In its recent analysis, TERA Finances highlights the strategic positioning and financial performance of Carthage Cement, emphasizing the company’s operational recovery and its potential for value creation that the market has yet to fully capture.
Based on this, the firm recommends a buy rating for the stock, pointing to a potential upside of around 28% in the short term relative to the current price and 82% over the 2026–2027 horizon, following a market rerating.
Carthage Cement emerges as a solid player, equipped with modern industrial assets, a sound financial structure, and stable earning power, well-positioned to benefit from the recovery in local demand and export opportunities.
After a decade marked by massive investments (800 million dinars) and financial challenges, Carthage Cement has completed its consolidation phase.
Costs related to the commissioning of the cement plant, the launch of clinker production, and the development of aggregates and ready-mix concrete activities have been absorbed by more than half. With this stage behind it, the company now enjoys improved margins and a fully operational industrial base, offering strong growth and profitability leverage.
Recent performance confirms this trajectory: revenue has continued to grow despite a sluggish local market, EBITDA and gross margins have improved, and financial debt has been reduced thanks to restructuring measures implemented since 2019.
These elements reflect increasing operational and financial control, positioning Carthage Cement as a resilient player in a sector characterized by oversupply and competitive pressure.
The opportunity for the company now lies in consolidating its position in the Tunisian market, expanding its exports, and optimizing its product mix across cement, clinker, ready-mix concrete, and aggregates.
With a strong balance sheet, modernized industrial capacity, and improving operational profitability, Carthage Cement is well-positioned to convert its industrial potential into sustainable growth and value creation, while offering prospects for regular dividend distribution.
In summary, the analysis by TERA Finances emphasizes that Carthage Cement combines financial stability, operational efficiency, and credible growth prospects.
With an estimated share price upside of 28% in the very short term (2.320 dinars) and 82% over the medium-term horizon (3,300 dinars), it represents a particularly attractive investment opportunity for the Tunisian market.
