Company Overview - Cementos Pacasmayo (NYSE:CPAC) is a leading cement company in Peru, focusing on the production and distribution of cement, concrete, and other construction materials, primarily in the northern region of Peru [1] Market Performance - The current market price of CPAC is $10.48, reflecting a modest increase of 1.95% or $0.20, with a trading range today between $10.23 and $10.69, indicating some volatility [3] - Over the past year, CPAC has experienced a high of $11.30 and a low of $5.10, showcasing its potential for growth [3] - The company's market capitalization is approximately $897.5 million, with a trading volume of 49,293 shares [3] Investment Outlook - Scotiabank has set a price target of $12.80 for CPAC, suggesting a potential increase of approximately 22.14% from its current price [2][5] - Zacks Investment Research identifies CPAC as a potential interest for value investors, supported by its strong performance in the "Value" category of Zacks' Style Scores system [2][4][5]

Company Overview - Eagle Materials is a leading U.S. supplier of essential construction materials, with a diversified portfolio that includes cement, aggregates, wallboard, and recycled paperboard [4] - The company serves a broad base of customers in residential, commercial, and public infrastructure markets, leveraging vertical integration and regional scale [5] Financial Performance - As of November 14, 2025, Eagle Materials has a market capitalization of $6.63 billion, revenue of $2.30 billion, and net income of $446.80 million [3] - The stock price on November 14, 2025, was $202.06, reflecting a 33.6% decline over the past year, underperforming the S&P 500 by 46.7 percentage points [2][6] Recent Developments - L1 Capital International sold its entire $19.1 million stake in Eagle Materials, which constituted 4.7% of its 13F assets at the end of the second quarter [1][2] - The company missed earnings estimates for the second quarter of FY 2026, with wallboard volumes declining 5% in the first half due to softening demand from the residential construction sector [9] Market Trends - The U.S. housing market has softened since 2024, leading to a revenue growth decline from mid-teens in FY 2023 to zero growth in FY 2025 [7] - Elevated mortgage interest rates continue to raise concerns about housing affordability, impacting residential construction activity [9] Growth Opportunities - Despite challenges in the residential segment, Eagle's non-residential segments have shown solid growth, supported by government infrastructure projects and increased private spending [10] - The stock is currently trading at 16.3 times its trailing 12-month earnings and a price-to-sales ratio of 3.2, indicating it remains within its five-year ranges and may present a hidden gem for long-term investors [10][11]

Financial Data and Key Metrics Changes - Consolidated adjusted EBITDA reached $36 million, reflecting a 23.7% year-over-year reduction, with the adjusted EBITDA margin contracting to 20.8%, a decline of 315 basis points year-over-year [5][12][16] - Net loss attributable to the owner of the company totaled ARS 8.5 billion for the quarter, compared to a net gain of ARS 27.9 billion in the same quarter last year [15][16] - Net debt declined by $9 million quarter-over-quarter to $206 million, with a net debt-to-EBITDA ratio of 1.49 times, up from 0.89 times at the end of 2024 [5][16][18] Business Line Data and Key Metrics Changes - Revenue in the cement segment declined 13.2% year-over-year, driven by a 5.4% contraction in volumes and softer pricing [8][12] - Concrete revenues remained broadly flat versus the third quarter of 2024, with a 37.8% increase in volumes offset by softer pricing dynamics [9][12] - The aggregates segment posted a slight 0.8% revenue decline, despite a 26.3% increase in sales volumes driven by higher activity in road construction [9][10] Market Data and Key Metrics Changes - Cement dispatches fell around 1% in the quarter, largely explained by a soft July, although September volumes were the highest in 22 months [6][7] - VAC cement dispatches reached 44% of total industry dispatches, showing strong performance in line with the previous quarter [7] - October's volumes showed renewed strength, with a 7.4% year-over-year increase, indicating a potential recovery in the market [7][26] Company Strategy and Development Direction - The company aims to optimize performance and support the country's development as conditions normalize, with a focus on unlocking investment projects that have been on hold [19][20] - The recent electoral outcome is expected to provide stability needed for investment projects, with management expressing optimism about higher activity levels [19][26] Management Comments on Operating Environment and Future Outlook - Management noted that key industry activity lost momentum due to a slowing economy and uncertainty around the electoral process, but expressed optimism for recovery following the elections [4][19] - The company expects to see a recovery in pricing in dollar terms with a more stable exchange rate and plans to increase prices above inflation [24][25] Other Important Information - The company began dispatching new 25-kilogram bags during the quarter, which were well received by customers [19] - Cash flow generation from operating activities totaled ARS 32 billion, reflecting higher working capital requirements and lower operational results [16][17] Q&A Session Summary Question: Pricing outlook for the company - Management indicated that pricing dynamics are expected to improve, with plans to increase prices above inflation in the coming months, especially with a more stable exchange rate [22][24] Question: Capital allocation and dividend distribution - Management stated that due to the macroeconomic situation in Argentina, they have not advanced with dividend payments this year but plan to reassess the situation for 2026 [24][25] Question: Early call orders or volumes for the fourth quarter - Management noted a recovery in volumes for October, driven by pre-election investment hesitance and a favorable exchange rate, expressing optimism for continued volume growth [26][27]

