Cemex SAB de CV

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Product pricing strategy continues to boost revenues, while profitability pressures were confirmed. 2023e guidance anticipates a low single-digit EBITDA growth, which is slightly below expectations. While valuation is attractive and fundamentals rema...

Cemex outlined its growth strategy focused on profitable and bolt-on investments. Also, the sustainability and digital innovation strategies, positions the company for long-term growth. Our view for Cemex’s outlook remains positive in the long term,....

Cemex showed an increase in revenues, but a contraction in profitability beyond estimates due to cost inflation. The cement company lowered its EBITDA guidance again in view of the complex backdrop. Global challenges, including the possibility of a r...

Margins affected by higher costs, despite strong demand and higher prices. 2Q22 figures registered sales increase, supported by the positive supply and demand dynamic that benefitted product prices, both in local currency and in dollars (in cement do...

We set a PT of MXN 14.00 -FV/EBITDA 2022e 5.5x vs. the industry median of 6.2x. We recall that CEMEX objective is to achieve an EBITDA margin ≥ 20.0% vs. 19.3% L12m. It also foresees an increase of 35% (vs. prior 19%) in energy cost per ton of cem...