TX - Ternium: Where I Was Wrong And Why I'm Still Bullish

• In total, I have written 2 articles on TX, but they both aged badly, even though I was right about most of the points.
• During the last 9 months alone, TX has generated free cash flows of ~15% of its current market cap while continuing to reduce its long-term debt burden.
• The market paid for such impressive results with a strong correction - here I explain why.
• I argue that even if EBITDA margin declines as planned, the company remains too cheap at current levels (only 1.6x of TTM EV/EBITDA).
• I will not sell my stake, and if TX falls even lower, I will buy the dip if I have any funds left.

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