# Cementos Pacasmayo SAA (CPAC.US)

Canonical: https://gigainvestors.com/s/CPAC

Analysis as of: 2026-10-16T07:27:40.729Z. Financial observations: FY2009–FY2026.

Listing currency: USD. Reporting currency: PEN.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $12.67 per share; close as of 2026-10-15.

Estimated value: low $11.00 per share, central $15.45 per share, high $18.05 per share. Buy at or below the central value $15.45 per share. Valuation as of 2026-10-16T07:27:40.729Z; scenarios are not confidence intervals.

Expected annual return: 11.5% at the stated quote. About 11.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.14×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.16×

- FY2018: 0.19×

- FY2019: 0.19×

- FY2020: 0.14×

- FY2021: 0.16×

- FY2022: 0.17×

- FY2023: 0.20×

- FY2024: 0.20×

- FY2025: 0.20×

- LTM to Jun 2026: 0.23×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 9.0%

- ROIC, second-lowest year: 5.9%

- Typical minus recent gross margin: -0.7 pp

- Typical gross margin (annual median): 36.1%

- Recent gross margin (lower of latest and 3-year median): 36.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.3%

- ROIC including acquisitions, ten-year median: 6.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.9%

- FY2017: 5.3%

- FY2018: 6.4%

- FY2021: 8.8%

- FY2022: 9.1%

- FY2023: 9.9%

- FY2024: 9.9%

- FY2025: 10.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.06×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: PEN 904M

- Net income, five-year total: PEN 852M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 1.0 pp

- Working capital / revenue, change between three-year averages: 7.1 pp

- Working capital / revenue, final three-year average: 39.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.27×

- FY2022: 1.00×

- FY2023: 0.14×

- FY2024: 1.47×

- FY2025: 1.41×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 5.9% vs 9.9%

- Per-share earnings: 1.34 to 1.97 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.1%

- Ordinary dilution, 5-year annual growth: 0.8%

- Market cap gain: PEN 995M

- Cumulative retained earnings: PEN -425M

- Diluted shares, 10-year annual growth: -2.1%

- Diluted shares, 5-year annual growth: 0.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.0%

- Per-share value change: PEN 0.64

- Per-share value, starting three-year median: PEN 1.34

- Per-share value, ending three-year median: PEN 1.97

- Average buyback yield: 0.9%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: PEN 83M

- Cumulative net income, 10 years: PEN 1.3B

- ROIC, first three-year median: 5.9%

- ROIC, last three-year median: 9.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: PEN 1.34

- FY2017: PEN 1.10

- FY2018: PEN 0.90

- FY2019: PEN 1.54

- FY2020: PEN 0.68

- FY2021: PEN 1.79

- FY2022: PEN 2.07

- FY2023: PEN 1.97

- FY2024: PEN 2.32

- FY2025: PEN 1.73

### accounting: pass

- Sloan accruals: -6.0%

- Receivables to sales index (DSRI): 1.15×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.20×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.8%

- FY2017: -5.9%

- FY2018: -4.5%

- FY2021: -0.5%

- FY2022: 1.9%

- FY2023: -7.4%

- FY2024: -3.8%

- FY2025: -6.0%

## Holders

- [Prem Watsa](https://gigainvestors.com/FFH): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 3.8% a year for ten years · sales +6.2%

Story as of 2026-10-16T09:58:33.499Z; price observation 2026-10-15.

Price needs cash profits to grow 3.8% a year for ten years

### Sales · FY2025–2026

sales +6.2%; source https://www.sec.gov/Archives/edgar/data/1221029/000121390026048232/ea0285559-20f_cementos.htm; observed 2026-04-28.

- FY2017: PEN 1.2B 

- FY2018: PEN 1.3B 

- FY2019: PEN 1.4B 

- FY2020: PEN 1.3B 

- FY2021: PEN 1.9B 

- FY2022: PEN 2.1B 

- FY2023: PEN 2.0B 

- FY2024: PEN 2.0B 

- FY2025: PEN 2.1B 

- FY2026: PEN 2.2B 

### Gross margin · FY2025

gross margin 38.1%; source https://www.sec.gov/Archives/edgar/data/1221029/000121390026048232/ea0285559-20f_cementos.htm; observed 2026-04-28.

