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Cemex

With an annual production capacity of 93 mn tons (FY17) and partial vertical integration, Mexico domiciled Cemex is the third largest global cement producer, behind LafargeHolcim (353 mt) and HeidelbergCement (194 mt). Cemex is the second largest global player (after LafargeHolcim) with 52 mm3 of annual RMC production, and the fourth largest Aggregates producer (147 mn tonnes) behind HeidelbergCement, LafargeHolcim & CRH. Cement (45%) and RMC (39%) account for the majority of FY17 sales, supplemented by Aggregates (16%) which provides diversification & downstream benefits. Cemex has a well diversified sales profile by geography. 28% of FY17 revenues were derived from the US, 25% from Europe, 22% from Mexico, 13% from Latin America and 12% from Asia, Middle East & Africa. There is a higher degree of concentration in FY17 EBITDA terms, with Mexico generating 41%, the US 22%, Europe 13%, Latam 17% and Asia Middle East & Africa 8%. (16 Apr 2018)

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Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.

Latam in Focus: Mexico Flies, Brazilian Honeymoon

Emerging Markets Spotlight: 15 Nov 2018, 6:04 AM ET - Latin American credit has rebounded in recent months, led by Argentina and Brazil. Mexico in contrast has been hit as investors have become worried about AMLO’s policy priorities. We prefer Brazil to Mexico in the current environment.
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Cemex 3Q18: Deleveraging Offsets Cost Inflation

Earnings Note: 29 Oct 2018, 10:32 PM ET - We are holding our current RelVal Recommendations on Cemex after as Deleveraging progress continues to offset energy cost inflation headwinds. 
Focused

Cemex: Building a Wall to Investment Grade?

Company Spotlight: 05 Aug 2018, 10:24 PM ET - We are holding our current RelVal Recommendations on Cemex after a solid 2Q18 set of financials and an encouraging acceleration of its push for Investment Grade credit metrics (including a faster deleveraging push).

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 

Euro HY Conference 2018: Votorantim Cimentos

Transcript: 20 Jun 2018, 10:48 PM ET - In this article, we transcribe our presentation from CreditSights' European High Yield Conference on Votorantim Cimentos, a Brazilian cement producer and part of a major EM Industrial grouping.

Votorantim Cimentos: (Don't) Always Bet on Brazil

Company Spotlight: 11 Jun 2018, 9:26 PM ET - As part of our staged series of launch articles on the Votorantim SA Group (VSA), we initiate coverage on Votorantim Cimentos with an Underperform on its Euro paper.
Focused

Cemex 1Q18 - Stay MP $, OP € After Weak Start

Earnings Note: 02 May 2018, 10:06 PM ET - We retain our current Market perform on Cemex US Dollar paper and Outperform on Euro paper in the wake of a weak first quarter of 2018 for Cemex.

Wienerberger: New Issue Report: €250 mn Six Year

Company Spotlight: 22 Apr 2018, 10:43 PM ET - Wienerberger AG (WIE) is expected to be in the market this week with a €250 mn six year bond, having roadshowed last week.
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Cemex: 2018 Investor Day: Where Next?

Company Spotlight: 02 Apr 2018, 11:03 PM ET - Overall there is nothing in Cemex's 2018 Investor Day, and its subsequent discussions with shareholders to alter our existing Relative Value view

February 2018 Europe Company Recommendation Change

Euro Recommendation Changes: 28 Feb 2018, 11:31 PM ET - Our monthly report provides executive summaries for the twenty-one companies recommendation changes made on European companies during the month of February.
Focused

Cemex: Tough FY17, Still Deleveraging, RV Reset

Earnings Note: 12 Feb 2018, 9:58 PM ET - 2017 was something of a disappointment for Cemex from a trading perspective, although cash flow remained strong and leverage hit the four times barrier.

US Constructn Outlook: Kingdom for an (Infra) Bill

Sector Outlook: 23 Jan 2018, 9:56 PM ET - In the second of our Global Building Materials and Construction Outlook series, we examine the prospects for the US Construction Market in 2018 after a year that promised much but delivered somewhat less.

EU HY Construction Outlook: Pt I - Fundamentals

Sector Outlook: 11 Jan 2018, 9:58 PM ET - In the first of two part article on the Outlook for our Euro High Yield Construction Coverage, we examine the economic backdrop for the Continent and underline our expectations for construction spending in 2018. 

2017 Euro Conference: High Yield RV Panel

Transcript: 14 Dec 2017, 5:59 PM ET - We provide the transcript from the high yield relative value panel at our 2017 European Conference, highlighting key credits across the Consumer, Banks, Construction, Building Materials, Services and TMT sectors.

2017 Euro Conference: Buildng Materials Transcript

Transcript: 12 Dec 2017, 4:04 PM ET - In this presentation to our Annual Conference last week, we outlined our preliminary thoughts on the Outlook for the European IG Building Materials sector in 2018.
Focused

Cemex: Amid Natural Disasters, Still Deleveraging

Earnings Note: 31 Oct 2017, 4:36 PM ET - Despite earthquakes and hurricanes, Cemex continues to delever while its bonds still look attractive for a BB credit. 
Focused

Cemex 2Q17: Stay O/P in Euros, M/P in Dollars

Earnings Note: 27 Jul 2017, 8:16 PM ET - Cemex's second quarter financials for 2017 showed more trading headwinds than have been apparent for a while, although the credit continues to make progress in deleveraging. 

European Construction: Mid-Year Outlook 2017

Sector Outlook: 24 Jul 2017, 6:17 PM ET - The latest set of Euroconstruct forecasts are more supportive of growth in European Construction than previously envisaged. 

Euro HY Conference 2017: Building Matls Transcript

Transcript: 15 Jun 2017, 8:13 PM ET - In this article, we transcribe our presentation to Creditsights Euro High Yield Conference on the Building Materials sector.

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