Core Insights - Loma Negra reported a net loss of Ps. 8.6 billion in 3Q25, a significant decline from a net profit of Ps. 27.9 billion in the same period last year, primarily due to lower operational performance and a decrease in financial results [35][36] - The company experienced a 12.1% year-over-year decline in net revenue, totaling Ps. 209.3 billion, largely attributed to a 13.2% decrease in the Cement segment [17][8] - Adjusted EBITDA decreased by 23.7% year-over-year to Ps. 43.5 billion, with a margin contraction of 315 basis points to 20.8% [27][28] Financial Performance - Net revenue for 3Q25 was Ps. 209,272 million, down from Ps. 238,067 million in 3Q24, reflecting a decline in the Cement segment [17][8] - Gross profit fell by 32.5% to Ps. 36,261 million, with a gross profit margin of 17.3%, down from 22.6% in the previous year [24][6] - The company reported a net loss attributable to owners of Ps. 8.5 billion, with a loss per share of Ps. 14.5122 compared to a gain of Ps. 47.2609 in 3Q24 [36][9] Operational Highlights - Cement, masonry, and lime sales volumes decreased by 5.4% year-over-year to 1.37 million tons, despite a sequential increase of 12.8% [11][12] - The concrete segment saw a volume increase of 37.8% year-over-year, driven by private developments and public infrastructure projects [13] - The aggregates segment also experienced a 26.3% year-over-year volume increase, supported by road construction and railroad projects [20] Debt and Capitalization - Total debt as of September 30, 2025, was Ps. 396.7 billion, with a net debt to LTM adjusted EBITDA ratio of 1.49x, up from 0.89x at the end of 2024 [37][38] - The company issued a Class 5 corporate bond for US$113 million in July 2025, aimed at refinancing upcoming maturities [39][38] - Cash and cash equivalents increased to Ps. 115.2 billion compared to Ps. 18.1 billion in the previous year [37] Cash Flow Analysis - Net cash generated from operating activities was Ps. 31.9 billion, down from Ps. 83.8 billion in 3Q24, reflecting higher working capital needs [40][41] - Cash used in investing activities totaled Ps. 61.9 billion, primarily due to short-term allocations from the bond issuance [42] - Financing activities generated Ps. 74.3 billion, mainly from the bond issuance, net of repayments [42]

Core Insights - Vulcan Materials Company (VMC) reported strong third-quarter 2025 results, with adjusted earnings and revenues exceeding the Zacks Consensus Estimate and showing year-over-year growth [1][3][8] - The company's performance was bolstered by its aggregates-led business and effective operational execution, benefiting from public infrastructure spending trends despite economic uncertainties [1][2] Financial Performance - Adjusted earnings per share (EPS) for the quarter were $2.84, surpassing the Zacks Consensus Estimate of $2.68 by 6% and reflecting a 27.9% increase from the previous year's adjusted EPS of $2.22 [3][8] - Total revenues reached $2.29 billion, exceeding the consensus mark of $2.25 billion by 1.7% and growing 14.4% year over year [3][8] Segment Performance - **Aggregates Segment**: Revenues increased 14% to $1.79 billion, with shipments growing 12.1% year over year to 64.7 million tons [4][8] - **Asphalt Segment**: Revenues were $416.1 million, up 9.2% year over year, with gross profit rising to $71 million [6][8] - **Concrete Segment**: Revenues surged 36.2% year over year to $237.5 million, with gross profit increasing 116.9% to $14.1 million [7][8] Operational Highlights - Adjusted EBITDA for the quarter increased 26.5% year over year to $735 million, with the adjusted EBITDA margin expanding 310 basis points to 32.1% [9][8] - Selling, administrative, and general (SAG) expenses as a percentage of total revenues decreased by 10 basis points to 6.3% [9] Financial Position - As of September 30, 2025, cash and cash equivalents were $191.3 million, down from $559.7 million at the end of 2024, while long-term debt decreased to $4.36 billion from $4.91 billion [10] - Net cash provided by operating activities for the first nine months of 2025 was $1.27 billion, up from $969.5 million a year ago [10] Future Outlook - VMC remains optimistic about demand in public construction and private nonresidential activities, projecting double-digit year-over-year growth in cash gross profit per ton for the Aggregates segment [2][11] - Shipment growth is expected to be around 3% year over year, with freight-adjusted price improvements projected between 5% and 7% [11][12]