- FY2016: 40.4% 

- FY2017: 40.0% 

- FY2018: 37.0% 

- FY2019: 35.0% 

- FY2020: 28.9% 

- FY2021: 28.9% 

- FY2022: 30.8% 

- FY2023: 35.4% 

- FY2024: 36.8% 

- FY2025: 38.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in building materials; annual sales are PEN 2.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1221029/000121390026048232/ea0285559-20f_cementos.htm (filed 2026-04-28); FY2025: revenue 2116883000; grossProfit 806866000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); CPAC.US: Cementos Pacasmayo S.A.A. produces, distributes, and sells cement and cement-related materials in Peru. It operates in three segments: Cement, Concrete, Mortar, Pavement and Precast; Quicklime; and Sales of Construction Supplies. The company offers cement and concrete products for use in residential and commercial construction, and civil engineering; ready-mix concrete for use in construction sites; concrete precast, such as paving units or paver stones for pedestrian walkways, as well as other bricks for partition walls and concrete precast for structural and non-structural uses; and cement-based products. It also produces and distributes quicklime for use in steel, food, fishing, and chemical industries. In addition, the company sells and distributes other construction materials manufactured by third parties, such as steel rebar, wires, nails, corrugated iron, electric conductors, and plastic tubes and accessories. It offers its products directly to other retailers, private construction companies, and through a network of independent retailers and hardware stores. Cementos Pacasmayo S.A.A. was incorporated in 1949 and is headquartered in Lima, Peru. Cementos Pacasmayo S.A.A. is a subsidiary of Inversiones ASPI S.A.

### Why customers stay

Margins ranged from 35.4% to 38.1% during 2023–25; it earns 9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2023: grossProfit / revenue = 35.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2024: grossProfit / revenue = 36.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1221029/000121390026048232/ea0285559-20f_cementos.htm (filed 2026-04-28); FY2025: grossProfit / revenue = 38.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); 10-year return on capital observations [[2016,0.058899679170247035],[2017,0.05306244614160072],[2018,0.06364360763239567],[2021,0.08838828775963566],[2022,0.09125452982734805],[2023,0.09866750478324167],[2024,0.09918511920202212],[2025,0.10777783700718294]]; median 0.08982140879349185. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2016: growth capex 9253357.522202656; upkeep 127814642.47779734; owner earnings 99625357.52220266. Growth capex / owner earnings = 0.09288154895846108.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2017: growth capex 0; upkeep 80835000; owner earnings 137153000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2018: growth capex 0; upkeep 111266000; owner earnings 95212000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2019: growth capex 0; upkeep 83015000; owner earnings 178850000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2020: growth capex 0; upkeep 52549000; owner earnings 144512000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2021: growth capex 0; upkeep 94547000; owner earnings 194190000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2022: growth capex 39958000; upkeep 138539000; owner earnings 176828000. Growth capex / owner earnings = 0.22597100006786255.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2023: growth capex 0; upkeep 289307000; owner earnings 23788000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2024: growth capex 0; upkeep 64318000; owner earnings 292803000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1221029/000121390026048232/ea0285559-20f_cementos.htm (filed 2026-04-28); FY2025: growth capex 0; upkeep 96932913; owner earnings 216753087. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); Dividend observations: [[2016,154401000],[2017,124993000],[2018,171790000],[2019,120647000],[2020,143623000],[2021,336821000],[2022,179820000],[2023,175431000],[2024,175046000],[2025,164768879]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); CPAC.US SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits grow 3.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); Ten-year compound average after fade. Initial solved rate 0.041709377725818286. Price 12.67; FX 0.29082; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -1.782728998481698 → FY2025 2.4364408461944853. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $7.62 per share

