Cementos Pacasmayo Reveals Holcim Deal Valuation and PwC Report in Regulatory Response
CPAC has more than doubled off its 52-week low of $5.664.
Summary
Cementos Pacasmayo disclosed the PwC valuation report and detailed Holcim transaction economics in response to an SMV inquiry, providing minority shareholders with key data ahead of the mandatory tender offer.
Key Events · M&A and Partnerships · CPAC
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PwC Valuation Report Disclosed
The March 2026 PwC valuation report, previously withheld as confidential, was disclosed with redactions. It values Cementos Pacasmayo's equity at S/3.031 billion using DCF, implying a common share price of S/7.09.
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Holcim Deal Economics Detailed
Holcim confirmed the transaction was based on a S/5.1 billion Enterprise Value (9.0x LTM EBITDA), adjusted to S/3.7 billion Equity Value for 100% of CPAC, and a final purchase price of S/1.64 billion for the 50.01% stake.
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EBITDA Multiple Discrepancy Explained
The difference between the 9.0x multiple disclosed by CPAC and the 8.8x reported by Holcim is due to different EBITDA references: CPAC used LTM EBITDA of S/567.7M, while Holcim used 2025 consensus EBITDA of S/577M.
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Interim Covenants and Consents Clarified
CPAC stated it was not a party to the SPA and not bound by its interim covenants; Holcim confirmed consent requests were made for material contracts during the interim period, consistent with M&A practice.
Analysis · CPAC · Manufacturing
In a detailed response to the Peruvian securities regulator (SMV), Cementos Pacasmayo has disclosed previously withheld information about Holcim's acquisition. The filing includes the PwC valuation report (with redactions), a breakdown of the transaction economics — an Enterprise Value of S/5.1 billion, Equity Value of S/3.7 billion, and a final purchase price of S/1.64 billion — and legal arguments defending the company's disclosure practices. For the first time, the market sees the valuation report and the granular deal math, which directly impacts the upcoming mandatory tender offer (OPA) for minority shares. The disclosure also clarifies the S/185 million escrow and interim covenant consents, addressing regulatory concerns about transparency. For minority shareholders facing the OPA, this is critical information that was previously withheld on confidentiality grounds.
At the time of this filing, CPAC was trading at $11.72 on NYSE in the Manufacturing sector, with a market capitalization of approximately $1.1B. The 52-week trading range was $5.66 to $12.70. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.