CEMEX (US$24.03) Positive 3Q03 Operating Results and Advances on the Financial Front TARGET PRICE: US$27.00
|
|
- Theodora Cain
- 6 years ago
- Views:
Transcription
1 Latin America Quarterly Earnings Report CEMEX (US$24.03) (CX) Mexico Cement & Construction Mexico City, October 9, 2003 U.S. investors inquiries should be directed to Santander Central Hispano Investment at (212) BUY TARGET PRICE: US$27.00 Positive 3Q03 Operating Results and Advances on the Financial Front Gonzalo Fernández (5255) On October 9, 2003, before the market opened, Cemex reported better-than-expected third-quarter 2003 results. However, net earnings fell below expectations due to higher-than-expected foreign exchange losses. In addition, the company reported a significant reduction in leverage and advances in refinancing debt maturing in the short term. Net sales were US$1.83 billion, 7% year over year in U.S. dollar terms, which was above expectations. Among the positives, we note a 3% increase in cement volumes in the U.S. (there were a lot of concerns about this market because of bad weather conditions in September), which surpassed company guidance of 2% growth. Nevertheless, the company maintains its conservative expectation of a 1% contraction in volume in full-year Operations in Colombia were also a positive surprise, posting a 12% year-over-year increase in cement volume and 39% in ready-mixed concrete volume, reflecting heavy investments in transportation infrastructure. On the negative side, operations in Mexico reported a modest 1% year-overyear increase in cement volume, below the company s guidance and our expectations of 3% growth, due to heavy rains in September. However, a 2% increase in prices and a 10% increase in ready-mix volume offset the low cement volume growth. We believe that cement volume could return to a 2%-3% growth rate in 4Q03 once the rain season is over, as the housing market should enter into a more active quarter. Operations in Spain maintained their healthy trend, with cement volume increasing 2% year over year and ready-mix up 9%. Finally, operations in Venezuela continued to reflect a difficult environment, with cement volume and ready-mix down 11% and 6%, respectively. EBITDA also surpassed expectations in 3Q03, reaching US$570 million, up 13% year over year and above company guidance of US$560 million. The EBITDA margin was 220 basis points higher than our expectations because of further cost-cutting efforts. The main improvements in margins came from Mexico (320 basis points), Venezuela (960 basis points), Egypt (up 24%), and the Philippines, where margins turned from negative to positive. Finally, a 24% reduction in corporate expenses not attributed to specific countries (reported under the line elimination and other ) contributed to the improvement in margins. Earnings per ADR were US$0.43, below our expectations of US$0.69 and consensus expectations of US$0.66. Higherthan-expected forex losses were responsible for the difference. Third-Quarter 2003 Results (U.S. Dollars in Millions a ) 3Q03 SCHI Est Consensus % vs SCHI E % vs Cons 2Q03 % Ch Q/Q 3Q02 % Ch Y/Y Sales 1,834 1,836 1, % 3.0% 1, % 1, % Op.Profit % 5.5% % % Op Margin 22.1% 21.6% 21.6% 0.4% 0.5% 21.0% 1.1% 20.6% 1.5% EBITDA % 5.0% % % EBITDA Margin 31.1% 30.3% 30.5% 0.8% 0.6% 29.8% 1.3% 29.3% 1.7% Net Income % -34.3% % % EPADR % -34.8% % % Free Cash Flow NA 19.8% % % Change in Net Debt NA -30.6% NA % % Net Debt 5,676 5,609 NA 1.2% NA 5, % 6,311 NM Net Debt/EBITDA (x) NA NA EPADR EBITDA FV/ CE Div Div M$ US$ P/E per ADR EBITDA per ADR P/CE per ADR Yield (%) % % 2003E % 2004E % a Except per share/adr amounts. NA Not available. NM Not meaningful.
2 Cemex: 3Q03 Results FCF also beat expectations reaching US$384 million, 77% up year on year and above the company guidance for US$330 million. Positive working capital and lower maintenance capex explain the improvement in FCF. Of this amount, US$215 million was used to reduce net debt after investments of US$120 million. The latter included the acquisition of Dixon Marquette Cement in Cement in the U.S., with a total capacity of 560,000 tons (an acquisition price of US$150 per ton, which is fair, in our opinion). However, because of movements in the foreign exchange rate, the net effect decreased only US$153 million. Total debt decreased US$456 million compared with 2Q03 and the net debt/ebitda ratio reached 2.8 times. Cemex maintains a positive trend in terms of FCF generation and reduction in net debt. During the conference call, Mr. Lorenzo Zambrano CEO, stated that now that Cemex is close to its 2003 leverage targets, the company could have more room in 2004 to look for acquisitions, according to Cemex s historical growth strategy. However, these acquisitions are expected to be accretive and the additional leverage should not compromise Cemex s debt ratings. If Cemex is not able to find acquisitions that meet these conditions, Mr. Zambrano mentioned the possibility of using excess FCF to repurchase shares. In its press release, Cemex announced the issue of US$1.55 billion of medium-term debt, which would be used to refinance debt maturing in 2003 and We view this refinancing as positive. The company announced the amendment and increase of its existing U.S. Commercial Paper program to US$400 million until August In addition, Cemex launched a new two and three-year loan denominated in euros, U.S. dollars, and yens amounting to US$1.15 billion. The transaction is not yet closed but the proceeds are to be applied to the repurchase of the remaining US$650 million in Preferred Equity and to refinance a US$400- million Revolving Credit facility maturing in In addition to the refinancing, the payment of the Preferred Equity is slated to be used to reduce off-balance sheet debt. With these transactions, Cemex has already refinanced close to 60% of the US$2.5 billion of debt maturing in Although net earnings fell below expectations, we view Cemex s third-quarter results as positive because EBITDA and FCF surpassed expectations and could indicate a return to strong growth at the operating level. Cemex maintains its commitment to using a major proportion of its FCF to reduce debt and is gradually returning to comfortable leverage ratios, which we believe opens the possibility to an upgrade from the rating agencies. The return to positive growth rates in cement volumes in the U.S. is another positive surprise in the