- 2016-11: $7.13 per share

- 2016-12: $7.34 per share

- 2017-01: $7.57 per share

- 2017-02: $7.36 per share

- 2017-03: $11.22 per share

- 2017-04: $10.66 per share

- 2017-05: $11.35 per share

- 2017-06: $11.43 per share

- 2017-07: $11.51 per share

- 2017-08: $12.20 per share

- 2017-09: $12.73 per share

- 2017-10: $12.74 per share

- 2017-11: $12.51 per share

- 2017-12: $12.40 per share

- 2018-01: $12.88 per share

- 2018-02: $12.06 per share

- 2018-03: $12.00 per share

- 2018-04: $12.80 per share

- 2018-05: $11.88 per share

- 2018-06: $11.58 per share

- 2018-07: $11.46 per share

- 2018-08: $10.82 per share

- 2018-09: $10.45 per share

- 2018-10: $10.30 per share

- 2018-11: $9.40 per share

- 2018-12: $9.50 per share

- 2019-01: $10.00 per share

- 2019-02: $9.88 per share

- 2019-03: $10.00 per share

- 2019-04: $9.50 per share

- 2019-05: $8.59 per share

- 2019-06: $8.80 per share

- 2019-07: $9.15 per share

- 2019-08: $8.30 per share

- 2019-09: $8.85 per share

- 2019-10: $9.65 per share

- 2019-11: $9.68 per share

- 2019-12: $9.23 per share

- 2020-01: $9.21 per share

- 2020-02: $8.69 per share

- 2020-03: $7.10 per share

- 2020-04: $6.09 per share

- 2020-05: $6.75 per share

- 2020-06: $8.45 per share

- 2020-07: $8.36 per share

- 2020-08: $7.71 per share

- 2020-09: $7.80 per share

- 2020-10: $7.60 per share

- 2020-11: $9.03 per share

- 2020-12: $7.46 per share

- 2021-01: $8.06 per share

- 2021-02: $8.45 per share

- 2021-03: $7.80 per share

- 2021-04: $7.17 per share

- 2021-05: $7.48 per share

- 2021-06: $6.55 per share

- 2021-07: $6.18 per share

- 2021-08: $5.52 per share

- 2021-09: $5.37 per share

- 2021-10: $6.15 per share

- 2021-11: $6.47 per share

- 2021-12: $6.22 per share

- 2022-01: $6.57 per share

- 2022-02: $6.63 per share

- 2022-03: $6.80 per share

- 2022-04: $5.86 per share

- 2022-05: $5.39 per share

- 2022-06: $4.70 per share

- 2022-07: $5.04 per share

- 2022-08: $4.75 per share

- 2022-09: $4.67 per share

- 2022-10: $5.35 per share

- 2022-11: $5.31 per share

- 2022-12: $5.16 per share

- 2023-01: $5.34 per share

- 2023-02: $5.15 per share

- 2023-03: $5.28 per share

- 2023-04: $5.40 per share

- 2023-05: $5.53 per share

- 2023-06: $5.09 per share

- 2023-07: $5.35 per share

- 2023-08: $5.32 per share

- 2023-09: $5.17 per share

- 2023-10: $5.00 per share

- 2023-11: $4.72 per share

- 2023-12: $5.14 per share

- 2024-01: $5.13 per share

- 2024-02: $5.60 per share

- 2024-03: $6.11 per share

- 2024-04: $5.33 per share

- 2024-05: $5.65 per share

- 2024-06: $5.72 per share

- 2024-07: $5.72 per share

- 2024-08: $5.55 per share

- 2024-09: $5.75 per share

- 2024-10: $6.50 per share

- 2024-11: $5.75 per share

- 2024-12: $5.23 per share

- 2025-01: $5.89 per share

- 2025-02: $5.84 per share

- 2025-03: $5.80 per share

- 2025-04: $5.50 per share

- 2025-05: $6.00 per share

- 2025-06: $5.95 per share

- 2025-07: $6.30 per share

- 2025-08: $6.78 per share

- 2025-09: $6.96 per share

- 2025-10: $7.27 per share

- 2025-11: $6.70 per share

- 2025-12: $10.42 per share

- 2026-01: $11.01 per share

- 2026-02: $10.61 per share

- 2026-03: $10.00 per share

- 2026-04: $10.65 per share

- 2026-05: $10.52 per share

- 2026-06: $11.96 per share

- 2026-07: $11.80 per share

- 2026-08: $12.50 per share

- 2026-09: $12.10 per share

- 2026-10: $12.67 per share

## Annual estimated value (USD per share)

- FY2016: low $3.44 per share, central $3.89 per share, high $4.48 per share

- FY2017: low $3.34 per share, central $3.79 per share, high $4.39 per share

- FY2018: low $3.61 per share, central $4.10 per share, high $4.75 per share

- FY2019: low $4.72 per share, central $6.02 per share, high $7.02 per share

- FY2020: low $5.44 per share, central $6.18 per share, high $7.17 per share

- FY2021: low $10.73 per share, central $14.93 per share, high $17.40 per share

- FY2022: low $9.26 per share, central $11.76 per share, high $13.67 per share

- FY2023: low $7.43 per share, central $8.43 per share, high $9.76 per share

- FY2024: low $9.25 per share, central $13.14 per share, high $15.42 per share

- FY2025: low $9.44 per share, central $13.42 per share, high $15.76 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1221029/000121390026048232/ea0285559-20f_cementos.htm); period 2025-12-31, filed 2026-04-28.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.