Cementos Pacasmayo S.A.A.

CPAC

Basic MaterialsConstruction MaterialsNYSE

$10.65

Market Cap: $919.56M

Cementos Pacasmayo S.A.A. (CPAC) Valuation Summary

Updated May 11, 2026 06:33

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$30.58 – $254.28	$60.89	+471.7%
Growth Exit 10Y	$30.76 – $229.77	$58.14	+445.9%
EBITDA Exit 5Y	$133.52 – $206.89	$167.40	+1471.8%
EBITDA Exit 10Y	$107.47 – $196.55	$146.14	+1272.2%
▸ Trading Multiples
P/E	$4.65 – $4.65	$17.07	+60.3%
EV/EBITDA	$88.85 – $411.48	$200.08	+1778.7%
EV/Revenue	$1.73 – $20.61	$5.27	-50.5%
▸ PEG
PEG Fair Value	$28.05 – $28.05	$28.05	+163.4%
▸ Earnings Power Value
Earnings Power Value	$20.80 – $42.44	$29.16	+173.8%
▸ Dividend Discount
Dividend Discount	$16.37 – $28.03	$19.99	+87.7%

Valuation History

DCF Analysis

Fair Value

$60.89

Market Price

$10.65

Upside / Downside

+471.7%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Cementos Pacasmayo S.A.A.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 6.9% to 0.7% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 23, DPO 31, DIO 209). At a 6.6% WACC with mid-year discounting, the terminal value (82% of enterprise value) is derived from the Gordon Growth Model on Year 6 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $60.89 per share, suggesting CPAC is undervalued by 471.7% at the current price of $10.65.

FCFF Present Value Calculation

WACC

6.61%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	315	305	315	325	328	336
(−) Net Interest	101	98	101	104	105	108
(+) D&A	145	157	151	124	143	147
EBITDA	560	560	567	554	576	590

(−) Tax	108	104	108	111	112	115
(−) CapEx	155	150	155	160	161	165
(−) ΔWC	39	-25	25	28	6	6
Free Cash Flow (FCFF)	259	330	280	255	297	304

Terminal Value						7,399
WACC / Discount Rate	6.6%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	251	300	238	204	222	5,373

Enterprise Value	6,588
Projection Period	1,215	18.4%
Terminal Value	5,373	81.6%

(−) Current Net Debt	1,375

Equity Value	5,213
(/) Outstanding Shares	86

Fair Price	$60.89

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.6%	$90	$107	$133	$175	$254
5.6%	$64	$73	$85	$102	$127
6.6%	$49	$54	$61	$70	$81
7.6%	$38	$42	$46	$51	$58
8.6%	$31	$33	$36	$39	$44

Current price: $10.65. Green = undervalued, Red = overvalued.

Fair Value

$58.14

Market Price

$10.65

Upside / Downside

+445.9%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Cementos Pacasmayo S.A.A.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 6.9% to 2.6% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 23, DPO 31, DIO 209). At a 6.6% WACC with mid-year discounting, the terminal value (66% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $58.14 per share, suggesting CPAC is undervalued by 445.9% at the current price of $10.65.

FCFF Present Value Calculation

WACC

6.61%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	315	305	315	325	328	331	336	343	350	359	368
(−) Net Interest	101	98	101	104	105	106	108	110	112	115	118
(+) D&A	145	157	151	124	143	156	158	161	164	166	170
EBITDA	560	560	567	554	576	594	602	613	626	641	657

(−) Tax	108	104	108	111	112	113	115	117	120	123	126
(−) CapEx	155	150	155	160	161	163	165	168	172	177	181
(−) ΔWC	39	-25	25	28	6	10	13	16	20	24	25
Free Cash Flow (FCFF)	259	330	280	255	297	308	309	311	314	317	325

Terminal Value											7,908
WACC / Discount Rate	6.6%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	251	300	238	204	222	217	204	193	182	173	4,170

Enterprise Value	6,353
Projection Period	2,183	34.4%
Terminal Value	4,170	65.6%

(−) Current Net Debt	1,375

Equity Value	4,978
(/) Outstanding Shares	86

Fair Price	$58.14

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.6%	$90	$104	$126	$162	$230
5.6%	$64	$72	$81	$95	$115
6.6%	$49	$53	$58	$65	$74
7.6%	$38	$41	$44	$48	$53
8.6%	$31	$33	$35	$37	$40

Current price: $10.65. Green = undervalued, Red = overvalued.