report. Cemex ADR has dropped 5.7% since the announcement of the secondary offer for 25.5 million ADRs on October 1. The stock is currently trading at an estimated FV/EBITDA multiple of 6.4 times for 2003E, a level similar to Lafarge. For 2004, Cemex trades at 6.0 times. We consider the current valuation levels attractive based on the good third-quarter results and prospects for further improvement and additional reduction in net debt. We maintain our positive view on the stock. Our year-end 2003 target price of US$27.00 per ADR is based on a discounted free cash flow valuation with a 9.4% discount rate and a 1.5% terminal growth rate. At our target price, the stock would be trading at an estimated FV/EBITDA of 7.1 times for 2003E, similar to the current trailing 12-month ratio. Our WACC for Cemex considers a 4.50% risk-free rate (the U.S. 10-year note), a 1.93% country risk spread for Mexico, a 5.50% equity risk premium, a beta of 0.90, and a debt/equity ratio of 0.91 times. Our estimates and target price for Cemex are based largely on the current conditions in the construction markets in which the company operates. Any changes in these conditions could affect cement demand, prices, and our estimates and target price for Cemex. Another key assumption is that Cemex will use two-thirds of its 2003 estimated free cash flow to reduce net debt and that acquisitions during this year will not exceed US$400 million. Any acquisition above this amount would result in a higher net debt level and would imply changes in our 2 U.S. investors inquiries should be directed to Santander Central Hispano Investment at (212)
3 valuation. In addition, Cemex through its derivatives operations is exposed to variations in exchange rates (yen, euro, and peso) and interest rates, as well as to changes in Cemex s stock price. Under current market conditions, we estimate that these operations will result in a negative mark to market of derivatives of US$340 million for full-year 2003, 50% below the losses reported in However, higher-than-expected changes in these variables could imply higher losses in derivatives and changes in our estimates. Figure 1. Cemex FCF and Leverage (U.S. Dollars in Millions) Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03E FCF Net Debt / EBITDA Source: Santander Central Hispano Investment estimates. Figure 2. Cemex Sales by Region (U.S. Dollars in Millions) Mexico % -7% USA % 4% Venezuela / DR % 0% Colombia % 19% CA and Caribean % -2% Spain % -4% Philippines % -7% Egypt % 28% Eliminations and Others % 32% Consolidated 1, ,859 1, % -1% Figure 3. Cemex EBITDA by Region (U.S. Dollars in Millions) Mexico % -5% USA % 21% Venezuela/DR % -6% Colombia % 20% CA and Caribean % 15% Spain % -6% Philippines % 6% Egypt % 26% Eliminations and Others % -11% Consolidated % 3% U.S. investors inquiries should be directed to Santander Central Hispano Investment at (212)
4 Cemex: 3Q03 Results Figure 4. Cemex EBITDA Margin by Region (U.S. Dollars in Millions) Mexico 46.4% 45.5% 43.3% 3.2% 0.9% USA 23.6% 20.3% 26.0% -2.3% 3.3% Venezuela/DR 49.5% 52.4% 39.9% 9.6% -2.9% Colombia 60.7% 60.2% 62.3% -1.6% 0.5% CA and Caribean 24.7% 21.1% 24.9% -0.2% 3.6% Spain 27.1% 27.7% 30.1% -3.0% -0.6% Philippines 11.2% 9.9% -2.1% 13.3% 1.3% Egypt 49.6% 50.4% 25.6% 24.0% -0.8% Eliminations and Others % % % 4.4% 63.0% Consolidated 31.1% 29.8% 28.9% 2.2% 1.3% Figure 5. Cemex Consolidated Income Statement (U.S. Dollars in Millions) 3Q03 3Q02 2Q03 3Q03E YoY % Chg QoQ % Chg Sales 1,721 1,859 1, Cost of Good Sold wo Depreciat Gross Profits Gross Margin Depreciation Operating Expenses Operating Profits Operating Margin EBITDA EBITDA Margin Net Interest Costs Exchange Losses (Gain) na na Monetary Position Net Financial Cost ,078-1,980 Profit after N.F.C Other Expenses Earnings before Taxes Income Tax and Employee Benefits Earn. of non-consolidates Subs Extraordinary Costs (Gains) n.a. n.a. Earn. before Minority Interest Minority Interest Net Earnings U.S. investors inquiries should be directed to Santander Central Hispano Investment at (212)
5 LOCAL OFFICES New York Bogotá Buenos Aires Caracas Tel: Tel: Tel: Tel: Fax: Fax: Fax: Fax: Lima Mexico City Santiago São Paulo Tel: Tel: Tel: Tel: Fax: Fax: Fax: Fax: Madrid Lisbon London Hong Kong Tel: Tel: Tel: Tel: Fax: Fax: Fax: Fax: Tokyo Sydney Tel: Tel: Fax: Fax: Key to Investment Codes (12- to 24-Month Horizon) % of Companies Covered with This Rating % of Companies Provided Investment Banking Services in the Past 12 Months Rating Definition Strong Buy Expected to outperform the local market more than 15% % 26.67% Buy Expected to outperform the local market 5%-15% % 20.00% Hold Expected to perform within a range of 5% above or below the local market % 53.33% Underperform Expected to underperform the local market 5%-15%. 9.09% -- Sell Expected to underperform the local market more than 15%. 4.13% -- The numbers above reflect our Latin America universe. Target prices are current year-end unless otherwise specified. Recommendations are based on a total return basis (expected share price appreciation + prospective dividend yield) unless otherwise specified. Ratings are established when the firm sets a target price and/or when maintaining or reiterating the rating. Ratings may not coincide with the above methodology due to price volatility. Management reserves the right to maintain or to modify ratings on any specific stock and will disclose this in the report when it occurs. The benchmark used for establishing Argentina recommendations is our forecast of the year-end Argentina IFCI index. For the Andean countries, our benchmark is the simple average of the country risk of each country plus the 10 year U.S. T-Bond yield plus 5.5% of equity risk premium. For additional information about our rating methodology, please call (212) This report has been prepared by Santander Central Hispano Investment Securities Inc. ( SCHI ) (a subsidiary of Santander Investment S.A., which is wholly owned by Banco Santander Central Hispano, S.A. ("Santander"), on behalf of itself and its affiliates (collectively, Grupo Santander) and is provided for information purposes only. This document must not be considered as an offer to sell or a solicitation of an offer to buy any relevant securities (i.e., securities mentioned herein or of the same issuer and/or options, warrants, or rights with respect to or interests in any such securities). Any decision by the