Adding Cement Producer Cemex to Best Ideas List; Shares Offer Attractive Return Potential
Shares of narrow-moat Cemex trade at roughly $8 per ADS, a 33% discount to our fair value estimate of $12 per ADS. We think the market underestimates Cemex's growth prospects, catalyzed by improving U.S. residential construction activity and rising Mexican infrastructure investment. We expect Cemex's geographic footprint to enjoy roughly 6% average annual demand growth through 2021, one of the highest growth rates across our global cement coverage. Our demand growth forecast represents a materia...
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