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CX - Eagle Materials: No Added Value From The Spin-Off
Cemex S.A.B. de C.V. Sponsored ADR
The market loves a good, old-fashioned spin-off story. Bowing to activist pressure, Eagle Materials (EXP) is next in a (very) long line of companies that are going to eschew diversification in the name of shifting to discrete, publicly-traded pure plays on certain businesses. While the market has been receptive to the news here, Eagle Materials still trades significantly below many estimates of sum-of-the-parts fair value (e.g., Hedgeye, Sachem Head). I wanted to take a look at this deal, alongside the comps, to see if that valuation truly made sense. In my opinion,