recipient to buy or to sell should be based on publicly available information on the related security and, where appropriate, should take into account the content of the related prospectus filed with and available from the entity governing the related market and the company issuing the security. This report is issued in Spain by Santander Central Hispano Bolsa, Sociedad de Valores, S.A. (SCH Bolsa), and in the United Kingdom by Santander Central Hispano S.A., London Branch (Santander London), which is regulated by the Financial Services Authority in the conduct of investment business in the UK. This report is not being issued to private customers. SCHI, Santander London, and SCH Bolsa are members of Grupo Santander. I, Gonzalo Fernandez, hereby certify that the views expressed in this research report accurately reflect my personal views about the subject companies and their securities. I also certify that I have not been promised compensation, either directly or indirectly, for expressing the recommendations in this report. Within the past 12 months, Grupo Santander has managed or co-managed a public offering of securities of Cemex. Within the past 12 months, Grupo Santander has received compensation for investment banking services from Cemex. The information contained herein has been compiled from sources believed to be reliable, but, although all reasonable care has been taken to ensure that the information contained herein is not untrue or misleading, we make no representation that it is accurate or complete and it should not be relied upon as such. All opinions and estimates included herein constitute our judgment as at the date of this report and are subject to change without notice. From time to time, Grupo Santander and/or any of its officers or directors may have a long or short position in, or otherwise be directly or indirectly interested in, the securities, options, rights or warrants of companies mentioned herein. Any U.S. recipient of this report (other than a registered broker-dealer or a bank acting in a broker-dealer capacity) that would like to effect any transaction in any security discussed herein should contact and place orders in the United States with SCHI, which, without in any way limiting the foregoing, accepts responsibility (solely for purposes of and within the meaning of Rule 15a-6 under the U.S. Securities Exchange Act of 1934) for this report and its dissemination in the United States. U.S. recipients of this report should be advised that this research has been produced by a non-member affiliate of SCHI and, therefore, by rule, all disclosures required under NASD Rule 2711 do not apply by Santander Central Hispano Investment Securities Inc. All Rights Reserved 2003
CEMEX Cemex Increases its Offer for Rinker by 22%
Latin American Equity Research Mexico City, April 10, 2007 Flashnote Mexico Cement & Construction CEMEX Cemex Increases its Offer for Rinker by 22% Gonzalo Fernandez* BUY Vivian Salomón* Mexico: Banco
More information1Q05 Results Were Strong Overall and Better than Expected; Some Flags in Sigma
Latin American Equity Research Mexico, April 21, 2005. Earnings Comment Mexico Conglomerates ALFA (US$4.71) (ALFAA) STRONG BUY TARGET PRICE: US$6.15 1Q05 Results Were Strong Overall and Better than Expected;
More informationInfonavit Announces its Financial Plan
Latin American Equity Research Mexico City, November 28, 2007 Sector Report Mexico Cement & Construction HOUSING REVIEW NOVEMBER 2007 Infonavit Announces its 2008-2012 Financial Plan Gonzalo Fernández*
More informationLatin American Equity Research. Mr. F. Chico to Tender for 42.65% of Asur Shares at M$56.00
Latin American Equity Research Mexico City, March 30, 2007 Flashnote Mexico Airports ASUR Mr. F. Chico to Tender for 42.65% of Asur Shares at M$56.00 BUY Gonzalo Fernández* Vivian Salomón* Mexico: Banco
More informationICA BUY. ICA Reloaded: Setting 2004 Target, Upgrading to Buy (12/23/03) CURRENT PRICE: US$1.41/M$2.58 TARGET PRICE: US$1.75/M$3.30
Latin American Equity Research ICA Mexico Cement & Construction Mexico City, December 26, 2003 ICA Reloaded: Setting 2004 Target, Upgrading to Buy Gonzalo Fernández (5255) 5269-1931 gofernandez@santander.com.mx
More informationLatin American Equity Research. Alfa Agrees to Sell Hylsamex and Sidor Stakes to Techint
Latin American Equity Research Mexico, May 19, 2005 ALFA Flashnote Mexico Conglomerates STRONG BUY Alfa Agrees to Sell Hylsamex and Sidor Stakes to Techint Luis Miranda, CFA (5255) 5269-1926 lmiranda@santander.com.mx
More informationKIMBERLY CLARK DE MEXICO Re-Rating Completed; Downgrading to Hold
Latin American Equity Research Mexico City, November 20, 2006 KIMBERLY CLARK DE MEXICO Re-Rating Completed; Downgrading to Hold Joaquín Ley* Mexico: Santander Banco Santander S.A. 5255) 5269-1921 jley@santander.com.mx
More informationMEXICAN AIRPORTS EARNINGS PREVIEW
Latin American Equity Research Mexico City, April 20, 2009 Sector Preview Mexico Aerospace & Transportation MEXICAN AIRPORTS EARNINGS PREVIEW A Tough 1Q09, Driven by Weak Passenger Figures Luis Miranda,
More informationWALMEX HOLD. Have You Looked at P/BV? (12/14/05) CURRENT PRICE: US$5.81/M$62.35 TARGET PRICE: US$5.70/M$65.00
Latin American Equity Research Mexico City, December 15, 2005 WALMEX Have You Looked at P/BV? Company Report Mexico Retail HOLD Joaquin Ley* Daniela M. Bretthauer* Mexico: Banco Santander Serfin, S.A Brazil:
More information3,951 EBITDA 1,174 1,153 1,260 1,284 1,332 Outst shares (mn) 57 EBIT Free float (%)
European Equity Research ACCIONA Facing a Good 2017E Spain Electricity November 7, 2016 (07:15 CET) BUY CURRENT PRICE: 69.01 TARGET PRICE: 82.40 ANA released 9M16 results on Nov 4 and we have adjusted
More informationGRUPO AEROPORTUARIO DEL PACIFICO HOLD. Reaches Cruising Altitude; Downgrading to Hold
Latin American Equity Research Mexico City, December 1, 2006 Company Report Mexico Airports GRUPO AEROPORTUARIO DEL PACIFICO Reaches Cruising Altitude; Downgrading to Hold Gonzalo Fernandez* HOLD Vivian
More informationCEMEX HOLD (2/17/09) CURRENT PRICE: US$7.05/M$10.50 TARGET PRICE: US$8.00/M$11.00
Latin American Equity Research Mexico City, February 17, 2009 CEMEX Company Report Mexico Cement & Construction The Long and Winding Road Lowering Target and Reiterating Hold Gonzalo Fernández* Mexico:
More informationCEMEX Cement. Quarterly Report February 9, CEMEX remains on track to regain its investment grade.
