The cement company from Isère pauses after several sessions of strong gains. The stock pulls back in an almost flat Parisian market, without undermining the underlying upward trend that has been shaping up since early June.
Vicat shares fell 1.63% to €66.20 in early afternoon trading, while the SBF 120 edged up 0.07% and the CAC 40 remained stable. This movement comes after a very favorable sequence: the stock has gained 11.26% over a week and 8.88% over a month, having broken its resistance at €64.80 during the session on June 15, as documented in a previous brief. Today's consolidation leaves the price well above the 20-day moving average (MM20) of €62.20 (a +6.4% gap) and the 50-day moving average (MM50) of €62.95 (a +5.2% gap), but just below the 200-day moving average (MM200) of €66.99 (a -1.2% gap), which now acts as an immediate technical ceiling. The RSI at 65 indicates this tension: the stock is not yet in overbought territory, but it is approaching it after the surge in recent sessions.
CIC Market Solutions Maintains a Target of €81, Over 22% Potential
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Regarding analyst opinions, CIC Market Solutions reaffirmed on June 16 its buy rating and its price target of €81, representing a potential of approximately 22.4% compared to the current price. The sector context also remains supportive: Brent crude fell 4.27% during the session to $79.62/barrel, after a cumulative decline of about 16.7% since June 7, which reduces fuel costs, a sensitive expense for a cement company. This energy easing follows the US-Iran agreement signed on the sidelines of the G7 in Évian, which includes the reopening of the Strait of Hormuz. The next technical benchmark to watch is the MM200 at €66.99, whose reconquest would validate the bullish exit started from the low of June 8 under €59.10.
SectorImmobilier / construction · Industrie · Matériaux / matières premières · BTP / infrastructures›Ciment
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Context
Period
Period: 1S2026
Key reported figures
Revenue: 2036M€
EBITDA: 367M€
EBITDA margin: 18,0%
Net income: 133M€
Free cash flow: -36M€
1327M€
Guidance from the release
Une nouvelle fois, le Groupe livre de solides résultats, portés par des hausses de prix dans la quasi-totalité des géographies, la confirmation de la reprise des volumes aux États-Unis et la très bonne dynamique des pays émergents.
Vicat affiche une croissance organique du chiffre d'affaires de +10,8 % (+8,0 % en publié, effet de change défavorable de -69 M€) et un EBITDA en hausse de +13,6 % à périmètre et change constants, avec une marge portée à 18,0 %. La performance est tirée par l'Afrique (Sénégal, four 6), le Brésil, l'Égypte et le Kazakhstan, tandis que l'Europe reste résiliente et que les États-Unis et l'Inde reculent en rentabilité. Le cash-flow libre est négatif à -36 M€ du fait de la saisonnalité et du besoin en fonds de roulement, mais l'endettement net baisse sur un an à 1 327 M€ (leverage 1,65x). Les objectifs 2026 sont relevés.
Risks mentioned
Hausse des coûts de l'énergie devant se matérialiser davantage au second semestre
Effets de change défavorables (dollar, roupie indienne, livres turque et égyptienne)
Visibilité limitée aux États-Unis et en Inde, prix volatils et concurrence tendue
Contexte géopolitique au Moyen-Orient pouvant affecter l'activité et la logistique
Opportunities identified
Contribution en année pleine du four 6 au Sénégal améliorant les coûts de production
Hausses de prix annoncées aux États-Unis à compter de l'été
Acquisition d'Araïko renforçant les capacités en intelligence artificielle industrielle
Demande liée aux data centers dans le Sud-Est des États-Unis
Projet Catch4climate : démarrage du démonstrateur oxyfuel de seconde génération
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
