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Fly News Breaks for September 4, 2018
CX
Sep 4, 2018 | 10:14 EDT
Citi analyst Dan McGoey, while continuing to favor a cash flow valuation analysis, says an asset-based valuation points to shares of Cemex being worth $15. The analyst estimates the gross value of Cemex's cement operations at $26B, the concrete division at $4B, Aggregates division at $1.7B, land and marine distribution terminals at $2B and its equity investments at $700M. The stock remains attractively valued under traditional multiples as well, McGoey tells investors in a research note. He keeps a Buy rating on Cemex with a price target of $9.50.
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