Quarterly Report CEMEX Market Outperformer 2017 Price Target US$11.0 Price 8.9 12M Price Range 4.1/9.5 Shares Outstanding (Mill)* 1,545 Market Cap USD (Mill) 13,797 Float 78.6% Net Debt USD (Mill)** 12,516
More informationCEMEX Cement. Quarterly Report July 27, CX: Proving the success of its Value-before-Volume strategy.
Quarterly Report CEMEX Market Outperformer 12M FWD Price Target US$10.8 Price 7.1 12M Price Range 3.8/8.6 Shares Outstanding (Mill)* 1,542 Market Cap USD (Mill) 10,976 Float 78.6% Net Debt USD (Mill)**
More informationMEXICO TMT SECTOR JANUARY 2011
Latin American Equity Research Mexico City, January 31, 2011 Sector Preview Mexico Telecom, Media & Technology MEXICO TMT SECTOR JANUARY 2011 Post-Cancun Update and 4Q10 Previews Gregorio Tomassi*, CFA
More information2002 First Quarter Results
2002 First Quarter Results Majority net income increases 1% on back of a 40% drop in financial expense (1) Consolidated Sales: 1Q'02 1Q'01 Var. Net Sales (US$ millions) 1,571.0 1,581.4 (1)% Cement (Thousands
More informationStill Robust Top-Line Growth to Offset Infrastructural Build-Out. Alexander Robarts Joaquin Ley* Alonso Aramburu
Latin American Equity Research New York, July 11, 2006 Company Report Mexico Food GRUMA Still Robust Top-Line Growth to Offset Infrastructural Build-Out BUY Alexander Robarts Joaquin Ley* Alonso Aramburu
More informationForward looking information
Forward looking information This presentation contains certain forward-looking statements and information relating to CEMEX, S.A.B. de C.V. and its subsidiaries (collectively, CEMEX ) that are based on
More informationAmanera, Dominican Republic. Third Quarter Results
Amanera, Dominican Republic 2017 Third Quarter Results This presentation contains forward-looking statements within the meaning of the U.S. federal securities laws. CEMEX, S.A.B. de C.V. and its direct
More informationAcquisitions Appear Priced In; Downgrading on Valuation vs. Global Peers (212) (212)
Latin American Equity Research New York, June 9, 2008 COCA-COLA FEMSA Company Update Mexico Beverages UNDERPERFORM Acquisitions Appear Priced In; Downgrading on Valuation vs. Global Peers Alexander Robarts
More informationSecond Quarter Results
2014 Second Quarter Results Forward looking information This presentation contains certain forward-looking statements and information relating to CEMEX, S.A.B. de C.V. and its subsidiaries (collectively,
More informationGCC REPORTS FIRST QUARTER 2018 RESULTS
GCC REPORTS FIRST QUARTER 2018 RESULTS Chihuahua, Chihuahua, Mexico, April 24, 2018 Grupo Cementos de Chihuahua, S.A.B. de C.V. (BMV: GCC *), a leading producer of cement and ready-mix concrete in the
More informationGrowth Opportunities Remain Intact, Introducing YE2011 Target Price
Latin American Equity Research Mexico City, August 2, 2010 Company Report Mexico Healthcare GENOMMA LAB Growth Opportunities Remain Intact, Introducing YE2011 Target Price Joaquin Ley* BUY Daniel Gewehr*
More informationRASSINI Automotive Industry
RASSINI Market Outperformer 12M FWD Price Target P$49.0 Price 43.31 12M Price Range 28.8 / 39.4 Shares Outstanding 320 Market Cap (Mill) 13,865 Float 30.0% Net Debt (Mill) 1,867 EV (Mill) 16,345 Dividend
More informationFourth Quarter Results
2015 Fourth Quarter Results This presentation contains forward-looking statements within the meaning of the U.S. federal securities laws. CEMEX, S.A.B. de C.V. and its direct and indirect subsidiaries
More informationForward looking information
Forward looking information This presentation contains certain forward-looking statements and information relating to CEMEX, S.A.B. de C.V. and its subsidiaries (collectively, CEMEX ) that are based on
More informationFirst Quarter Results
2016 First Quarter Results This presentation contains forward-looking statements within the meaning of the U.S. federal securities laws. CEMEX, S.A.B. de C.V. and its direct and indirect subsidiaries (
More informationFourth Quarter Results
2013 Fourth Quarter Results Forward looking information This presentation contains certain forward-looking statements and information relating to CEMEX, S.A.B. de C.V. and its subsidiaries (collectively,
More information1999 Fourth Quarter Results
Carlos Jacks Investor Relations 52 (8) 328-3393 cjacks@cemex.com CEMEX homepage: http://www.cemex.com Marcelo Benitez Analyst Relations (212) 317-6008 mbenitez@cemex.com 1999 Fourth Quarter Results EBITDA
More information1997 First Quarter Results
Humberto Moreira Cemex, S.A. de C.V. (52 8) 328-3480 hmoreira@cemex.com Patrick Carney Cemex, S.A. de C.V. (52 8) 328-3442 pcarney@cemex.com Cemex homepage: http://www.cemex.com 1997 First Quarter Results
More information2000 First Quarter Results EBITDA Increased 22% and Cash Earnings 30% in US Dollar Terms
CEMEX www.cemex.com 2000 First Quarter Results EBITDA Increased 22% and Cash Earnings 30% in US Dollar Terms Consolidated Sales: (US$ million) 1Q 00 1Q 99 Var. Net Sales 1,325.1 1,119.4 18% Cement (met.
