Increasing Cemex’s Fair Value Estimate under our Enhanced Cement Forecast; Shares Look Attractive
We’re introducing an enhanced methodology to forecast cement demand. Previously, we relied on the IMF’s forecasts for fixed asset investment spending as an indicator for cement demand. However, this fails to account for declining cement intensity (cement demand per FAI dollar) as a country’s income rises, as investment spending shifts from roads and structures to equipment and technology. We now use a formula that takes into account three important factors for cement consumption: income (GDP), i...
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