Global Head of Research & Head of Europe, Lucror Analytics

Felix Fischer

Global Head of Research & Head of Europe

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<h3>Europe High Yield Trade Book</h3>
<p><br>The Europe HY Trade Book for August 2024 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.  </p>

Europe High Yield Trade Book
 The Europe HY Trade Book for August 2024 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.  

Europe HY Trade Book - August 2024 - Lucror Analytics

Senior Credit Analyst - Emerging Markets, EM Spreads

Leandro Gubler

Senior Credit Analyst - Emerging Markets

EM Spreads

<ul>
<li>The transaction is valued at approximately 6.8x 2023 EBITDA, or $396/ton, which we consider a good price given that Cemex currently trades at 5.5x LTM EBITDA, or $208/ ton.</li>
<li>We view Cemex’s divestments of its Dominican Republic assets as a positive credit event that aligns with its strategic priorities.</li>
<li>With this divestment, the company should focus on growing its key markets through bolt-on acquisition while maintaining its commitment to a healthy balance sheet.</li>
</ul>


The transaction is valued at approximately 6.8x 2023 EBITDA, or $396/ton, which we consider a good price given that Cemex currently trades at 5.5x LTM EBITDA, or $208/ ton.
We view Cemex’s divestments of its Dominican Republic assets as a positive credit event that aligns with its strategic priorities.
With this divestment, the company should focus on growing its key markets through bolt-on acquisition while maintaining its commitment to a healthy balance sheet.


News: Cemex to Divest Its Dominican Republic Operations for $950 Million

Debt Capital Markets

Cemex SAB de CV ADR / Debt Capital Markets

<ul>
<li>We maintain our Outperform recommendation on Cemex. The company benefits from favorable market trends in key markets, a strong commitment to further strengthening its credit profile, and credit-positive strategic priorities.</li>
<li>Despite challenging conditions, Cemex's top line for 2Q24 remained relatively flat yoy, missing analyst estimates, while adjusted EBITDA aligned with expectations, rising by 1.5% yoy.</li>
<li>Cemex ended the quarter with $10.1 billion of total debt, down $357.0 million sequentially. Gross and net leverage declined by one tick sequentially to 3.0x and 2.8x, respectively. </li>
</ul>


We maintain our Outperform recommendation on Cemex. The company benefits from favorable market trends in key markets, a strong commitment to further strengthening its credit profile, and credit-positive strategic priorities.
Despite challenging conditions, Cemex's top line for 2Q24 remained relatively flat yoy, missing analyst estimates, while adjusted EBITDA aligned with expectations, rising by 1.5% yoy.
Cemex ended the quarter with $10.1 billion of total debt, down $357.0 million sequentially. Gross and net leverage declined by one tick sequentially to 3.0x and 2.8x, respectively. 


Cemex 2Q24: Solid Performance in Mexico Offsets Softness in the US

Covering the Mexican Economy, Actinver Research

Actinver

Covering the Mexican Economy

Actinver Research

Actinver is a mexican leading financial group, that generates well being for individuals and companies through advisory services that provides investment management to maintain and grow their wealth.

Equity Bottom-Up

<ul><li>The Cement Industry is an essential activity with an attractive growth perspective since cement is one of the most relevant commodities worldwide, especially for emerging economies.</li><li>Cement companies such as CEMEX and GCC are well positioned to continue capturing the potential growth in their markets through differentiated products and clear targets to reduce CO2 emissions.</li><li> Although we expect 2Q24 quarterly results to be weaker, with total EBITDA +1% YoY, any weakness in results is more than priced in at current prices, in our view.</li></ul>

The Cement Industry is an essential activity with an attractive growth perspective since cement is one of the most relevant commodities worldwide, especially for emerging economies.Cement companies such as CEMEX and GCC are well positioned to continue capturing the potential growth in their markets through differentiated products and clear targets to reduce CO2 emissions. Although we expect 2Q24 quarterly results to be weaker, with total EBITDA +1% YoY, any weakness in results is more than priced in at current prices, in our view.