More informationForward looking information
Forward looking information This presentation contains certain forward-looking statements and information relating to CEMEX, S.A.B. de C.V. and its subsidiaries (collectively, CEMEX ) that are based on
More information2Q16 Highlights: 12M FWD EV/EBITDA 12M PRICE PERFORMANCE VS. IPC P/E
GISSA Market Outperformer 12M FWD Price Target P$45.0 Price 31.4 12M Price Range 29.5/ 33.09 Shares Outstanding 356 Market Cap (Mill) 11,169 Float 19.5% Net Debt (Mill) 46 EV (Mill) 11,164 Dividend Yield
More informationAmanera, Dominican Republic. Fourth Quarter Results
Amanera, Dominican Republic 2017 Fourth Quarter Results This presentation contains forward-looking statements within the meaning of the U.S. federal securities laws. CEMEX, S.A.B. de C.V. and its direct
More informationCIDMEGA Services. Outperformer 2 P$51.0. Quarterly Report October 25, CIDMEGA Market Outperformer 12m FWD Price Target P$51
Quarterly Report October 25, 2016 CIDMEGA Market Outperformer 12m FWD Price Target P$51 Price 44.0 12M Price Range 37.5 / 50 Shares Outstanding 68 Market Cap (Mill) 2,976 Float 27% Net Debt (Mill) 1,823
More informationGRUPO CEMENTOS DE CHIHUAHUA, S.A.B. DE C.V. (BMV: GCC *) Fourth quarter 2016 earnings results
GRUPO CEMENTOS DE CHIHUAHUA, S.A.B. DE C.V. (BMV: GCC *) Fourth quarter 2016 earnings results GCC REPORTS FOURTH QUARTER 2016 RESULTS Chihuahua, Chihuahua, Mexico, April 27, 2017 Grupo Cementos de Chihuahua,
More informationDollarama Inc. Q4 F2017 Results. A straight-forward beat and other notable business updates HIGHLIGHTS. The NBF Daily Bulletin.
DOL (T) $110.88 Stock Rating: Outperform (Unchanged) Target: $122.00 (Was $113.00) Risk Rating: Below Average (Unchanged) Est. Total Return: 10.4% Stock Data: 52-week High-Low (Canada) Bloomberg $104.94
More information2005 FOURTH QUARTER AND FULL-YEAR RESULTS
2005 FOURTH QUARTER AND FULL-YEAR RESULTS Stock Listing Information NYSE (ADR) Ticker: CX MEXICAN STOCK EXCHANGE Ticker: CEMEX.CPO Ratio of CEMEX.CPO to CX= 10:1 Fourth quarter (1) January - December (1)
More information(5255) (5255)
Latin American Equity Research Mexico City, February 24, 2009 WALMEX For Those About to Buy, We Salute You Upgrading to Buy Joaquin Ley* Company Update Mexico Retail BUY Roberto Liaño* Mexico: Banco Santander
More informationThird Quarter Results
2013 Third Quarter Results Forward looking information This presentation contains certain forward-looking statements and information relating to CEMEX, S.A.B. de C.V. and its subsidiaries (collectively,
More informationPakuwon Jati (PWON IJ)
1/15 11/15 12/15 1/16 2/16 3/16 4/16 5/16 6/16 7/16 8/16 9/16 1/16 (PWON IJ) 3Q16 Review: Your shelter in the rain Property Company Report (Upgrade) Buy Target Price (12M, IDR) 865 Share Price (1/31/16,
More informationEldorado. Fixed Income Research BTG Pactual Global Research. Weak Q3 on pulp/fx; despite attractive carry, overhangs remain
Fixed Income Research BTG Pactual Global Research Eldorado Brazil Paper Products FixedIncome 25 October 2016 Weak Q3 on pulp/fx; despite attractive carry, overhangs remain EBITDA down 43% y/y on unfavorable
More informationGCC REPORTS THIRD QUARTER 2018 RESULTS
GCC REPORTS THIRD QUARTER 2018 RESULTS Chihuahua, Chihuahua, Mexico, October 23, 2018 Grupo Cementos de Chihuahua, S.A.B. de C.V. (BMV: GCC *), a leading producer of cement and ready-mix concrete in the
More informationFLASH NOTE Welspun India 31 Jan 17
Oct-11 Feb-12 Jun-12 Oct-12 Feb-13 Jun-13 Oct-13 Feb-14 Jun-14 Oct-14 Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 FLASH NOTE Welspun India 31 Jan 17 CMP (Rs) 76 TP (Rs) 81 Outperformer Key Figures
More information2017-4Q17 E A R N I N G S R E L E A S E
E A R N I N G S R E L E A S E 2017-4Q17 January 01, 2017 December 31, 2017 SONDA S.A. and subsidiaries announce their consolidated financial results for the period from January 01 to December 31, 2017.
