Intrinsic value of Cemex ADR - CX

Previous Close

$4.99

  Intrinsic Value

$21.22

stock screener

  Rating & Target

str. buy

+325%

Previous close

$4.99

 
Intrinsic value

$21.22

 
Up/down potential

+325%

 
Rating

str. buy

We calculate the intrinsic value of CX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.87
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.59
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
Revenue, $m
  14,291
  15,507
  16,772
  18,088
  19,455
  20,876
  22,352
  23,887
  25,482
  27,141
  28,868
  30,664
  32,535
  34,485
  36,517
  38,636
  40,847
  43,155
  45,565
  48,083
  50,715
  53,467
  56,346
  59,358
  62,511
  65,811
  69,268
  72,888
  76,681
  80,656
Variable operating expenses, $m
  12,255
  13,197
  14,176
  15,194
  16,252
  17,352
  18,495
  19,683
  20,917
  22,202
  22,343
  23,734
  25,182
  26,691
  28,264
  29,904
  31,615
  33,401
  35,267
  37,216
  39,253
  41,384
  43,612
  45,943
  48,383
  50,938
  53,613
  56,415
  59,351
  62,428
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  12,255
  13,197
  14,176
  15,194
  16,252
  17,352
  18,495
  19,683
  20,917
  22,202
  22,343
  23,734
  25,182
  26,691
  28,264
  29,904
  31,615
  33,401
  35,267
  37,216
  39,253
  41,384
  43,612
  45,943
  48,383
  50,938
  53,613
  56,415
  59,351
  62,428
Operating income, $m
  2,036
  2,310
  2,596
  2,894
  3,203
  3,524
  3,857
  4,204
  4,565
  4,940
  6,524
  6,930
  7,353
  7,794
  8,253
  8,732
  9,231
  9,753
  10,298
  10,867
  11,462
  12,084
  12,734
  13,415
  14,128
  14,874
  15,655
  16,473
  17,330
  18,229
EBITDA, $m
  3,889
  4,220
  4,564
  4,922
  5,294
  5,681
  6,082
  6,500
  6,934
  7,386
  7,855
  8,344
  8,853
  9,384
  9,937
  10,513
  11,115
  11,743
  12,399
  13,084
  13,800
  14,549
  15,333
  16,152
  17,010
  17,908
  18,849
  19,834
  20,866
  21,948
Interest expense (income), $m
  919
  909
  1,047
  1,192
  1,342
  1,498
  1,661
  1,829
  2,005
  2,187
  2,376
  2,573
  2,778
  2,992
  3,214
  3,445
  3,687
  3,938
  4,201
  4,475
  4,761
  5,060
  5,373
  5,700
  6,042
  6,399
  6,774
  7,166
  7,576
  8,006
  8,457
Earnings before tax, $m
  1,127
  1,263
  1,405
  1,552
  1,704
  1,863
  2,028
  2,200
  2,378
  2,563
  3,951
  4,152
  4,361
  4,580
  4,807
  5,045
  5,293
  5,552
  5,823
  6,106
  6,401
  6,711
  7,035
  7,373
  7,728
  8,100
  8,489
  8,897
  9,324
  9,772
Tax expense, $m
  304
  341
  379
  419
  460
  503
  548
  594
  642
  692
  1,067
  1,121
  1,178
  1,237
  1,298
  1,362
  1,429
  1,499
  1,572
  1,649
  1,728
  1,812
  1,899
  1,991
  2,087
  2,187
  2,292
  2,402
  2,517
  2,638
Net income, $m
  823
  922
  1,025
  1,133
  1,244
  1,360
  1,481
  1,606
  1,736
  1,871
  2,884
  3,031
  3,184
  3,343
  3,509
  3,683
  3,864
  4,053
  4,251
  4,457
  4,673
  4,899
  5,135
  5,383
  5,642
  5,913
  6,197
  6,495
  6,807
  7,133

