Vicat (ENXTPA:VCT) Could Be 24% Undervalued After Half Year 2026 Earnings

How Vicat’s Half Year 2026 Earnings Set The Scene For Investors

Vicat (ENXTPA:VCT) has drawn fresh attention after reporting half year 2026 earnings, with sales of €2,036.4 million and net income of €116.7 million compared with the prior year period.

See our latest analysis for Vicat.

The latest half year earnings news comes after a mixed stretch for Vicat’s share price. The 30 day share price return is 6.19% and the year to date share price return is down 13.87%, while the 3 year total shareholder return of 130.71% and 5 year total shareholder return of 93.49% point to strong longer term compounding.

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Recent gains sit against a weaker year to date share price and stronger earnings for Vicat. That raises a simple question: Are investors now paying more for the same cash flows, or is the underlying business being re rated?

Most Popular Narrative: 23.8% Undervalued

The most followed narrative currently values Vicat at €85.6 per share compared with the last close at €65.2. That gap hinges on a few key business shifts that the narrative treats as central to future cash flows.

The ramp-up of new production capacity in Senegal (Kiln 6) is set to significantly lower production costs by eliminating expensive imports and retiring older, less efficient kilns, improving net margins and free cash flow from 2H 2025 through 2027.

Read the complete narrative. Read the complete narrative.

Want to see how that Senegal capacity and low carbon cement push could affect earnings and the profit multiple for Vicat? The narrative walks through the revenue, margin and valuation assumptions that need to line up for today’s €65.2 share price to move closer to that €85.6 fair value.

Result: Fair Value of €85.6 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, Vicat’s story can change quickly if weak demand in France persists or if currency swings in markets like Turkey and Brazil deepen earnings volatility.

Find out about the key risks to this Vicat narrative.

Next Steps

If the mix of optimism and caution around Vicat leaves you unsure, check the numbers yourself and decide where you stand. To see in detail what those positives look like, take a closer look at the 6 key rewards

Looking For More Investment Ideas Beyond Vicat?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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