Cementos Pacasmayo Saa (CPAC)

Price$12.25Cached quoteAs of 2026-10-09 03:54 UTC

AI: Fair-priced

Price checkThe shares look fairly priced against earnings, cash flow, debt, and Holcim’s deal benchmark.

At the observed quote, the five ordinary shares represented by each New York security value Pacasmayo’s equity near S/3.6 billion. That broadly matches the S/3.7 billion equity value Holcim used when buying control. The price is also about 17 times profit from the latest four quarters and roughly eight times recent operating cash profit before financing, tax, and noncash charges, after adding net debt. Those are reasonable rather than bargain levels. The still-unknown tender price prevents a more decisive verdict.

Big pictureProfit has rebounded, while uneven cash generation and generous dividends reduce the cushion.

First-half 2026 sales rose 13.3%, operating cash profit rose 33.1%, and net income rose 58.4%, showing genuine volume and efficiency gains. Yet annual operating cash flow ranged from S/112 million to S/412 million during 2022–2025. Free cash flow—cash left after running and investing in the business—was about S/242 million in 2025. The S/175.5 million annual dividend consumed roughly 73% of that. The weighted share count stayed at 428.1 million through 2023–2025, so recent owners were not diluted.

Business strengthNorthern Peru leadership supports pricing, but concentrated household demand and debt limit safety.

Pacasmayo supplied 22.4% of Peru’s cement sales in 2025 and focuses on northern Peru, where its brand, retail reach, and nearby plants support pricing. Self-built homes generated 73.9% of cement sales, a resilient base but a concentrated bet on household income; volumes still fell 7.9% in 2023. At June 2026, debt was S/1.37 billion versus S/199.5 million cash, and net debt was 2.3 times operating cash profit. Current assets of S/1.10 billion exceeded short-term liabilities of S/905 million, providing a moderate liquidity buffer.

What could change the storyA firm takeover price could unlock value, while weaker homebuilding would expose today’s optimism.

The bull case needs first-half volume growth near 13.6% and the 31.6% operating cash-profit margin to persist; that would lower today’s earnings multiple as profits grow. The bear case appears if bagged-cement demand weakens or coal and imported-clinker costs reverse recent efficiency gains. Cement generated 86.3% of second-quarter cement, concrete, and precast sales, and its margin already slipped 1.5 points. Separately, a mandatory Holcim offer above the negotiated S/3.7 billion equity benchmark could create upside; a lower offer followed by New York delisting would weaken liquidity.

AI: News

Takeover valuation advancesAn independent valuer now must set the takeover floor, making the unknown offer price the key catalyst.

On September 2, Pacasmayo disclosed that MSRA S.A.C. had been selected to determine the minimum price for Holcim’s mandatory offer. Holcim’s August 24 response said the control purchase began from a US$1.5 billion company value and produced S/3.7 billion for all equity before seller-level deductions. That benchmark is informative, not the offer price. Holcim has requested extra time and intends to delist the New York securities after the offer, tying minority value and future trading access to the process.

Second-quarter profit surgeHigher cement demand and better concrete profits lifted earnings sharply, strengthening the operating case.

On July 20, Pacasmayo reported second-quarter sales volume up 15.5% and revenue up 15.4% from a year earlier. Operating cash profit before financing, tax, and noncash charges rose 34.3% to S/174.8 million, while net income rose 61.5% to S/77.2 million. The margin improved 4.4 percentage points to 31.3%, although cement’s own margin fell 1.5 points because coal cost more and kiln maintenance required additional imported clinker. The results improve underlying value, but no reliable evidence isolates their effect on the share price.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	PEN2.12B	PEN1.98B	PEN1.95B	PEN2.12B	PEN1.94B	PEN1.30B	PEN1.39B	PEN1.26B	PEN1.22B	PEN1.24B	PEN1.23B
Gross profit	PEN806.9M	PEN728.5M	PEN689.5M	PEN652.0M	PEN559.4M	PEN375.3M	PEN486.9M	PEN466.7M	PEN487.8M	PEN500.1M	PEN535.3M
Gross margin	38.12%	36.83%	35.36%	30.82%	28.87%	28.95%	34.96%	36.96%	39.96%	40.44%	43.48%
Operating expenses	PEN382.1M	PEN337.5M	PEN351.9M	PEN296.7M	PEN241.2M	PEN199.2M	PEN216.4M	PEN225.0M	PEN289.2M	PEN227.3M	PEN207.3M
Operating income	PEN424.7M	PEN391.0M	PEN337.6M	PEN355.3M	PEN318.3M	PEN176.1M	PEN270.5M	PEN241.8M	PEN198.6M	PEN272.8M	PEN328.0M
Operating margin	20.06%	19.77%	17.31%	16.79%	16.42%	13.59%	19.42%	19.14%	16.27%	22.06%	26.64%
EBITDA	PEN518.8M	PEN525.4M	PEN463.0M	PEN477.2M	PEN437.2M	PEN298.7M	PEN385.8M	PEN359.0M	PEN307.8M	PEN367.5M	PEN386.8M
EBITDA margin	24.51%	26.56%	23.75%	22.55%	22.56%	23.04%	27.70%	28.43%	25.22%	29.72%	31.42%
Net income	PEN154.2M	PEN198.9M	PEN168.9M	PEN176.8M	PEN153.2M	PEN57.9M	PEN132.0M	PEN75.1M	PEN80.6M	PEN112.9M	PEN211.7M
Net profit margin	7.28%	10.05%	8.66%	8.36%	7.90%	4.47%	9.48%	5.95%	6.61%	9.13%	17.19%
Basic EPSper basic share	PEN 1.80	PEN 0.46	PEN 0.39	PEN 0.41	PEN 0.36	PEN 0.14	PEN 0.31	PEN 0.18	PEN 0.21	PEN 0.21	PEN 0.38
Diluted EPSper diluted share	PEN 1.80	PEN 0.46	PEN 0.39	PEN 0.41	PEN 0.36	PEN 0.14	PEN 0.31	PEN 0.18	PEN 0.21	—	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of CPAC
Holder	Shares held
Cable Car Capital, LP	300K
Inspire Investing, LLC	175.61K
Sagil Capital LLP	157.53K
JBF Capital, Inc.	146.47K
BNP PARIBAS FINANCIAL MARKETS	99.66K
DIMENSIONAL FUND ADVISORS LP	99.42K
BENJAMIN EDWARDS INC	64.4K
FAIRFAX FINANCIAL HOLDINGS LTD/ CAN	50K
MORGAN STANLEY	26.05K
MILLENNIUM MANAGEMENT LLC	19.28K
Rangeley Capital, LLC	19.1K
Savant Capital, LLC	18.65K
CITADEL ADVISORS LLC	18.18K
WOODWARD DIVERSIFIED CAPITAL, LLC	11K
ACADIAN ASSET MANAGEMENT LLC	8.51K
BlackRock, Inc.	6.29K
OSAIC HOLDINGS, INC.	1.51K
GAMMA Investing LLC	928
NISA INVESTMENT ADVISORS, LLC	563
Sankala Group LLC	435

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)1$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Mar 30, 2026Form 4	Hochschild Beeck EduardoDirector,TenPercentOwner	SellCommon Stock · indirect	211.99M	$0.00	$0.00	0

Review ownership filings at SEC.gov ↗

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Cementos Pacasmayo Saa (CPAC)

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