Core Insights - Vulcan Materials (VMC) is expected to report quarterly earnings of $2.68 per share, reflecting a 20.7% increase year-over-year, with revenues projected at $2.25 billion, a 12.5% increase from the previous year [1]. Earnings Estimates - The consensus EPS estimate has been revised upward by 3.3% in the last 30 days, indicating analysts' reassessment of their initial projections [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate revisions and short-term stock performance [3]. Revenue Projections - Analysts forecast 'Net Sales- Aggregates' at $1.77 billion, a 12.8% increase year-over-year [5]. - The consensus estimate for 'Net Sales- Concrete' is $212.85 million, suggesting a 22.1% year-over-year increase [5]. - 'Net Sales- Asphalt' is estimated at $404.86 million, reflecting a 6.2% increase from the previous year [5]. Unit Sales and Prices - The average unit sales price per ton for Aggregates is expected to reach $22.42, up from $21.27 in the same quarter last year [6]. - 'Unit shipments - Aggregates' are projected at 62,556 thousand tons, compared to 57,700 thousand tons a year ago [6]. - 'Unit shipments - Asphalt mix' are expected to be 4,174 thousand tons, up from 4,100 thousand tons last year [7]. - 'Unit shipments - Ready-mixed concrete' are forecasted at 1,140 thousand cubic yards, compared to 900 thousand cubic yards last year [7]. - The average unit sales price per ton for Asphalt mix is projected to be $84.90, up from $80.88 last year [8]. - The average unit sales price per cubic yard for Ready-mixed concrete is expected to reach $190.20, compared to $185.61 last year [8]. Gross Profit Estimates - 'Gross profit- Aggregates' is expected to reach $614.42 million, compared to $498.50 million last year [9]. - 'Gross Profit- Asphalt' is projected at $62.95 million, up from $60.20 million in the same quarter last year [9]. - 'Gross Profit- Concrete' is estimated to be $15.85 million, compared to $6.50 million last year [10]. Stock Performance - Vulcan's shares have decreased by 4.9% over the past month, contrasting with a 3.8% increase in the Zacks S&P 500 composite [10]. - With a Zacks Rank 2 (Buy), VMC is anticipated to outperform the overall market in the near future [10].

Core Insights - Cementos Pacasmayo S.A.A. reported consolidated results for the third quarter and the first nine months of 2025, highlighting growth in sales volume and revenue driven by increased demand in the construction sector [1][5]. 3Q25 Financial and Operational Highlights - Sales volume of cement, concrete, and precast increased by 9.0%, attributed to higher sales for infrastructure projects and increased demand for bagged cement [5]. - Revenues rose by 10.9%, consistent with the increase in sales volumes [5]. - Consolidated EBITDA increased by 3.9%, reaching S/160.6 million, primarily due to the revenue increase [5]. - Consolidated EBITDA margin was 28.0%, reflecting a 1.9 percentage point decrease due to higher personnel expenses from a negotiated union bonus [5]. - Net income was S/71.5 million, a 14.4% increase, driven by higher operating income, increased financial income, and lower interest expenses due to debt amortization [5]. 9M25 Financial and Operational Highlights - Sales volume of cement, concrete, and precast increased by 6.8%, mainly due to higher demand for bagged cement and infrastructure projects [5]. - Revenues increased by 7.3%, aligning with the sales volume growth [5]. - Consolidated EBITDA rose by 4.6%, reaching S/425.5 million, driven by increased demand [5]. - Consolidated EBITDA margin was 27.3%, consistent with the same period last year [5]. - Net income increased by 15.6%, reaching S/172.0 million, attributed to higher operating income, increased financial income, lower interest payments due to debt amortization, and favorable foreign exchange effects [5]. Company Overview - Cementos Pacasmayo S.A.A. is a leading cement company in Peru, producing and selling cement and related materials, with over 67 years of operational history [7]. - The company is listed on the New York Stock Exchange under the ticker symbol "CPAC" and serves the rapidly growing construction sector in Peru [7].

