Stronger Peso Offsets Higher Energy Costs and Pockets of Weak Demand; Cemex Shares Look Attractive
We’ve updated our model with our latest forecast and exchange rate. A stronger peso, lower 2017 cash taxes, and the time value of money offset higher energy costs and weaker price increases. We maintain our $12.50 per ADS fair value estimate for narrow-moat Cemex. With shares retreating to below $10, we think Cemex looks attractive.At first glance, Cemex’s second quarter had some issues. First, cement and ready-mix volumes were down 3% and 2%, respectively, over the prior-year quarter. In parti...
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