Cemex: Quarterly Report 1Q22: Pricing strategy mitigates profitability pressure

  • Cemex's 1Q22 results showed progress due to solid market dynamics, mainly in prices, although with lower margins

  • Profitability would be pressured in this 1S22, but US’s infrastructure plan will benefit the industry growth

  • We set a PT of MXN 14.00. The attractive valuation despite the stock’s decrease still does not reflect fundamentals
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