Steppe Cement

STCM.L

Construction Materials · Basic Materials

Price

20.00 GBp

-1.50 (-6.98%)

Market Cap

43.8M GBp

Exchange

London Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 24, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Strong

Stability

Exceptional

Valuation

Good

Dividends

Exceptional

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Winston Score History

The full picture

Steppe Cement is a cement producer based in Kazakhstan. It manufactures and sells cement primarily to construction companies, builders, and infrastructure projects across Kazakhstan and Central Asia. The company operates through its subsidiary, Central Asia Cement, which runs a large cement plant in the city of Mynaral.

Steppe Cement earns revenue by selling cement and related building materials, with pricing tied to local construction demand and seasonal patterns. It is listed on the London Stock Exchange and is a small-cap company focused on the Kazakh market. Kazakhstan's ongoing infrastructure development and urbanization provide a potential growth driver, but the business faces risks from seasonal weather disruptions, currency fluctuations in the Kazakh tenge, and dependence on a single production facility in one country.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+139.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+68.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

9.0%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$11M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Steppe Cement grew revenue 140% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 219.0M (2021) → 219.0M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

32.5%

Modest — 32.5% gross margin

Profit after running costs

Operating Margin

11.7%

Modest — 11.7% operating margin

Return on the money invested

ROCE

11.0%

Below par — 11.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+70.2%

Fast-growing sales (+70.2% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

420%

Turns 420% of profit into real cash

Spare cash per sale

FCF Margin

11.9%

Modest free cash flow (11.9%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.04

Conservative — low debt load (0.04)

Covers its interest

Interest Cover

18.04x

Comfortably covers interest (18.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

13.2x

Attractive valuation — P/E 13.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

15.05%

Healthy income — 15.05% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+16.3%

Dividend growing fast (16.3% YoY)

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