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CX - Covid-19 Further Complicates An Already-Complex Outlook For Cemex
Cemex S.A.B. de C.V. Sponsored ADR
Assessing the prospects of Cemex (CX) was already complex enough – the company had been losing share in an underperforming Mexican market and appeared to be lagging its peers in the U.S., while also making some curious (if not questionable) asset disposal decisions. Now Covid-19 adds entirely new challenges and uncertainties to the operating outlook and model.
First things first, I believe Cemex will survive this unexpected downturn unless the Covid-19 outbreak somehow sparks a long-lasting global recession (or worse…). I also believe today’s valuation likely does not reflect the underlying value of