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  31,409
  34,082
  36,862
  39,754
  42,759
  45,881
  49,126
  52,499
  56,005
  59,652
  63,445
  67,394
  71,506
  75,790
  80,256
  84,913
  89,773
  94,845
  100,143
  105,677
  111,462
  117,511
  123,838
  130,458
  137,387
  144,640
  152,237
  160,194
  168,531
  177,267
Adjusted assets (=assets-cash), $m
  31,409
  34,082
  36,862
  39,754
  42,759
  45,881
  49,126
  52,499
  56,005
  59,652
  63,445
  67,394
  71,506
  75,790
  80,256
  84,913
  89,773
  94,845
  100,143
  105,677
  111,462
  117,511
  123,838
  130,458
  137,387
  144,640
  152,237
  160,194
  168,531
  177,267
Revenue / Adjusted assets
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
Average production assets, $m
  18,978
  20,594
  22,274
  24,021
  25,836
  27,723
  29,684
  31,722
  33,841
  36,044
  38,336
  40,722
  43,207
  45,796
  48,494
  51,308
  54,244
  57,309
  60,510
  63,854
  67,350
  71,005
  74,828
  78,828
  83,014
  87,398
  91,988
  96,796
  101,833
  107,112
Working capital, $m
  -1,015
  -1,101
  -1,191
  -1,284
  -1,381
  -1,482
  -1,587
  -1,696
  -1,809
  -1,927
  -2,050
  -2,177
  -2,310
  -2,448
  -2,593
  -2,743
  -2,900
  -3,064
  -3,235
  -3,414
  -3,601
  -3,796
  -4,001
  -4,214
  -4,438
  -4,673
  -4,918
  -5,175
  -5,444
  -5,727
Total debt, $m
  13,257
  15,085
  16,987
  18,964
  21,020
  23,156
  25,375
  27,682
  30,080
  32,575
  35,170
  37,871
  40,683
  43,614
  46,668
  49,854
  53,177
  56,647
  60,270
  64,056
  68,013
  72,150
  76,478
  81,006
  85,745
  90,707
  95,903
  101,346
  107,048
  113,023
Total liabilities, $m
  21,484
  23,312
  25,214
  27,192
  29,247
  31,383
  33,602
  35,909
  38,308
  40,802
  43,397
  46,098
  48,910
  51,841
  54,895
  58,081
  61,404
  64,874
  68,498
  72,283
  76,240
  80,378
  84,705
  89,233
  93,972
  98,934
  104,130
  109,573
  115,275
  121,251
Total equity, $m
  9,925
  10,770
  11,649
  12,562
  13,512
  14,498
  15,524
  16,590
  17,698
  18,850
  20,049
  21,297
  22,596
  23,950
  25,361
  26,833
  28,368
  29,971
  31,645
  33,394
  35,222
  37,133
  39,133
  41,225
  43,414
  45,706
  48,107
  50,621
  53,256
  56,016
Total liabilities and equity, $m
  31,409
  34,082
  36,863
  39,754
  42,759
  45,881
  49,126
  52,499
  56,006
  59,652
  63,446
  67,395
  71,506
  75,791
  80,256
  84,914
  89,772
  94,845
  100,143
  105,677
  111,462
  117,511
  123,838
  130,458
  137,386
  144,640
  152,237
  160,194
  168,531
  177,267
Debt-to-equity ratio
  1.340
  1.400
  1.460
  1.510
  1.560
  1.600
  1.630
  1.670
  1.700
  1.730
  1.750
  1.780
  1.800
  1.820
  1.840
  1.860
  1.870
  1.890
  1.900
  1.920
  1.930
  1.940
  1.950
  1.960
  1.980
  1.980
  1.990
  2.000
  2.010
  2.020
Adjusted equity ratio
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  823
  922
  1,025
  1,133
  1,244
  1,360
  1,481
  1,606
  1,736
  1,871
  2,884
  3,031
  3,184
  3,343
  3,509
  3,683
  3,864
  4,053
  4,251
  4,457
  4,673
  4,899
  5,135
  5,383
  5,642
  5,913
  6,197
  6,495
  6,807
  7,133
Depreciation, amort., depletion, $m
  1,853
  1,909
  1,968
  2,028
  2,091
  2,157
  2,225
  2,296
  2,369
  2,446
  1,331
  1,414
  1,500
  1,590
  1,684
  1,782
  1,883
  1,990
  2,101
  2,217
  2,339
  2,465
  2,598
  2,737
  2,882
  3,035
  3,194
  3,361
  3,536
  3,719
Funds from operations, $m
  2,676
  2,831
  2,993
  3,161
  3,336
  3,517
  3,706
  3,901
  4,105
  4,317
  4,215
  4,445
  4,684
  4,933
