Italcementi weakened 28 Eurocents (or 2.2 per cnet) to Euro12.71. Compared with the MIBTEL Index which fell 351.0 points (or 1.4 per cent) on the day, this represented a relative price change of -0.8 per cent.
Price Trend: The price fell 3.6 per cent in the last week and plummeted 8.9% in the last month. In the last three months the number of falls outnumbered rises 32:29 or 1.1:1.
Relativities: Compared with the MIBTEL Index which fell 0.3 per cent for the week and 3.5 per cent for the month, this represented a relative price decrease of five per cent for the week and 8.3 per cent for the month. Since open its percentile rank in the Italian market was 23. In the Italian market of 395 stocks, the stock has a six-month relative strength of 68 which means it has outperformed 68 per cent of the market.
Moving Average Price (MAP): In the past 200 days this ratio has been under 0.88 163 times suggesting further downside. The stock is trading below both its MAPs and the 50-day MAP of Euro13.45 is lower than the 200-day MAP of Euro14.43, a bearish indicator. The 200-day MAP has decreased to Euro14.43. A decrease is another bearish indicator.
Breakdown: The stock traded at a two-month low of Euro12.59 today. In the last three months the stock has hit a new 52-week low five times, pointing to a downtrend. The bears are maintaining control with price open, high, low and close being below yesterday’s levels.
Volatility: The stock traded between an intraday high of Euro12.89 and a two-month low of Euro12.59.
Moving Average Price (MAP): The price to 200-day MAP ratio is 0.88, a bearish indicator.
Volume and Turnover Period: There were 475,461 shares worth Euro6m (US$9m) traded. The volume was 0.7 times average trading of 719,116 shares. The turnover rate in the 12 months to date was 63.8 per cent (or a turnover period of one year six months). This average length of ownership of the stock at 1.2 times the average holding period of one year three months for stocks in the All STARS Index suggests a larger number of speculators on the share register, making it less safe for long-term investors.
Annual Report for the year ended December 31, 2006 (year-on-year comparisons with previous corresponding period)-
Favourable Changes: total revenue up 17.4 per cent to Euro5.9bn (US$7.8b); net profit growth 20.5 per cent to Euro651.4m (US$859.4m); EPS growth 15.1 per cent to Euro1.6 (US$2.1); interest cover up 12.1 per cent to 7.3; total debt to net tangible assets down from 120.6 per cent to 93.6 per cent; total liabilities to operating cash flow down 23.2 per cent to 5.3: this compares unfavourably with Joseph Piotroski benchmark of four; debt to equity down 19.3 per cent to 0.6; total liabilities to total assets down 5.8 per cent to 0.5; current ratio up 25.5 per cent to 1.6; NTA per share up 11.2 per cent to Euro15.7 (US$20.7); total number of shares outstanding steady at 177,117,564.