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CX

Cemex

$4.90

-0.025 (-0.51%)

06:20
02/20/19
02/20
06:20
02/20/19
06:20

Cemex divests assets in Baltics and Nordics

Cemex announced that it has signed an agreement for the sale of assets in the Baltics and Nordics to the German building materials group SCHWENK, for approximately EUR340M. The Baltic assets being divested consist of one cement production plant in Broceni with a production capacity of approximately 1.7 Mt, four aggregates quarries, two cement quarries, six ready-mix plants, one marine terminal and one land distribution terminal in Latvia. The assets divested also include CEMEX's approximate 38% indirect interest in one cement production plant in Akmene in Lithuania, with a production capacity of approximately 1.8 Mt. In addition, the exports business to Estonia is also included as part of the divestment. The Nordic assets being divested consist of three import terminals in Finland, four import terminals in Norway and four import terminals in Sweden. Consolidated operating EBITDA generated by the divested assets was approximately EUR27.3M in 2018. The proceeds expected to be obtained from this divestment will be used mainly for debt reduction and for general corporate purposes. The closing of this transaction is subject to the satisfaction of standard conditions for this type of transactions, which includes authorization by regulators and is currently expected to finalize during the first quarter of 2019.

  • 20

    Feb

CX Cemex
$4.90

-0.025 (-0.51%)

08/16/18
08/16/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. AstraZeneca (AZN) downgraded to Hold from Buy at Jefferies with analyst Ian Hilliker citing valuation following the stock's outperformance since he upgraded it in March. 2. Cemex (CX) downgraded to Hold from Buy at HSBC with analyst Eduardo Altamirano saying Cemex's deleveraging remains intact, but the pace at which debt is converted to equity is slowing down due to weaker than expected pricing and volumes in most regions, combined with higher input costs. 3. Cenovus Energy (CVE) downgraded to Hold from Buy at Canaccord with analyst Dennis Fong saying cash flow valuation is in line versus the large-cap group, which he thinks is appropriate given the company's above-average heavy oil exposure, moderated production growth profile, and higher leverage. 4. Nanometrics (NANO) downgraded to Neutral from Buy at DA Davidson with analyst Thomas Diffely saying that after outperforming its peer group over the past few years, the stock now trades at a 40% premium to its peers. 5. Coty (COTY) downgraded to Underperform from Buy at BofA/Merrill with analyst Olivia Tong citing inconsistent execution and increasing disruption across the mass beauty segment. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/04/18
SBSH
09/04/18
NO CHANGE
Target $9.5
SBSH
Buy
Cemex worth $15 per share on asset-based valuation, says Citi
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.
10/29/18
SCOT
10/29/18
DOWNGRADE
SCOT
Sector Perform
Cemex downgraded to Sector Perform from Outperform at Scotiabank
11/14/18
UBSW
11/14/18
DOWNGRADE
UBSW
Neutral
Cemex downgraded to Neutral from Buy at UBS

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