Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

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

In this report, we analyse the impact of the Ukraine-Russia conflict on the various sectors and companies in our European coverage universe. We also include a list of bonds for which we see good value. The direct impact from the actions taken to stop the war (including sanctions) should be insignificant or moderate for most companies under our coverage, but these names could be severely affected: Air Baltic, Consolis, Kem One, KME, Lecta, Naviera Armas, Nobian, Nordex, Norican, Oriflame, Pro-Gest, Profine, Raffinerie Heide, Stada and Vedanta Resources.

  In this report, we analyse the impact of the Ukraine-Russia conflict on the various sectors and companies in our European coverage universe. We also include a list of bonds for which we see good value. The direct impact from the actions taken to stop the war (including sanctions) should be insignificant or moderate for most companies under our coverage, but these names could be severely affected: Air Baltic, Consolis, Kem One, KME, Lecta, Naviera Armas, Nobian, Nordex, Norican, Oriflame, Pro-Gest, Profine, Raffinerie Heide, Stada and Vedanta Resources. 

Impact Of Ukraine Conflict On Lucror’S European Coverage Universe - Lucror Analytics

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 the environment was challenging, with bad weather conditions and volume contraction, the Cement Industry's quarterly results came in line with our estimates.</li><li>Higher costs were partially compensated by the companies' efficiencies; however, this was not enough to compensate for the sector's margin contraction.</li><li> Total revenues in 3Q24 decreased 6% YoY, while total EBITDA dropped 11% YoY, practically in line with our expectations.</li></ul>

Although the environment was challenging, with bad weather conditions and volume contraction, the Cement Industry's quarterly results came in line with our estimates.Higher costs were partially compensated by the companies' efficiencies; however, this was not enough to compensate for the sector's margin contraction. Total revenues in 3Q24 decreased 6% YoY, while total EBITDA dropped 11% YoY, practically in line with our expectations.

GCC SAB de CV - Actinver Research - Cement post 3Q24: Bad Weather Negatively Impacted Results

Macroeconomics

<ul>
<li>Total revenues decreased by 6% to US$4.1 Bn, while EBITDA dropped 13% (or -9% on a like-to-like basis) to US$746 M, below the consensus estimate of US$813 M, and slightly below our US$765 M estimate.</li>
<li>On the other hand, the net profit of US$406 M compares positively vs. the US$126 M in 3Q23.</li>
<li>The higher net income was driven primarily by a lower effective tax rate and the gain from the sale of CEMEX's operations in Guatemala.</li>
</ul>


Total revenues decreased by 6% to US$4.1 Bn, while EBITDA dropped 13% (or -9% on a like-to-like basis) to US$746 M, below the consensus estimate of US$813 M, and slightly below our US$765 M estimate.
On the other hand, the net profit of US$406 M compares positively vs. the US$126 M in 3Q23.
The higher net income was driven primarily by a lower effective tax rate and the gain from the sale of CEMEX's operations in Guatemala.


Actinver Research - CEMEX 3Q24: Bad Weather Negatively Impacted Results (Quick View)

<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)

Global Head of Research & Head of Europe, Lucror Analytics

Felix Fischer

Global Head of Research & Head of Europe

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

  The Europe HY Trade Book for September 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 - September 2024 - Lucror Analytics

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)

Impact Of Ukraine Conflict On Lucror’S European Coverage Universe - Lucror Analytics

In this report, we analyse the impact of the Ukraine-Russia conflict on the various sectors and companies in our European coverage universe. We...

Lucror Analytics

GCC SAB de CV - Actinver Research - Cement post 3Q24: Bad Weather Negatively Impacted Results

Although the environment was challenging, with bad weather conditions and volume contraction, the Cement Industry's quarterly results came in line...

Actinver

Actinver Research - CEMEX 3Q24: Bad Weather Negatively Impacted Results (Quick View)

Total revenues decreased by 6% to US$4.1 Bn, while EBITDA dropped 13% (or -9% on a like-to-like basis) to US$746 M, below the consensus estimate of...

Actinver

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

Europe HY Trade Book - September 2024 - Lucror Analytics

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

Lucror Analytics

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