Senior Credit Analyst - Emerging Markets, EM Spreads

Leandro Gubler

EM Spreads is an independent credit research service specializing in Emerging Markets, primarily focusing on Latin American issuers.

Senior Credit Analyst - Emerging Markets

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

EM Spreads

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