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...
Jose Itzamna Espitia Hernandez @ Banorte 15 February 2023
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,....
Jose Itzamna Espitia Hernandez @ Banorte 17 November 2022
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...
Jose Itzamna Espitia Hernandez @ Banorte 27 October 2022
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...
Jose Itzamna Espitia Hernandez @ Banorte 1 August 2022
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...
Jose Itzamna Espitia Hernandez @ Banorte 9 May 2022
Moderated progress and with slight pressure on profitability. In turn, EBITDA rose, to a lesser extent, 2.7% y/y due to higher costs of energy, raw materials and purchased cement, resulting in a 0.1pp decline in EBITDA margin to 18.0%, in line with o...
Jose Itzamna Espitia Hernandez @ Banorte 11 February 2022
Cemex SAB de CV is a building products company. The Company produces, distributes, and markets cement, ready-mix concrete, aggregates, and related building materials. Cemex operates throughout the Americas, Europe, Africa, the Middle East, and Asia.
Cemex SAB de CV
Jose Itzamna Espitia Hernandez
Marissa Garza Ostos