宗旨

Industry Research

In-depth. Strategic. Timely.

Our research provides detailed analysis of key issues and trends that the industry is facing. It is tailored to give organisations a competitive edge when making commercial, strategic or operational decision.

We aim to:

Provide senior management and corporate strategy departments with a regular evaluation of the cement industry’s key strategic opportunities and challenges

Offer industry executives timely and value-added market information on volumes, supply, prices, costs and foreign exchange trends

Support cement industry suppliers in analysing their clients’ needs and investment strategy on a country regional and global basis

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Products and Services

The Team

Yassine Touahri
Founding Partner

10 years in building materials investment research
Industry experience at Saint-Gobain

Yassine spent the past decade at Exane BNP Paribas as a building materials analyst. During his time, his team was consistently ranked No.1 by fund managers worldwide for the quality of his research and investment advice. This position has seen Yassine in continuous contact with the management of international cement companies and their shareholders.

Arnaud Pintael
Founding Partner

4 years in fund management
4 years in investment research management
13 years in building materials investment research
6 years industry experience at Vicat

Arnaud started his career at Vicat in 1991 where he worked as a financial analyst for the Group CFO & CEO. Between 1997 and 2017, Arnaud headed different European Building Materials & Construction teams for Oddo Equities and Exane BNP Paribas (ranked No1 over a decade) and also worked as a senior investment analyst for London-based hedge funds.

Mark Stockdale
Senior Advisor

2 years in investment banking
4 years in investment research management
27 years in building materials investment research

Mark started his career in 1983 and was at UBS from 1991 where he built one of the world’s most respected building materials & construction research franchises. Mark was promoted to European Head of Research and then became a Senior Member of UBS Corporate Broking Team and Sector Head of the Investment Banking Building & Construction team.

Yassine spent the past decade at Exane BNP Paribas as a building materials analyst. During his time, his team was consistently ranked No.1 by fund managers worldwide for the quality of his research and investment advice. This position has seen Yassine in continuous contact with the management of international cement companies and their shareholders.

Arnaud started his career at Vicat in 1991 where he worked as a financial analyst for the Group CFO & CEO. Between 1997 and 2017, Arnaud headed different European Building Materials & Construction teams for Oddo Equities and Exane BNP Paribas (ranked No1 over a decade) and also worked as a senior investment analyst for London-based hedge funds.

Mark started his career in 1983 and was at UBS from 1991 where he built one of the world’s most respected building materials & construction research franchises. Mark was promoted to European Head of Research and then became a Senior Member of UBS Corporate Broking Team and Sector Head of the Investment Banking Building & Construction team.

Xintong Ouyang
Research Analyst

Our products and services include:

Monthly Tracker

Stay informed on key industry developments and evolution of the market.

This report tracks monthly cement volumes and prices in ~155 countries, representing 99% of world production. We are collecting data from trade associations, statistical offices, companies and through our channel checks during our trips on the field. Our monitoring is not 100% accurate as several companies and trade associations have stopped reporting monthly data, but we believe that the direction of the trends is reliable enough to assess the quality of the Industry’s top line organic sales. We also monitor ~105 construction Residential & Non-Residential leading indicators.

What’s Included?

  • Global monitoring of cement volumes, prices, costs and FX trends
  • Analysis of key construction leading indicators
  • Feedback from our regular field trips on key industry developments

Contents pdf

What benefits?

  • Validate your internal assessment of global market trends
  • Anticipate turning points in the market
  • Obtain market intelligence to pilot your commercial strategy

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Global Scenario and Forecast

Anticipate cash generation and the balance between supply and demand.

Stay informed of the latest development on the cash generation drivers of the global cement industry. This report provides quarterly forecast for cement demand, supply, global trading flows, cost inflation, pricing and FX for over 200 countries.

We also forecast EBITDA generation for over 70 countries.

What’s Included?

  • Detailed scenario of world cement supply and demand scenario based on our monitoring of new capacity, export/import flows, volume trends and construction leading indicators
  • Detailed analysis by country and regions of the cement industry cash generation based on demand, cost inflation, pricing, FX and margin trends

Contents pdf

What benefits?

  • Assess future market trends
  • Access the latest sector developments to optimise your decisions
  • Benchmark your internal research with independent analysis

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Strategic Research

Evaluate and monitor the impact of major disruptions within the industry.

The cement industry is facing fundamental changes driven by tighter CO2 regulations, the digitalization of the industry’s value chain, and new leadership in China.

Stay informed of key developments and monitor the strategies of peers and partners.

What’s Included?

  • Yearly big picture report on key strategic trends framing the industry’s medium term challenges (3-5 years view)
  • Regular updates on key strategic themes (e.g. CO2, China, Digitalization)
  • Regular updates on turning points in the industry and forecast for the year ahead
  • Detailed reports on largest companies’ results and outlook. Updates on over 80 listed companies’ results
  • Regular presentations given at major cement industry conferences around the world

Contents pdf

What benefits?

  • Have access to a synthetic summary of the latest industry developments when planning your mid-term strategy
  • Stay updated on how key players are adapting to a fast-changing landscape
  • Evaluate and benchmark your internal research with independent and unbiased analyses

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Global Investment Analysis

Stay up to date with global market dynamics and industry strategies.

Covering over 200 countries and 3000 cement companies, this set of reports provide an analysis of profitability and risks by country and region.

Our analysis is also aimed to support organizations screen for risks and opportunities and to benchmark their internal strategy

What’s Included?