  5,193
  5,464
  5,747
  6,043
  6,352
  6,674
  7,012
  7,364
  7,733
  8,120
  8,524
  8,947
  9,391
  9,856
  10,342
  10,853
Change in working capital, $m
  -83
  -86
  -90
  -93
  -97
  -101
  -105
  -109
  -113
  -118
  -123
  -128
  -133
  -138
  -144
  -150
  -157
  -164
  -171
  -179
  -187
  -195
  -204
  -214
  -224
  -234
  -245
  -257
  -269
  -282
Cash from operations, $m
  2,759
  2,918
  3,083
  3,254
  3,433
  3,618
  3,810
  4,010
  4,218
  4,435
  4,338
  4,572
  4,817
  5,072
  5,337
  5,615
  5,904
  6,207
  6,523
  6,853
  7,198
  7,560
  7,938
  8,334
  8,748
  9,182
  9,636
  10,113
  10,612
  11,135
Maintenance CAPEX, $m
  -605
  -659
  -715
  -773
  -834
  -897
  -963
  -1,031
  -1,101
  -1,175
  -1,252
  -1,331
  -1,414
  -1,500
  -1,590
  -1,684
  -1,782
  -1,883
  -1,990
  -2,101
  -2,217
  -2,339
  -2,465
  -2,598
  -2,737
  -2,882
  -3,035
  -3,194
  -3,361
  -3,536
New CAPEX, $m
  -1,557
  -1,615
  -1,680
  -1,747
  -1,816
  -1,887
  -1,961
  -2,038
  -2,119
  -2,203
  -2,292
  -2,386
  -2,485
  -2,589
  -2,698
  -2,814
  -2,936
  -3,065
  -3,201
  -3,344
  -3,495
  -3,655
  -3,823
  -4,000
  -4,187
  -4,383
  -4,590
  -4,808
  -5,037
  -5,279
Cash from investing activities, $m
  -2,162
  -2,274
  -2,395
  -2,520
  -2,650
  -2,784
  -2,924
  -3,069
  -3,220
  -3,378
  -3,544
  -3,717
  -3,899
  -4,089
  -4,288
  -4,498
  -4,718
  -4,948
  -5,191
  -5,445
  -5,712
  -5,994
  -6,288
  -6,598
  -6,924
  -7,265
  -7,625
  -8,002
  -8,398
  -8,815
Free cash flow, $m
  597
  644
  688
  734
  783
  834
  887
  942
  998
  1,057
  794
  855
  918
  983
  1,049
  1,117
  1,187
  1,258
  1,332
  1,408
  1,486
  1,566
  1,649
  1,735
  1,824
  1,916
  2,012
  2,111
  2,213
  2,320
Issuance/(repayment) of debt, $m
  1,756
  1,828
  1,902
  1,978
  2,055
  2,136
  2,220
  2,307
  2,398
  2,494
  2,595
  2,701
  2,813
  2,930
  3,055
  3,186
  3,324
  3,470
  3,623
  3,786
  3,957
  4,137
  4,328
  4,528
  4,739
  4,962
  5,196
  5,443
  5,702
  5,976
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  1,756
  1,828
  1,902
  1,978
  2,055
  2,136
  2,220
  2,307
  2,398
  2,494
  2,595
  2,701
  2,813
  2,930
  3,055
  3,186
  3,324
  3,470
  3,623
  3,786
  3,957
  4,137
  4,328
  4,528
  4,739
  4,962
  5,196
  5,443
  5,702
  5,976
Total cash flow (excl. dividends), $m
  2,353
  2,472
  2,590
  2,712
  2,838
  2,970
  3,107
  3,249
  3,397
  3,551
  3,389
  3,556
  3,731
  3,913
  4,104
  4,302
  4,510
  4,728
  4,955
  5,193
  5,443
  5,704
  5,977
  6,263
  6,563
  6,878
  7,208
  7,553
  7,916
  8,296
Retained Cash Flow (-), $m
  -798
  -845
  -879
  -914
  -950
  -987
  -1,025
  -1,066
  -1,108
  -1,152
  -1,199
  -1,248
  -1,299
  -1,354
  -1,411
  -1,472
  -1,536
  -1,603
  -1,674
  -1,749
  -1,828
  -1,911
  -1,999
  -2,092
  -2,189
  -2,292
  -2,400
  -2,514
  -2,634
  -2,761
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  1,556
  1,627
  1,711
  1,798
  1,889
  1,983
  2,081
  2,183
  2,289
  2,398
  2,190
  2,308
  2,431
  2,559
  2,692
  2,831
  2,975
  3,125
  3,281
  3,444
  3,615
  3,792
  3,978
  4,171
  4,374
  4,586
  4,807
  5,039
  5,281
  5,535
Discount rate, %
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
  34.58
PV of cash for distribution, $m
  1,435
  1,374
  1,312
  1,240
  1,162
  1,076
  986
  893
  799
  705
  534
  461
  391
  327
  268
  216
  170
  131
  99
  73
  53
  37
  25
  17
  11
  7
  4
  2
  1
  1
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

