Investor Presentaiton
October 12, 2021
LAMOSA: INVESTMENT THESIS
VALUE CREATION AT ITS FINEST
GBM
Management has successfully integrated acquisitions into the company's operations, keeping its organic and inorganic profitable growth story intact. More importantly and deeply discussed on the next slide,
the company has not only delivered returns above the cost of capital but also grown returns as new assets are integrated into its portfolio. At the same time, LAMOSA has given back cash to shareholders via
a steadily rising dividend payment, and has repurchased -7% of the company's shares since 2019. From our point of view, if you combine these three factors (inorganic growth, higher or stable returns, and
dividends) with LAMOSA's favorable industry fundamentals, you get an attractive proposition for long-term value investors who don't mind the stock's low liquidity.
EBITDA AND EBITDA Margins
-Figures in MXN Billion
29%
25%
22%
24%
23%
27%
26%
24%
22%
22%
22%
21%
22%
23%
22%
21%
19%
21%
20%
19%
20%
19%
Roca
19%
有
7.3
7.1
7.0
euro
6.6
6.2
PORCELANITE
diseña tus sueños
SAN LORENZO
cerámica
^
4.2
3.4
3.1
3.3
3.5
2.3
2.0
2.1
1.8
1.6
1.5
1.7
1.8
2.0
0.8
1.0
1.0
1.0
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
EBITDA
2015
EBITDA Mg.
2016
2017
2018
2019
2020
2021e
2022e 2023e 2024e 2025e
Dividends per Share and Dividend Yield
-Figures in MXN per Share
3.6%
1.7%
1.6% 1.5%
1.1%
3.1%
1.8%
2.0%
1.9%
2.1%
1.5%
2.5%
1.8%
1.3%
1.4%
1.6%
1.7% 1.9%
1.33
1.21
1.10
1.00
0.70
0.77
0.83
0.91
0.60
0.40
0.20
0.27
0.29
0.08
0.09
0.12
0.15
0.20
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Dividend (MXN per Share)
2017
Dividend Yield
2018
2019
2020
2021e
2022e 2023e
2024e
2025e
Source: GBM Research
LAMOSA/CERAMIC: THE ROAD TO GROWTH IS PAVED WITH TILES. | 33View entire presentation