Fair Value

$167.41

Market Price

$10.65

Upside / Downside

+1472.0%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Cementos Pacasmayo S.A.A.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 6.9% to 0.7% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 23, DPO 31, DIO 209). At a 6.6% WACC with mid-year discounting, the terminal value (92% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 33.8x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $167.40 per share, suggesting CPAC is undervalued by 1471.8% at the current price of $10.65.

FCFF Present Value Calculation

WACC

6.61%

3% – 20%

EV/EBITDA Exit Multiple

33.81x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	315	305	315	325	328	336
(−) Net Interest	101	98	101	104	105	108
(+) D&A	145	157	151	124	143	147
EBITDA	560	560	567	554	576	590

(−) Tax	108	104	108	111	112	—
(−) CapEx	155	150	155	160	161	—
(−) ΔWC	39	-25	25	28	6	—
Free Cash Flow (FCF)	259	330	280	255	297	—

Peers' EBITDA Multiple						33.8x
Terminal Value						19,960
WACC / Discount Rate	6.61%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	251	300	238	204	222	14,494

Enterprise Value	15,709
Projection Period	1,215	7.7%
Terminal Value	14,494	92.3%

(−) Current Net Debt	1,375
Equity Value	14,334
(÷) Outstanding Shares	86M
Fair Price	$167	+1472.0%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	29.8x	31.8x	33.8x	35.8x	37.8x
4.6%	$163	$174	$185	$196	$207
5.6%	$155	$165	$176	$186	$197
6.6%	$147	$157	$167	$177	$187
7.6%	$140	$150	$159	$169	$178
8.6%	$134	$143	$152	$161	$170

Current price: $10.65. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$146.15

Market Price

$10.65

Upside / Downside

+1272.3%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Cementos Pacasmayo S.A.A.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 6.9% to 2.6% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 23, DPO 31, DIO 209). At a 6.6% WACC with mid-year discounting, the terminal value (84% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 33.8x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $146.14 per share, suggesting CPAC is undervalued by 1272.2% at the current price of $10.65.

FCFF Present Value Calculation

WACC

6.61%

3% – 20%

EV/EBITDA Exit Multiple

33.81x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	315	305	315	325	328	331	336	343	350	359	368
(−) Net Interest	101	98	101	104	105	106	108	110	112	115	118
(+) D&A	145	157	151	124	143	156	158	161	164	166	170
EBITDA	560	560	567	554	576	594	602	613	626	641	657

(−) Tax	108	104	108	111	112	113	115	117	120	123	—
(−) CapEx	155	150	155	160	161	163	165	168	172	177	—
(−) ΔWC	39	-25	25	28	6	10	13	16	20	24	—
Free Cash Flow (FCF)	259	330	280	255	297	308	309	311	314	317	—

Peers' EBITDA Multiple											33.8x
Terminal Value											22,200
WACC / Discount Rate	6.61%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	251	300	238	204	222	217	204	193	182	173	11,705

Enterprise Value	13,888
Projection Period	2,183	15.7%
Terminal Value	11,705	84.3%

(−) Current Net Debt	1,375
Equity Value	12,513
(÷) Outstanding Shares	86M
Fair Price	$146	+1272.3%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	29.8x	31.8x	33.8x	35.8x	37.8x
4.6%	$157	$167	$177	$187	$197
5.6%	$143	$152	$161	$170	$179
6.6%	$130	$138	$146	$154	$162
7.6%	$118	$126	$133	$140	$148
8.6%	$107	$114	$121	$128	$134

Current price: $10.65. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$17.07

Market Price

$10.65

Upside / Downside

+60.3%

Verdict

Undervalued

Using the industry peer median P/E Multiples multiple (trailing + forward), Cementos Pacasmayo S.A.A. (CPAC) has a fair value of $17.07 based on 1 comparable companies in the Construction Materials industry.

P/E Valuation — Construction Materials

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Cementos Pacasmayo S.A.A.CPAC	912	6.3x	5.0x
Westlake Chemical Partners LPWLKP	818	2.7x	13.8x
Industry Median		2.7x	13.8x
(*) Profit after tax		145	183
Equity Value		398	2,525
(/) Outstanding shares		86	86
Fair Price		$5	$29

Selected Fair Value (avg of trailing + forward)

$17.07

+60.3%

Fair Value

$200.08

Market Price

$10.65

Upside / Downside

+1778.7%

Verdict

Undervalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), Cementos Pacasmayo S.A.A. (CPAC) has a fair value of $200.08 based on 4 comparable companies in the Construction Materials industry.