Core Viewpoint - Vulcan Materials Company (VMC) is expected to report its third-quarter 2025 results on October 30, with earnings per share estimated to rise by 20.7% year-over-year to $2.68 and revenues projected to increase by 12.5% to $2.25 billion, driven by strong performance in aggregates, asphalt, and concrete sales [1][2][8]. Financial Performance - In the last reported quarter, Vulcan's adjusted earnings missed the Zacks Consensus Estimate by 3.9%, and revenues also fell short by 4% [1]. - The Zacks Consensus Estimate for VMC's third-quarter earnings per share has increased from $2.67 to $2.68 over the past week [2]. Revenue Drivers - The company's top line is likely to benefit from a rebound in shipments following earlier weather-related disruptions, with July showing double-digit growth in volumes [3]. - Strong infrastructure activity, supported by the Infrastructure Investment and Jobs Act and state-level funding, is expected to drive demand for highway and public works projects [3]. - Vulcan's exposure to fast-growing end-markets such as data centers and multifamily housing projects is anticipated to provide additional support [3]. Pricing and Cost Management - Pricing strength is expected to aid revenues, with an 8% mix-adjusted price growth reported in the second quarter likely extending into the third quarter [4]. - The company's operational efficiency measures and cost discipline are projected to enhance margins, allowing it to capture price improvements effectively [7][9]. Segment Performance - The Aggregates business is expected to grow net sales by 12.5% to $1.77 billion, with volumes and prices anticipated to increase by 6.5% and 5.8%, respectively [5]. - The Asphalt Mix segment is projected to see net sales of $394 million, reflecting a 3.4% growth, while Concrete revenues are expected to rise by 18.8% to $207.3 million [6]. Earnings Prediction - The model predicts an earnings beat for Vulcan, supported by a positive Earnings ESP of +2.87% and a Zacks Rank of 2 (Buy) [10].

Core Viewpoint - China Resources Building Materials Technology Holdings reported a significant decline in revenue and net profit for 3Q25, largely in line with expectations, indicating ongoing challenges in the cement market due to weak demand and rising supply-demand imbalances [1][2]. Group 1: Financial Performance - Revenue fell 11% YoY to Rmb4.86 billion, while attributable net profit dropped 83% YoY to Rmb24.32 million [1]. - The firm's total sales volume of cement and clinker decreased 5.3% YoY to 14.12 million tonnes, which was a milder decline compared to the industry's 6.6% drop [1]. - The per-tonne average selling price (ASP) of cement and clinker decreased Rmb32 YoY to Rmb205, while the per-tonne cost also fell Rmb32 YoY to Rmb173, resulting in a stable per-tonne gross profit of Rmb32 [1]. Group 2: Business Segments - Sales volume for concrete and aggregate businesses increased significantly, with concrete sales rising 11% and aggregate sales up 32% YoY in 3Q25 [2]. - The unit gross profit for the concrete business increased Rmb7 YoY to Rmb46 per cubic meter, while the per-tonne gross profit for aggregates fell Rmb5 YoY to Rmb8.3 [2]. Group 3: Expense and Cost Management - The expense ratio for cement and clinker rose, with expenses per tonne increasing Rmb3 YoY to Rmb50 [3]. - Selling, general and administrative (G&A), and financial expense ratios changed by +0.2 percentage points, +1.9 percentage points, and -0.5 percentage points YoY, respectively [3]. Group 4: Industry Outlook - The cement industry is preparing for potential price hikes in November-December, with expectations that the "anti-involution" campaign may support earnings recovery [3]. - The utilization rate of clinker capacity is projected to rise to about 60% by 2026 if overproduction restrictions are strictly implemented [3]. - Management is focusing on strengthening profit margins and prioritizing pricing strategies, indicating potential upside for profit per tonne in southern China [3]. Group 5: Valuation and Forecast - EPS forecasts for 2025 and 2026 have been cut by 66% and 48% to Rmb0.06 and Rmb0.11, respectively, due to fixed asset impairments and lower-than-expected sales volume and prices [4]. - The stock is currently trading at 28x 2025 estimated P/E and 14x 2026 estimated P/E, with a target price cut by 12% to HK$2.2, implying a 34x 2025 estimated P/E and 17x 2026 estimated P/E with a 24% upside [4].

Imagine a world where all the buildings around us help us absorb carbon dioxide instead of pumping more of it into the atmosphere. A world where we use technology to accelerate the processes nature has already mastered. Well, it's already here.This is Paebbl – a Rotterdam startup making raw construction material out of CO2. But how does this work. And can it be deployed at scale.The method that we're using, which is actually running nature's chemistry on steroids. So the basic chemistry that we're working w ...