More informationThird Quarter Results
2014 Third Quarter Results Forward looking information This presentation contains certain forward-looking statements and information relating to CEMEX, S.A.B. de C.V. and its subsidiaries (collectively,
More informationDavivienda. Equity Research. Investment Gains Drove Strong 3Q. Colombia Banks (Exclu. Savings & Loan) Company Note 18 November 2013
Equity Research Davivienda Investment Gains Drove Strong 3Q Net income jumped 92% y/y; ROE of 22.3% in 3Q Davivienda s net income almost doubled y/y in 3Q, beating our estimates by 17%, thanks mainly to
More informationGrupo Sura. Equity Research. 4Q14: FX distorts a continuation of good operating trends
Equity Research Grupo Sura 4Q14: FX distorts a continuation of good operating trends Operating lines beat us (again), but FX losses hit bottom line (as expected) Sura s 4Q14 insurance and asset management
More informationSantander s profit rose 77% to EUR 3,310 million in the first nine months
Press Release Santander s profit rose 77% to EUR 3,310 million in the first nine months BUSINESS Deposits rose 5% to EUR 633,433 million, while loans fell 2%, to EUR 686,821 million In emerging markets,
More informationSavaria Corporation. Q2/17 Results. Span contribution begins; guidance revised (unsurprisingly) upwards HIGHLIGHTS. The NBF Daily Bulletin
SIS (T) $15.06 Stock Rating: Outperform Target: $17.00 Risk Rating: Above Average Est. Total Return 14.6% Stock Data: 52-w eek High-Low $17.55 - $7.74 Bloomberg/Reuters SIS CN / SIS.TO Shares Outstanding
More informationQ4 EARNINGS REPORT Welspun India 25 Apr 17
Dec-11 Apr-12 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Apr-14 Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Q4 EARNINGS REPORT Welspun India 25 Apr 17 CMP (Rs) 94 TP (Rs) 112 Maintain Outperformer
More informationGRUPO CEMENTOS DE CHIHUAHUA, S.A.B. DE C.V. (BMV: GCC *) Second quarter 2017 earnings report
GRUPO CEMENTOS DE CHIHUAHUA, S.A.B. DE C.V. (BMV: GCC *) Second quarter 2017 earnings report GCC REPORTS SECOND QUARTER 2017 RESULTS Chihuahua, Chihuahua, Mexico, July 25, 2017 Grupo Cementos de Chihuahua,
More information3Q08 EARNINGS RELEASE
3Q08 EARNINGS RELEASE SONDA REPORTS A 26.9% EBITDA GROWTH IN 3Q08 Santiago, Chile, October 28, 2008 SONDA S.A. (Santiago Stock Exchange: SONDA), the leading Latin American owned private-sector IT Services
More information2Q11 results highlights
2Q11 results highlights January June Second Quarter Millions of US dollars 2011 2010 % var l-t-l % var 2011 2010 % var l-t-l % var Net sales 7,462 6,804 10% 4% 4,091 3,762 9% 0% Gross profit 2,112 1,948
More informationSaudi Arabian Telecom Sector Q key takeaways
Saudi Arabia January 18, 2010 Theme The report contains key takeaways from results of the three listed Saudi telecom companies as well as our latest target prices What do we think? Stock Rating Price Target
More information3QFY09 revenues in line but adjusted margins beat KIE. No changes in estimates for FY E
India Daily Summary - January 29, 2009 LUPIN January 29, 2009 Pharmaceuticals LUPN.BO, Rs562 Rating Sector coverage view Target Price (Rs) BUY Attractive 950 52W High -Low (Rs) 782-438 Market Cap (Rs bn)
More informationCurrent Price ( ) Target Price ( )
European Equity Research Portugal Media & Photography Lisbon, November, PORTUGUESE MEDIA Everything Has Its Price Marcos Heitor (31) 1 389 3 marcos.heitor@bsnp.pt We are reassessing our view on Portuguese
More informationView from the market Jahangir Aziz
S T R I C T L Y P R I V A T E A N D C O N F I D E N T I A L View from the market Jahangir Aziz 202-585-1254 jahangir.x.aziz@jpmorgan.com Mar-09 Aug-09 Dec-09 May-10 Oct-10 Mar-11 Aug-11 Jan-12 INR: India
More informationGenomma Lab FOURTH QUARTER AND FULL YEAR 2015 RESULTS
Mexico City, Mexico, April 27, 2016 Genomma Lab Internacional, S.A.B. de C.V. (BMV: LAB.B) ( Genomma Lab or the Company ), today announced its results for the first quarter ended March 31, 2016. All figures
More informationFinancial Market Outlook: Stocks Rebounding from July Correction, Further Gains Likely. Bond Yields Range Bound
For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com Financial Market Outlook & Strategy: Stocks Rebounding from July Correction, Further Gains Likely. Bond
More informationBanco Santander made a profit of EUR billion, 8% more than a year earlier
Press Release FIRST QUARTER RESULTS 2014 Banco Santander made a profit of EUR 1.303 billion, 8% more than a year earlier Compared with the previous quarter, profits rose 23% and revenues increased 1%,
More informationVITRO Conglomerates. Quarterly Report July 29, VITRO Market Outperformer 12M FWD Price Target P$73.0
Quarterly Report VITRO Market Outperformer 12M FWD Price Target P$73.0 Price 61.1 12M Price Range 36.3/ 66.7 Shares Outstanding (Mill) 483.6 Market Cap (Mill) 1,564 Float 20% Net Debt ( Mill) -424 EV Adj.