EV/EBITDA Valuation — Construction Materials

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Cementos Pacasmayo S.A.A.CPAC	912	4.2x	4.0x
Green Plains Inc.GPRE	1,270	51.0x	47.5x
Compass Minerals International, Inc.CMP	1,169	16.6x	18.4x
Kronos Worldwide, Inc.KRO	839	67.6x	65.2x
Westlake Chemical Partners LPWLKP	818	2.6x	2.8x
Industry Median		33.8x	33.0x
(*) EBITDA		542	567
= Enterprise Value		18,307	18,705
(-) Net Debt		1,375	1,375
Equity Value		16,932	17,330
(/) Outstanding shares		86	86
Fair Price		$198	$202

Selected Fair Value (avg of trailing + forward)

$200.08

+1778.7%

Fair Value

$5.27

Market Price

$10.65

Upside / Downside

-50.5%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Cementos Pacasmayo S.A.A. (CPAC) has a fair value of $5.27 based on 4 comparable companies in the Construction Materials industry.

EV/Revenue Valuation — Construction Materials

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Cementos Pacasmayo S.A.A.CPAC	912	1.1x	1.1x
Green Plains Inc.GPRE	1,270	0.8x	0.7x
Compass Minerals International, Inc.CMP	1,169	1.6x	1.8x
Kronos Worldwide, Inc.KRO	839	0.7x	0.7x
Westlake Chemical Partners LPWLKP	818	1.0x	1.1x
Industry Median		0.9x	0.9x
(*) Revenue		1,995	2,089
= Enterprise Value		1,765	1,887
(-) Net Debt		1,375	1,375
Equity Value		390	512
(/) Outstanding shares		86	86
Fair Price		$5	$6

Selected Fair Value (avg of trailing + forward)

$5.27

-50.5%

PEG Fair Value

Fair Value

$28.05

Market Price

$10.65

Upside / Downside

+163.4%

Verdict

Undervalued

Using the PEG framework with historical EPS growth of 16.5% plus 17.9% dividend yield, the company has a fair value of $28.05 based on TTM EPS (FY2025) of $1.70. The current PEG ratio is 0.38.

PEG Ratio

0.38Deep Value

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 6.3 ÷ (-1.4% + 17.9%) = 0.38

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: TurnaroundPEG less reliable

PEG is unreliable for companies with declining earnings.

Fair Value Calculation

EPS Growth RateHistorical	-1.4%
Dividend Yield	+17.9%
Adjusted Growth (clamped 8–25%)	16.5%
Fair P/E	16.5x
TTM EPS (FY2025)	$1.70
Fair Value	$28.05

Growth Analysis

Forward Growth

No analyst estimates available.

Historical GrowthActive

Year	Net Income	EPS	YoY
FY2021	$153.2M	$1.80	—
FY2022	$176.8M	$2.05	+13.9%
FY2023	$168.9M	$1.95	-4.9%
FY2024	$198.9M	$2.30	+17.9%
FY2025	$145.4M	$1.70	-26.1%

4Y Historical EPS CAGR: -1.4%

Earnings Power Value

Fair Value

$29.16

Market Price

$10.65

Upside / Downside

+173.8%

Verdict

Undervalued

Using the Earnings Power Value framework with a WACC of 6.6% and normalized earnings of $255.9M, the company has a fair value of $29.16 per share. The EPV range is $20.80 – $42.44 based on WACC sensitivity (5.1% – 8.1%).

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	256	256	256
(/) WACC	8.1%	6.6%	5.1%
Enterprise Value	3,156	3,872	5,008
(-) Net debt	1,375	1,375	1,375
Equity Value	1,781	2,497	3,634
(/) Outstanding shares	86	86	86
Fair Price	$20.80	$29.16	$42.44

Dividend Discount Model

Fair Value

$19.99

Market Price

$10.65

Upside / Downside

+87.7%

Verdict

Undervalued

Using the Two-Stage Dividend Discount Model with a Cost of Equity of 11.4% and projected dividend growth of 0.0%, the fair value is $19.99 per share. The DDM range is $16.37 – $28.03 based on sensitivity analysis across Cost of Equity and growth rate assumptions.

