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I didn’t really like the prospects of FLSmidth (FLIDY) (FLS.KO) as a long-term hold back in September, but I didn’t expect a nearly one-third drop in the share price, nor the significant underperformance relative to other mining-exposed names like Epiroc (EPOKY), Metso (MXCYY), and Weir (WEIGY). In addition to concerns about an early end to the mining capex cycle, I believe the market has sold off FLSmidth on lingering angst over the company’s weak, low-margin cement business.
While the cement business looks like an “is what it