Cutting Cemex’s FVE on Weak Mexican Outlook, but Shares Still Look Undervalued
Cemex saw a meaningful slowdown in the fourth quarter, as cement volume declined 3% while ready-mix and aggregates volumes grew just 1%. Successful price increases helped like-for-like sales grow 4%, but exchange rate headwinds limited realized sales growth to just 1%. In addition to unfavorable currency movements, energy prices continued to rise, leading to an 80-basis point operating EBITDA margin contraction during the quarter.The fourth quarter was neither stellar nor overly terrible. Howev...
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