Dividend Profile

Current DPS

$1.92

Dividend Yield

17.92%

Payout Ratio

113.4%

Dividend Coverage

0.88x

FCF Payout Ratio67.8%

DPS CAGR (4Y)-16.4%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$1.92	113.4%	-5.9%
2024	$2.04	88.0%	-0.2%
2023	$2.05	103.9%	-2.4%
2022	$2.10	101.7%	-46.6%
2021	$3.93	219.9%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$1.92	0.0%	0.8978	$1.73
2027	$1.92	0.0%	0.8060	$1.55
2028	$1.92	0.0%	0.7236	$1.39
2029	$1.92	0.0%	0.6496	$1.25
2030	$1.92	0.0%	0.5832	$1.12
Terminal Value	$1.97 DPS	2.5%		$12.94

PV of Projected Dividends$7.04

PV of Terminal Value$12.94

Fair Value per Share$19.99

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	0.0%	0.0%	0.0%	1.0%	2.0%
9.4%	$26	$26	$26	$27	$28
10.4%	$22	$22	$22	$23	$24
11.4%	$20	$20	$20	$21	$22
12.4%	$18	$18	$18	$19	$20
13.4%	$16	$16	$16	$17	$18

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Cementos Pacasmayo S.A.A. (CPAC) Valuation Summary

Updated May 11, 2026 06:33

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$30.58 – $254.28	$60.89	+471.7%
Growth Exit 10Y	$30.76 – $229.77	$58.14	+445.9%
EBITDA Exit 5Y	$133.52 – $206.89	$167.40	+1471.8%
EBITDA Exit 10Y	$107.47 – $196.55	$146.14	+1272.2%
▸ Trading Multiples
P/E	$4.65 – $4.65	$17.07	+60.3%
EV/EBITDA	$88.85 – $411.48	$200.08	+1778.7%
EV/Revenue	$1.73 – $20.61	$5.27	-50.5%
▸ PEG
PEG Fair Value	$28.05 – $28.05	$28.05	+163.4%
▸ Earnings Power Value
Earnings Power Value	$20.80 – $42.44	$29.16	+173.8%
▸ Dividend Discount
Dividend Discount	$16.37 – $28.03	$19.99	+87.7%

Valuation History

DCF Analysis

Fair Value

$60.89

Market Price

$10.65

Upside / Downside

+471.7%

Verdict

Undervalued

FCFF Present Value Calculation

WACC

6.61%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	315	305	315	325	328	336
(−) Net Interest	101	98	101	104	105	108
(+) D&A	145	157	151	124	143	147
EBITDA	560	560	567	554	576	590

(−) Tax	108	104	108	111	112	115
(−) CapEx	155	150	155	160	161	165
(−) ΔWC	39	-25	25	28	6	6
Free Cash Flow (FCFF)	259	330	280	255	297	304

Terminal Value						7,399
WACC / Discount Rate	6.6%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	251	300	238	204	222	5,373

Enterprise Value	6,588
Projection Period	1,215	18.4%
Terminal Value	5,373	81.6%

(−) Current Net Debt	1,375

Equity Value	5,213
(/) Outstanding Shares	86

Fair Price	$60.89

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.6%	$90	$107	$133	$175	$254
5.6%	$64	$73	$85	$102	$127
6.6%	$49	$54	$61	$70	$81
7.6%	$38	$42	$46	$51	$58
8.6%	$31	$33	$36	$39	$44

Current price: $10.65. Green = undervalued, Red = overvalued.

Fair Value

$58.14

Market Price

$10.65

Upside / Downside

+445.9%

Verdict

Undervalued

FCFF Present Value Calculation

WACC

6.61%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	315	305	315	325	328	331	336	343	350	359	368
(−) Net Interest	101	98	101	104	105	106	108	110	112	115	118
(+) D&A	145	157	151	124	143	156	158	161	164	166	170
EBITDA	560	560	567	554	576	594	602	613	626	641	657

(−) Tax	108	104	108	111	112	113	115	117	120	123	126
(−) CapEx	155	150	155	160	161	163	165	168	172	177	181
(−) ΔWC	39	-25	25	28	6	10	13	16	20	24	25
Free Cash Flow (FCFF)	259	330	280	255	297	308	309	311	314	317	325

Terminal Value											7,908
WACC / Discount Rate	6.6%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	251	300	238	204	222	217	204	193	182	173	4,170

Enterprise Value	6,353
Projection Period	2,183	34.4%
Terminal Value	4,170	65.6%

(−) Current Net Debt	1,375

Equity Value	4,978
(/) Outstanding Shares	86

Fair Price	$58.14

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.6%	$90	$104	$126	$162	$230
5.6%	$64	$72	$81	$95	$115
6.6%	$49	$53	$58	$65	$74
7.6%	$38	$41	$44	$48	$53
8.6%	$31	$33	$35	$37	$40

Current price: $10.65. Green = undervalued, Red = overvalued.

