Added to YB: 2026-06-25
Pitch date: 2026-06-23
CMB.MI [neutral]
Cembre S.p.A.
Author Info
FluentInQuality invests in high-quality businesses that generate steady and sustainable cashflows, proven track records, and the potential to act as a true compounding machines over the long run. Sign up for the newsletter.
Company Info
Cembre S.p.A. engages in the manufacture and sale of electrical connectors, cable accessories, and tools in Italy, the rest of Europe, and internationally.
Market Cap
N/A
Pitch Price
N/A
Price Target
N/A
Dividend
2.22%
EV/EBITDA
N/A
P/E
N/A
EV/Sales
N/A
Sector
Electrical Equipment
Category
value
This Quiet Italian Small-Cap Compounder Doubled in Price. The Business Didn't. - Cembre
CMB.MI (watchlist): Italian niche compounder—electrical connectors, crimping tools, railway products. Q1 2026 rev +13.9%, record 33.6% EBITDA margin, ~28% op margin, near-zero net debt, family-run, rising dividend + €50M buyback. But trades 24.6x EV/EBIT, 30x P/OCF—~2x 10yr median. Fair value ~16-18x = 20-30% overvalued. Quality earns premium, not this premium. Risks: soft Italy (44% sales), weak RoW (-22% 2025), cyclicality.
Read full article (9 min)