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>Although bad weather conditions will negatively impact cement volume demand, the company's efforts to optimize its portfolio will help partially mitigate the negative result at the operating level.</li><li> The sector's total revenues in 3Q24 will decrease 2% YoY, while total EBITDA will drop 10% YoY.</li><li>In that context, CEMEX will post the weakest EBITDA performance, with an 11% YoY contraction (mainly explained by the weak Peso), while GCC's EBITDA is expected to decrease 1% YoY.</li></ul>

Although bad weather conditions will negatively impact cement volume demand, the company's efforts to optimize its portfolio will help partially mitigate the negative result at the operating level. The sector's total revenues in 3Q24 will decrease 2% YoY, while total EBITDA will drop 10% YoY.In that context, CEMEX will post the weakest EBITDA performance, with an 11% YoY contraction (mainly explained by the weak Peso), while GCC's EBITDA is expected to decrease 1% YoY.

Actinver Research - Cement Sector: Bad Weather Will Negatively Impact the Top-line Performance (3Q24 Preview)

<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)

Mexico

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 (CEMEXCPO MM)

Actinver Research - Cement Sector: Bad Weather Will Negatively Impact the Top-line Performance (3Q24 Preview)

Although bad weather conditions will negatively impact cement volume demand, the company's efforts to optimize its portfolio will help partially...

Actinver

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

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