Fair Value

$167.41

Market Price

$10.65

Upside / Downside

+1472.0%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Cementos Pacasmayo S.A.A.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 6.9% to 0.7% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 23, DPO 31, DIO 209). At a 6.6% WACC with mid-year discounting, the terminal value (92% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 33.8x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $167.40 per share, suggesting CPAC is undervalued by 1471.8% at the current price of $10.65.

FCFF Present Value Calculation

WACC

6.61%

3% – 20%

EV/EBITDA Exit Multiple

33.81x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	315	305	315	325	328	336
(−) Net Interest	101	98	101	104	105	108
(+) D&A	145	157	151	124	143	147
EBITDA	560	560	567	554	576	590

(−) Tax	108	104	108	111	112	—
(−) CapEx	155	150	155	160	161	—
(−) ΔWC	39	-25	25	28	6	—
Free Cash Flow (FCF)	259	330	280	255	297	—

Peers' EBITDA Multiple						33.8x
Terminal Value						19,960
WACC / Discount Rate	6.61%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	251	300	238	204	222	14,494

Enterprise Value	15,709
Projection Period	1,215	7.7%
Terminal Value	14,494	92.3%

(−) Current Net Debt	1,375
Equity Value	14,334
(÷) Outstanding Shares	86M
Fair Price	$167	+1472.0%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	29.8x	31.8x	33.8x	35.8x	37.8x
4.6%	$163	$174	$185	$196	$207
5.6%	$155	$165	$176	$186	$197
6.6%	$147	$157	$167	$177	$187
7.6%	$140	$150	$159	$169	$178
8.6%	$134	$143	$152	$161	$170

Current price: $10.65. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$146.15

Market Price

$10.65

Upside / Downside

+1272.3%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Cementos Pacasmayo S.A.A.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 6.9% to 2.6% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 23, DPO 31, DIO 209). At a 6.6% WACC with mid-year discounting, the terminal value (84% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 33.8x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $146.14 per share, suggesting CPAC is undervalued by 1272.2% at the current price of $10.65.

FCFF Present Value Calculation

WACC

6.61%

3% – 20%

EV/EBITDA Exit Multiple

33.81x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	315	305	315	325	328	331	336	343	350	359	368
(−) Net Interest	101	98	101	104	105	106	108	110	112	115	118
(+) D&A	145	157	151	124	143	156	158	161	164	166	170
EBITDA	560	560	567	554	576	594	602	613	626	641	657

(−) Tax	108	104	108	111	112	113	115	117	120	123	—
(−) CapEx	155	150	155	160	161	163	165	168	172	177	—
(−) ΔWC	39	-25	25	28	6	10	13	16	20	24	—
Free Cash Flow (FCF)	259	330	280	255	297	308	309	311	314	317	—

Peers' EBITDA Multiple											33.8x
Terminal Value											22,200
WACC / Discount Rate	6.61%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	251	300	238	204	222	217	204	193	182	173	11,705

Enterprise Value	13,888
Projection Period	2,183	15.7%
Terminal Value	11,705	84.3%

(−) Current Net Debt	1,375
Equity Value	12,513
(÷) Outstanding Shares	86M
Fair Price	$146	+1272.3%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	29.8x	31.8x	33.8x	35.8x	37.8x
4.6%	$157	$167	$177	$187	$197
5.6%	$143	$152	$161	$170	$179
6.6%	$130	$138	$146	$154	$162
7.6%	$118	$126	$133	$140	$148
8.6%	$107	$114	$121	$128	$134

Current price: $10.65. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$17.07

Market Price

$10.65

Upside / Downside

+60.3%

Verdict

Undervalued

P/E Valuation — Construction Materials

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Cementos Pacasmayo S.A.A.CPAC	912	6.3x	5.0x
Westlake Chemical Partners LPWLKP	818	2.7x	13.8x
Industry Median		2.7x	13.8x
(*) Profit after tax		145	183
Equity Value		398	2,525
(/) Outstanding shares		86	86
Fair Price		$5	$29

Selected Fair Value (avg of trailing + forward)