More informationInvestor Relations Jay Bachmann Danièle Daouphars
Investor Document Investor Relations Jay Bachmann jay.bachmann@lafarge.com +33 1 44 34 93 71 Granulats et Béton - Afrique du Sud, stade Moses Mabhida Danièle Daouphars daniele.daouphars@lafarge.com +33
More informationAsset Allocation Guide
JULY 2014 RBC WEALTH MANAGEMENT GLOBAL INSIGHT PERSPECTIVES FROM THE GLOBAL PORTFOLIO ADVISORY COMMITTEE Asset Allocation Guide In conjunction with the Global Insight publications, following is an updated
More informationPunjab National Bank. CMP: INR716 TP: INR950 Buy
BSE SENSEX S&P CNX 16,839 5,100 Bloomberg PNB IN Equity Shares (m) 339.2 52-Week Range (INR) 1,144/703 1,6,12 Rel.Perf.(%) -8/-24/-28 M.Cap. (INR b) 242.8 M.Cap. (USD b) 4.4 30 July 2012 1QFY13 Results
More informationShenhua Reuters: 1088.HK, Bloomberg: 1088 HK; YCM Reuters: 1171.HK, Bloomberg: 1171 HK
20 December 20 China Coal Market Decelerating production growth Firm spot coal prices expected in 2006: China s coal production in November only grew by 3.1% Y/Y, highlighting the production disruption
More information2008 FOURTH QUARTER RESULTS
2008 FOURTH QUARTER RESULTS Stock Listing Information NYSE (ADS) Ticker: CX MEXICAN STOCK EXCHANGE Ticker: CEMEX.CPO Ratio of CEMEX.CPO to CX= 10:1 Fourth quarter January - December 2008 2007 % Var. 2008
More informationConcretus House, Alicante, Spain. Fernando González CEO
Concretus House, Alicante, Spain Fernando González CEO These presentations contain forward-looking statements within the meaning of the U.S. federal securities laws. CEMEX, S.A.B. de C.V. and its direct
More informationSantander s profit rose 77% to EUR 3,310 million in the first nine months
Press Release Santander s profit rose 77% to EUR 3,310 million in the first nine months BUSINESS Deposits rose 5% to EUR 633,433 million, while loans fell 2%, to EUR 686,821 million In emerging markets,
More informationCETIP. Equity Research. Strong pricing power; good #s are now good news for BVMF; nice risk/return!
Strong pricing power; good #s are now good news for BVMF; nice risk/return! Custody and monthly utilization revs were the main Q1 highlights Given that CETIP s volumes are disclosed on a monthly basis,
More informationArgentina Banks February 24, 2017
February 24, 2017 Fernando Suarez, (5411) 4850-2538, Fernando.Suarez@ARPartners.com.ar Diego Delic, (5411) 4850-2536, Diego.Delic@ARPartners.com.ar Santiago Wesenack, CFA, (5411) 4850-2537, Santiago.Wesenack@ARPartners.com.ar
More informationGCC REPORTS FOURTH QUARTER 2013 RESULTS
For more information: investors@gcc.com GCC REPORTS FOURTH QUARTER 2013 RESULTS Chihuahua, Chih., Mexico, April 30, 2014 Grupo Cementos de Chihuahua, S.A.B. de C.V. ( GCC or the Company ) (BMV: GCC*),
More informationSantiago Fernández Valbuena Chief Financial Officer Telefónica S.A.
Santiago Fernández Valbuena Chief Financial Officer Telefónica S.A. 2 Safe harbor "This presentation contains statements that constitute forward looking statements in its general meaning and within the
More informationAir France-KLM. Hold TP 6.50 CP 7.59 (Close 21 October 2013) Q3 due 31 October More restructuring needed. Equity Research Quick Bite Preview
Equity Research Quick Bite Preview 22 October 2013 Air France-KLM Q3 due 31 October More restructuring needed Supported by lower fuel costs and the ramp up in cost savings, we expect Q3 to deliver a solid
More informationBanco Santander s profit rose 90% to EUR billion in 2013
Press Release Banco Santander s profit rose 90% to EUR 4.370 billion in 2013 BUSINESS. Deposits were stable at EUR 607,836 million, while mutual funds grew by 14% to EUR 93,304 million. Loans decreased
More informationLatin American Equity Research
Latin American Equity Research New York, July 13, 2009 Sector Report Latam Mining MIND THE GAP Worst Case Has Limited Downside Potential GMEXICO VS. PCU Luis Miranda*, CFA Victoria Santaella Alonso Aramburu
More informationBanco Hipotecario SA Earnings Release - First Quarter 2008
Banco Hipotecario SA Earnings Release - First Quarter 2008 Banco Hipotecario cordially invites you to participate in its First Quarter 2008 conference call Thursday, May 15, 2008, 11:00 ET If you would
More informationRajesh Exports (RJEX_IN) Earnings Update Report Consumer Discretionary: Gold Jewelry Manufacturer
Monday, February 4, 2019 www.evaluateresearch.com Target Price Rs. 900.00 Current Price Rs. 598.00 Upside Potential 50% Market Cap. Shares Outstanding Rs. 176,802 mn US$ 2.47 bn 295.3 mn Free Float (FF
More informationDollarama Inc. Q2 F2017 Preview. (1) Growth expected to continue (2) A deeper look at valuation HIGHLIGHTS. The NBF Daily Bulletin.
DOL (T) $97.04 Stock Rating: Outperform (Unchanged) Target: $105.00 (Was $104.00) Risk Rating: Average (Unchanged) Est. Total Return: 8.6% Stock Data: 52-week High-Low (Canada) Bloomberg $98.94 - $66.32
More informationCVC. Equity Research. Another solid sales showing. Latin America Retailing Company Note 07 April 2015
Equity Research CVC Another solid sales showing Promotional environment drove sales in Q1 Bookings rose 11% y/y to R$1.269bn, supported by 6.4% SSS and the opening of 105 stores (totaling 919 exclusive
More informationNavigating 5 years of emerging market corporate debt
For professional investors and financial advisers - not for use by retail investors Navigating 5 years of emerging market corporate debt Aberdeen Global Emerging kets Corporate Bond Fund May 216 A main
More informationGRUPO CEMENTOS DE CHIHUAHUA, S.A.B. DE C.V. (BMV: GCC *) Second quarter 2015 earnings results
GRUPO CEMENTOS DE CHIHUAHUA, S.A.B. DE C.V. (BMV: GCC *) Second quarter 2015 earnings results GCC REPORTS SECOND QUARTER 2015 RESULTS Chihuahua, Chihuahua, Mexico, July 28, 2015 Grupo Cementos de Chihuahua,
More informationLuk Fook (590 HK) Hold (downgraded) Target price: HK$ HFY18 results beat, but downgrade from Accumulate to Hold on rich valuation
Equity Research Consumer Discretionary Luk Fook (590 HK) Hold (downgraded) Target price: HK$34.80 Albert Yip, CFA SFC CE No. ADT599 albertyip@gfgroup.com.hk +852 3719 1010 GF Securities (Hong Kong) Brokerage
More informationDarden Restaurants, Inc.
