Loma Negra Compania Industrial Argentina SA (LOMA.BA) fair value

ACCE thesis

Loma Negra makes cement, ready-mix concrete, lime and aggregates for Argentina's construction market, with a cement plant footprint that is hard to replicate and an Argentine construction cycle that is only now starting to recover. Its structural edge is the scarcity of new cement capacity in a country where logistics and import costs keep local producers insulated, though that same insulation has not translated into strong returns, with ROE at 3.8% and an operating margin of 6.8%. Revenue growth of 2.1% is thin, so the thesis depends on volume recovery and pricing discipline as inflation moderates. The forward P/E of 1.0 against a trailing 37.5 is a sharp gap that signals either a dramatic expected earnings swing or a figure that needs checking before anyone relies on it. At a 54/100 score and no index membership, this reads as a cyclical turnaround candidate that warrants a deeper look at margin trajectory and the forward earnings assumption, not a conclusion.