Cementos Molins, S.A. (CMO.MC) fair value

ACCE thesis

Cementos Molins is a Spanish producer of cement, ready-mix concrete, aggregates and precast products, with a large footprint in Spain and a growing presence in Central and Eastern Europe. Its position rests on quarry reserves and a network of regional plants, which keep haulage distances short and make new entrants expensive to replicate. Demand is tied to public infrastructure and residential construction, so the near-term case depends on whether that spending holds up as European budgets for transport and energy projects are deployed. Revenue grew 7.8% in the latest reported figures, and a 66.9% gross margin with a 10.5% operating margin suggests pricing is holding even as energy costs stayed elevated. At 11.2 times trailing earnings and 12.3 times forward, the stock is not priced for a sharp recovery, though a 13.7% return on equity is modest for a business with this asset base and warrants checking how much of it is cyclical.