Darden Restaurants, Inc. DRI: Reports Solid Performance; Expectations Were Pretty High Despite Evidence Segment Is Slowing Our View: We reiterate our OW rating following shares coming under pressure because
More informationMarcopolo. Equity Research. Q1 beat our lowered forecasts; strong exports from Brazil. Brazil Transportation Company Note 04 May 2015
Equity Research Marcopolo Q1 beat our lowered forecasts; strong exports from Brazil Results were weak again, but above our call; EPS fell 37% y/y POMO posted a poor set of Q1 results (albeit better-than-expected),
More informationMarisa. Equity Research. Poor retail showing despite easy comps; new CFO unveiled. Latin America Retailing Company Note 07 November 2014
Equity Research Marisa Poor retail showing despite easy comps; new CFO unveiled Disappointing top line growth still impacted by the World Cup Marisa posted an SSS decline of 1.5% (vs. 's -7.5%) as: (i)
More informationTempleton Latin America Fund A (Ydis) USD
Templeton Latin America Fund A (Ydis) USD Franklin Templeton Investment Funds Fund Manager Report Value Equity Product Details 1 Fund Assets $1,050,576,208.81 Fund Inception Date 28/02/1991 Number of Issuers
More informationCencosud S.A Target Price Update
13-05 -20 13 13-06 -20 13 13-07 -20 13 13-08 -20 13 13-09 -20 13 13-10 -20 13 13-11 -20 13 13-12 -20 13 13-01 -20 14 13-02 -20 14 13-03 -20 14 13-04 -20 14 Cencosud S.A Target Price Update Target Price:
More informationConsolidated Information
Dear Shareholders: In, Gerdau prioritized positive free cash generation, which amounted to R$2.3 billion. This was achieved, in spite of the challenging scenario in the world steel industry, by reducing
More informationMore Growth Ahead at an Attractive Valuation: Raising Target Price
Latin American Equity Research New York, November 22, 2010 Company Report Mexico Mining GRUPO MEXICO More Growth Ahead at an Attractive Valuation: Raising Target Price Victoria Santaella BUY Sergio Matsumoto
More informationKingsoft (3888 HK) Buy (maintained) Target price: HK$20.77
Equity Research Information Technology May 24, 216 Kingsoft (3888 HK) Buy (maintained) Target price: HK$2.77 Full-year earnings forecast trimmed as 1Q16 results miss; maintain Buy but lower target price
More informationCellnex. Neutral. Q2 18 Increasing the M&A flexibility
Cellnex 18 Increasing the M&A flexibility What s New: Cellnex has reported a reasonable set of results for, with group revenue and EBITDA in line with expectations. Broadcasting revenues remained under
More informationCopel. Equity Research. Big boost from Araucária. Latin America Electric & Other Utilities Company Note 15 May 2015
Equity Research Big boost from Araucária Strong quarter reported much stronger-than-expected figures. Similar to most of the companies that reported, part of the outperformance comes from an energy allocation
More informationFINANCIAL REPORT ENERO - SEPTIEMBRE
2014January - June FINANCIAL REPORT ENERO - SEPTIEMBRE FINANCIAL REPORT 3 Key consolidated data 4 Highlights of the period 6 General background 7 Consolidated financial report 7 Income statement 11 Balance
More informationGRUPO BIMBO REPORTS FIRST NINE MONTHS 2017 RESULTS
GRUPO BIMBO REPORTS FIRST NINE MONTHS 2017 RESULTS MEXICO CITY, OCTOBER 26, 2017 Grupo Bimbo, S.A.B. de C.V. ( Grupo Bimbo or the Company ) (BMV: BIMBO) today reported its results for the nine months ended
More information25 April 2014 OpenLimit Holding AG. FIRST BERLIN Equity Research
FIRST BERLIN Equity Research OpenLimit Holding AG RATING Switzerland / Software Primary exchange: Frankfurt FY 2013 figures PRICE TARGET 1.30 Bloomberg: O5H GR Return Potential 90.1% ISIN: CH0022237009
More informationGCC REPORTS FOURTH QUARTER 2012 RESULTS
For more information: inversionistas@gcc.com GCC REPORTS FOURTH QUARTER 2012 RESULTS Chihuahua, Chih., Mexico, February 25, 2013 Grupo Cementos de Chihuahua, S.A.B. de C.V. ( GCC or the Company ) (BMV:
More informationNegative preannouncement
Estimate Change Equity United States Electronics NEUTRAL Negative preannouncement PC demand creates FQ3 shortfall Last night, Seagate announced that FQ3 (March) results would be below expectations due
More informationCementos Argos Reports Second Quarter 2017 Financial Results
Cementos Argos Reports Second Quarter 2017 Financial Results Efforts in efficiency and geographic diversification revert the trend during the second quarter August 11 th, 2017 Cementos Argos S.A. (Argos)
More informationMarket Performance WEEKLY MARKET ANALYSIS. Yields Threat vs. Earnings Support. PBOC s Monetary Policy Easing a Positive for Equities
30 APRIL 2018 Yields Threat vs. Earnings Support The yield on the US 10-year Treasury note closed at 3.024% on Wednesday, above the key psychological level of 3% for the first time since January 2014,
More information