Actinver Research - Cement Sector: Attractive Valuations Strengthened Potential Returns (Sector Update)

<ul>
<li>We are initiating coverage on Cemex with a preference for CX 5.20% 2030 bonds. </li>
<li>Cemex’s business position, favorable market trends within its key markets, commitment to further strengthening its credit profile, and credit-positive strategic priorities support our optimistic view on the name.</li>
<li>For EM investors, we prefer CX 5.20% 2030, considering these bonds are trading wide to the Mexican Sovereign, the EM BBB Index, and the LatAm BBB Index.</li>
</ul>


We are initiating coverage on Cemex with a preference for CX 5.20% 2030 bonds. 
Cemex’s business position, favorable market trends within its key markets, commitment to further strengthening its credit profile, and credit-positive strategic priorities support our optimistic view on the name.
For EM investors, we prefer CX 5.20% 2030, considering these bonds are trading wide to the Mexican Sovereign, the EM BBB Index, and the LatAm BBB Index.


Cemex: The Promising Credit Story of a Regional Leader in the Cement Industry

United States

Cemex SAB de CV is a building products company. The Company produces, distributes, and markets cement, ready-mix concrete, aggregates, and related building materials. Cemex operates throughout the Americas, Europe, Africa, the Middle East, and Asia.

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Cemex SAB de CV ADR (CX US)

Europe HY Trade Book - August 2024 - Lucror Analytics

The Europe HY Trade Book for August 2024 includes current trade recommendations drawn from our European HY coverage universe, along with...

Lucror Analytics

News: Cemex to Divest Its Dominican Republic Operations for $950 Million

Cemex's divestment of Dominican Republic assets at a good price aligns with strategic priorities, allowing focus on growth and maintaining a...

Leandro Gubler

Cemex 2Q24: Solid Performance in Mexico Offsets Softness in the US

Cemex maintains its Outperform rating with strong market trends, a commitment to its credit profile, and stable financial performance in 2Q24....

Leandro Gubler

Actinver Research - Cement Sector: Attractive Valuations Strengthened Potential Returns (Sector Update)

The Cement Industry is an essential activity with an attractive growth perspective since cement is one of the most relevant commodities worldwide,...

Actinver

Cemex: The Promising Credit Story of a Regional Leader in the Cement Industry

Initiating coverage on Cemex with a preference for CX 5.20% 2030 bonds due to favorable market trends and credit-positive strategic priorities.

Leandro Gubler

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Europe HY Trade Book - August 2024 - Lucror Analytics

The Europe HY Trade Book for August 2024 includes current trade recommendations drawn from our European HY coverage universe, along with...

Lucror Analytics

News: Cemex to Divest Its Dominican Republic Operations for $950 Million

​Cemex's divestment of Dominican Republic assets at a good price aligns with strategic priorities, allowing focus on growth and maintaining a...

Leandro Gubler

Cemex 2Q24: Solid Performance in Mexico Offsets Softness in the US

​Cemex maintains its Outperform rating with strong market trends, a commitment to its credit profile, and stable financial performance in 2Q24....

Leandro Gubler

Actinver Research - Cement Sector: Attractive Valuations Strengthened Potential Returns (Sector Update)

The Cement Industry is an essential activity with an attractive growth perspective since cement is one of the most relevant commodities worldwide,...

Actinver

Cemex: The Promising Credit Story of a Regional Leader in the Cement Industry

​Initiating coverage on Cemex with a preference for CX 5.20% 2030 bonds due to favorable market trends and credit-positive strategic priorities.

Leandro Gubler

Cemex's divestment of Dominican Republic assets at a good price aligns with strategic priorities, allowing focus on growth and maintaining a...

Cemex maintains its Outperform rating with strong market trends, a commitment to its credit profile, and stable financial performance in 2Q24....

Initiating coverage on Cemex with a preference for CX 5.20% 2030 bonds due to favorable market trends and credit-positive strategic priorities.