$17.07

+60.3%

Fair Value

$200.08

Market Price

$10.65

Upside / Downside

+1778.7%

Verdict

Undervalued

EV/EBITDA Valuation — Construction Materials

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Cementos Pacasmayo S.A.A.CPAC	912	4.2x	4.0x
Green Plains Inc.GPRE	1,270	51.0x	47.5x
Compass Minerals International, Inc.CMP	1,169	16.6x	18.4x
Kronos Worldwide, Inc.KRO	839	67.6x	65.2x
Westlake Chemical Partners LPWLKP	818	2.6x	2.8x
Industry Median		33.8x	33.0x
(*) EBITDA		542	567
= Enterprise Value		18,307	18,705
(-) Net Debt		1,375	1,375
Equity Value		16,932	17,330
(/) Outstanding shares		86	86
Fair Price		$198	$202

Selected Fair Value (avg of trailing + forward)

$200.08

+1778.7%

Fair Value

$5.27

Market Price

$10.65

Upside / Downside

-50.5%

Verdict

Overvalued

EV/Revenue Valuation — Construction Materials

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Cementos Pacasmayo S.A.A.CPAC	912	1.1x	1.1x
Green Plains Inc.GPRE	1,270	0.8x	0.7x
Compass Minerals International, Inc.CMP	1,169	1.6x	1.8x
Kronos Worldwide, Inc.KRO	839	0.7x	0.7x
Westlake Chemical Partners LPWLKP	818	1.0x	1.1x
Industry Median		0.9x	0.9x
(*) Revenue		1,995	2,089
= Enterprise Value		1,765	1,887
(-) Net Debt		1,375	1,375
Equity Value		390	512
(/) Outstanding shares		86	86
Fair Price		$5	$6

Selected Fair Value (avg of trailing + forward)

$5.27

-50.5%

PEG Fair Value

Fair Value

$28.05

Market Price

$10.65

Upside / Downside

+163.4%

Verdict

Undervalued

Using the PEG framework with historical EPS growth of 16.5% plus 17.9% dividend yield, the company has a fair value of $28.05 based on TTM EPS (FY2025) of $1.70. The current PEG ratio is 0.38.

PEG Ratio

0.38Deep Value

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 6.3 ÷ (-1.4% + 17.9%) = 0.38

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: TurnaroundPEG less reliable

PEG is unreliable for companies with declining earnings.

Fair Value Calculation

EPS Growth RateHistorical	-1.4%
Dividend Yield	+17.9%
Adjusted Growth (clamped 8–25%)	16.5%
Fair P/E	16.5x
TTM EPS (FY2025)	$1.70
Fair Value	$28.05

Growth Analysis

Forward Growth

No analyst estimates available.

Historical GrowthActive

Year	Net Income	EPS	YoY
FY2021	$153.2M	$1.80	—
FY2022	$176.8M	$2.05	+13.9%
FY2023	$168.9M	$1.95	-4.9%
FY2024	$198.9M	$2.30	+17.9%
FY2025	$145.4M	$1.70	-26.1%

4Y Historical EPS CAGR: -1.4%

Earnings Power Value

Fair Value

$29.16

Market Price

$10.65

Upside / Downside

+173.8%

Verdict

Undervalued

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	256	256	256
(/) WACC	8.1%	6.6%	5.1%
Enterprise Value	3,156	3,872	5,008
(-) Net debt	1,375	1,375	1,375
Equity Value	1,781	2,497	3,634
(/) Outstanding shares	86	86	86
Fair Price	$20.80	$29.16	$42.44

Dividend Discount Model

Fair Value

$19.99

Market Price

$10.65

Upside / Downside

+87.7%

Verdict

Undervalued

Dividend Profile

Current DPS

$1.92

Dividend Yield

17.92%

Payout Ratio

113.4%

Dividend Coverage

0.88x

FCF Payout Ratio67.8%

DPS CAGR (4Y)-16.4%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$1.92	113.4%	-5.9%
2024	$2.04	88.0%	-0.2%
2023	$2.05	103.9%	-2.4%
2022	$2.10	101.7%	-46.6%
2021	$3.93	219.9%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$1.92	0.0%	0.8978	$1.73
2027	$1.92	0.0%	0.8060	$1.55
2028	$1.92	0.0%	0.7236	$1.39
2029	$1.92	0.0%	0.6496	$1.25
2030	$1.92	0.0%	0.5832	$1.12
Terminal Value	$1.97 DPS	2.5%		$12.94

PV of Projected Dividends$7.04

PV of Terminal Value$12.94

Fair Value per Share$19.99

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	0.0%	0.0%	0.0%	1.0%	2.0%
9.4%	$26	$26	$26	$27	$28
10.4%	$22	$22	$22	$23	$24
11.4%	$20	$20	$20	$21	$22
12.4%	$18	$18	$18	$19	$20
13.4%	$16	$16	$16	$17	$18