Covering the Mexican Economy, Actinver Research

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We cover the Mexican economy with in-depth sector and state knowledge, as well as the integration with the U.S., providing high added value studies. 
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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>GCC posted a weak result, which was practically in line with our estimates but below the consensus at the EBITDA level.</li><li>Although cement and ready-mix prices performed positively, total revenues and EBITDA decreased by 10% YoY and 11%, respectively, implying an EBITDA margin contraction, reaching a 29.8% level (in line with our 29.6% estimate, but lower than the 30.1% street expectation).</li><li> Cement volumes in the EE.UU and Mexican markets were pressured by lower demand in most of the company's regions, which was mainly explained by bad weather conditions (EE.UU) and lower dynamism on cement demand.</li></ul>

GCC posted a weak result, which was practically in line with our estimates but below the consensus at the EBITDA level.Although cement and ready-mix prices performed positively, total revenues and EBITDA decreased by 10% YoY and 11%, respectively, implying an EBITDA margin contraction, reaching a 29.8% level (in line with our 29.6% estimate, but lower than the 30.1% street expectation). Cement volumes in the EE.UU and Mexican markets were pressured by lower demand in most of the company's regions, which was mainly explained by bad weather conditions (EE.UU) and lower dynamism on cement demand.

GCC SAB de CV

GCC SAB de CV - Actinver Research