CEMEX, S.A.B. de C.V. (CEMEX) is an operating and holding company engaged, directly or indirectly, through its operating subsidiaries, primarily in the production, distribution, marketing and sale of cement, ready-mix concrete, aggregates, clinker and other construction materials throughout the world, and that provides construction-related services to customers and communities in over 50 countries throughout the world. The Company operates in various locations, including Mexico, the United States, Europe, South America, Central America, the Caribbean, Asia, the Middle East and Africa. Its cement production facilities are located in Mexico, the United States, Spain, Egypt, Germany, Colombia, the Philippines, Poland, the Dominican Republic, the United Kingdom, Panama, Latvia, Puerto Rico, Thailand, Costa Rica and Nicaragua. The Company is a supplier of aggregates, primarily the crushed stone, sand and gravel, used in various forms of construction.

FINANCIAL RATIOS  of  Cemex ADR (CX)

Valuation Ratios
P/E Ratio 307.9
Price to Sales 17.2
Price to Book 25.8
Price to Tangible Book
Price to Cash Flow 110.6
Price to Free Cash Flow 128.3
Growth Rates
Sales Growth Rate 13.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -43.9%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 1
Current Ratio 0.3
LT Debt to Equity 165.7%
Total Debt to Equity 178.5%
Interest Coverage 2
Management Effectiveness
Return On Assets 5.1%
Ret/ On Assets - 3 Yr. Avg. 5.1%
Return On Total Capital 3.2%
Ret/ On T. Cap. - 3 Yr. Avg. 0.6%
Return On Equity 9%
Return On Equity - 3 Yr. Avg. 1.6%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 35.5%
Gross Margin - 3 Yr. Avg. 33.9%
EBITDA Margin 20.5%
EBITDA Margin - 3 Yr. Avg. 17.1%
Operating Margin 13.4%
Oper. Margin - 3 Yr. Avg. 10.8%
Pre-Tax Margin 6.9%
Pre-Tax Margin - 3 Yr. Avg. 2.5%
Net Profit Margin 5.6%
Net Profit Margin - 3 Yr. Avg. 0.9%
Effective Tax Rate 17.8%
Eff/ Tax Rate - 3 Yr. Avg. -39.8%
Payout Ratio 0%

CX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CX stock intrinsic value calculation we used $13123.0808338 million for the last fiscal year's total revenue generated by Cemex ADR. The default revenue input number comes from 0001 income statement of Cemex ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CX stock valuation model: a) initial revenue growth rate of 8.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.4%, whose default value for CX is calculated based on our internal credit rating of Cemex ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Cemex ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CX stock the variable cost ratio is equal to 86.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 7.9% for Cemex ADR.

Corporate tax rate of 27% is the nominal tax rate for Cemex ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CX stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CX are equal to 132.8%.

Life of production assets of 28.8 years is the average useful life of capital assets used in Cemex ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CX is equal to -7.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $9127.55465175 million for Cemex ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 650.984 million for Cemex ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Cemex ADR at the current share price and the inputted number of shares is $3.2 billion.

RELATED COMPANIES Price Int.Val. Rating
CRH CRH ADR 28.45 793.02  str.buy
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COMPANY NEWS

▶ Trade of the Day: Cemex (CX)   [09:17AM  InvestorPlace]
▶ CEMEX (CX) in Focus: Stock Moves 5.4% Higher   [Jul-27-18 08:42AM  Zacks]
▶ [$$] Cemex Plans More Asset Sales, Debt Reduction   [Jul-26-18 02:12PM  The Wall Street Journal]
▶ Construction forecast: Labor shortage hurts, but no slowdown in sight   [Jul-18-18 09:00AM  American City Business Journals]
▶ 10,000 Customers Embrace CEMEX Go   [Jun-12-18 08:34AM  Business Wire]
▶ CEMEX Launches Construrama Online Store   [Jun-06-18 06:11PM  Business Wire]
▶ CEMEX Recognizes International Suppliers   [May-30-18 06:11PM  Business Wire]
▶ An International Energy Bonanza   [May-22-18 11:13AM  Motley Fool]
▶ CEMEX Ventures Invests in Mexican Startup   [May-16-18 04:30PM  Business Wire]
▶ CEMEX Files Annual Report on Form 20-F for Fiscal Year 2017   [Apr-30-18 04:56PM  Business Wire]

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