  • Global Cash Allocation Monitoring
    • Analysis of recent investment and merger and acquisition activities of key cement companies
    • Geographical footprint evolution of key cement firms
    • Capital allocation and financial firepower analysis of over 80 cement companies
  • Market Scoring and Analysis
    • Medium term growth potential and cyclical risk
    • Specific country risks (business environment, foreign exchange, budget deficits)
    • Market Structure (consolidation level, new entrants, imports risk, supply and demand)
    • Profitability for 70 countries (prices, margins, and EBITDA per tonne)
  • Top 100 Capacity Ranking
    • Top 100 global cement capacity ranking
    • Top 20-25 regional cement ranking

Contents pdf

What benefits?

  • Benchmark your capacity and strategy with peers and identify opportunities
  • Monitor investment strategy and firepower of competitors, partners and clients
  • Anticipate mid-term market direction to optimize resource allocation

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Bespoke Services

Bring global insights to your corporate events

We can provide on-site presentations for boards, executive committees, strategy teams, and senior management to discuss our views and analysis. Presentations can be customised to specific issues and subjects of interest. We can also participate at client events as guest speakers.

  • Gain external insights and perspectives on company strategic options
  • Get an independent view on key sector development to confirm or challenge internal ideas
  • Enrich your corporate events with a global analysis of the industry

Enquire

Our Approach

Public Data Collection

We have been analysing industry trends and interacting with cement company executives and managers for over two decades.

We have the know-how and the resources to gather most of the public information on the industry from a very wide array of sources.

Field Research

We regularly travel to understand what’s happening all over the world. We interact on the ground with senior industry managers.

We will be presenting our thoughts and conclusions on key industry trends at industry conferences around the world on a regular basis. These conferences will provide forums for further interaction with industry executives.

Differentiated Analytical Process

We have developed one of the most comprehensive set of databases in the industry, covering both operating and financial data.

The aim of our research methodology is to be ahead of the curve to anticipate the sector’s strategic challenges, cyclical and thematic inflection points, earnings evolution, cash generation and the M&A cycle within companies’ capital allocation profiles.

Field Trips and Conferences

Attended by the OFIR Team

Frequently Asked Questions

How do I subscribe?

Click on the subscribe link and select the desired set of products and services. You can then choose the number of users you would like to register. After accepting our terms and conditions and submitting your information, we will send an invoice. We will then get in touch to collect the contact details of the users you would like to have registered. For premium subscriptions, we will contact you to discuss your needs.

What are your payment terms?

Payment is required in order to gain access to our research portal. Subscriptions are billed on an annual basis.

How do I access the reports?

Every registered user will receive a username and password login immediately after your subscription is becoming valid.

What if I forget my username or password?

You may reset your username or password on the website.

Can I upgrade my subscription before the next billing cycle?

Yes, please contact us at team@onfieldresearch.com

Can I share the reports or my username/password with my colleagues?

The reports are intended for those with subscription access and are not to be shared to anyone without a valid subscription. Usernames and passwords are not to be shared. Subscriptions are made on a per-user basis and we reserve the right to terminate subscriptions without refund if we find abuse.

How frequently is your research updated?

Our monthly tracker is updated every month. We provide quarterly updates to our global scenario and forecast. We publish a fundamental in-depth report on the sector key strategic theme once a year. Our reports on capital allocation monitoring, global market scoring, and top 100 global ranking are also published annually. We regularly update our sector view when we present at industry conferences (typically between four to eight times a year). We occasionally publish reports on key strategic themes or turning points in the industry.

Will I receive a printed copy of the reports?

We do not provide printed copies of our reports at the moment. You will be able to download the reports directly from the website using your login credentials.

If I have a question on the reports, can I contact you or ask for bespoke research?

Please feel free to contact us at team@onfieldresearch.com if you would like to make a comment on our research or if you have suggestions on how we could improve our reports. At the moment, we only provide bespoke research to our premium clients.

Where does your data come from and how reliable is it?

We collect data from a variety of sources including trade associations, statistics from various governments, quarterly reports from listed companies, reports from news agencies, newspapers articles and regular interaction with industry senior executives. We do not guarantee 100% accuracy but endeavour to provide the most reliable information we can. We regularly try to validate our estimates, assumptions and analysis through channel checks during our travels.

What if I spot an error or inaccuracy in your data?

Please let us know at team@onfieldresearch.com and we will update accordingly and as appropriate.

Can I purchase your databases?

We provide research and analysis and our databases are not for sale. Some of the data we are using can be purchased from third parties.

Can you work on bespoke consulting projects?

We can occasionally offer bespoke presentations. While we do not offer consulting services, we can refer you to those in the industry who do.

How often do you travel?

We typically participate in four to ten industry conferences per year and organize field trips every few months. We would be happy to meet when we are in your region.

TO REQUEST A DEMO

CALL +44 (0)20 3950 0912

OR

Email us

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Get in touch

For more information please call
+44 (0)20 3950 0912

Partner Contacts
Yassine Touahri: +44 (0)20 3950 0897
Arnaud Pinatel: +44 (0)20 3950 0895
Mark Stockdale: +44 (0)20 3950 0896

Subscription enquiries:
sales@onfieldresearch.com

General enquiries:
info@onfieldresearch.com

Recruitment enquiries:
career@onfieldresearch.com

Leveraging contacts across the world, our head office is located in West London:

On Field Investment Research LLP
Britannia House
1-11 Glenthorne Road
London
W6 0LH