalisation, which could reduce operating costs over the medium term.
- Climate and natural events risksmixed
The report identifies physical events linked to climate change as an operational risk that could disrupt production.
Competitive position
The annual report does not explicitly name competitors but stresses competitive pressure and the need for cost efficiency to maintain margins in a contested environment.
The group's position depends on access to raw materials and energy and on its ability to negotiate prices, which the company treats as distinct operational risks.
- Local cement and concrete producers
The report does not name competitors; they vary by region.
- Regional precast manufacturers
Precast operates in local markets with many participants.
- International building materials groups
Competition in Europe and South America includes large players with global scale.
- Aggregates and construction solutions producers
Aggregates and solutions segments have specialised competitors in each market.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202520 Oct 2026
- Annual report 202520 Oct 2026
- Annual report 202408 May 2025
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Cementos Molins, S.A. · 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.