CEMEX. de 경영진
경영진 기준 점검 2/4
CEMEX. de CEO는 Jaime Domínguez, Apr2025 에 임명되었습니다 의 임기는 1.08 년입니다. 는 $7.28M 가치에 해당하는 회사 주식의 0.04% 직접 소유합니다. 경영진과 이사회의 평균 재임 기간은 각각 6.3 년과 9.8 년입니다.
핵심 정보
Jaime Domínguez
최고경영자
n/a
총 보수
| CEO 급여 비율 | n/a |
| CEO 재임 기간 | 1.1yrs |
| CEO 지분 보유율 | 0.04% |
| 경영진 평균 재임 기간 | 6.3yrs |
| 이사회 평균 재임 기간 | 9.8yrs |
최근 경영진 업데이트
Recent updates
CEMEX: Improvement Is Evident, But More Is Needed To Expand The Multiple
Summary CEMEX has significantly improved margins, divested weaker assets, and achieved investment-grade debt, outperforming peers despite industry headwinds. Operational improvements have come despite a challenging market backdrop in both the U.S. and Mexico; demand recoveries could drive more margin leverage in 2026-2028. CX's management is targeting $400M in cost savings by 2027 through increased operational efficiency and is also looking at additional asset disposals and more efficient capex spending. M&A further into the aggregates space makes sense given higher margins and lower capex requirements; improving FCF conversion is a key potential value driver. A 7x EBITDA multiple supports a mid-$12 fair value today, but further rerating is possible if CX achieves further margin and FCF improvements. Read the full article on Seeking AlphaCEMEX Valuation Is Fair, But Not Tactically Attractive Going Into A Down Cycle
Summary CEMEX, S.A.B. de C.V.'s Q4 2024 results show declining sales in key markets, indicating a potential cyclical downturn and a challenging future for maintaining high margins and revenue growth. Despite offsetting lower volumes with higher prices, Cemex's operating margins are declining due to high overhead costs and competitive pressures. Valuation remains fair but not opportunistic; potential market challenges in FY25 and FY26 could present better buying opportunities for CX stock. Focus on US growth CAPEX and M&A, with the potential for increased dividends or buybacks if CAPEX decreases. Read the full article on Seeking AlphaAfter Q3 Results, CEMEX Approaches Cyclical Bottoms, But Is Only Fairly Valued
Summary CEMEX, S.A.B. de C.V. posted Q3 results with a 9% stock drop, citing non-recurring volume decreases due to challenging climate conditions but maintained EBITDA margins through pricing. Cemex operates globally with 90 million tons capacity, focusing on North America and the EU, and is divesting non-core assets to consolidate operations. The company has manageable but high leverage, with debt costs exceeding asset returns, and relies on government-driven infrastructure spending for future growth. Valued at a 12% yield on cycle-average earnings, CEMEX is a Hold at current prices, with potential interest at lower valuations. Read the full article on Seeking AlphaCEMEX: Patience Should Pay Off, As Multiple And Growth Prospects Remain Favorable
Summary CEMEX's Mexican segment shows steady growth, offsetting weaknesses in Europe and the Middle East, leading to flat to slightly positive growth in 2024. Strong pricing and decelerating cost inflation are expected to support margins, with volume growth in the U.S. and Mexico driving top line growth. Despite recent stock decline due to FX headwinds, the stock is attractively priced with promising long-term prospects from onshoring and federal funding. I maintain a BUY rating on CX stock, anticipating margin growth and improved valuation, driven by strong pricing and strategic acquisitions. Read the full article on Seeking AlphaCemex: Positive Drivers Undermined By Worries Around Mexico And Capital Allocation
Summary Cemex stock has underperformed peers, in large part due to bearish sentiment on Mexico after the recent presidential election. Demand and margins have stayed healthy in Mexico, and Q2 should see double-digit growth again, but guidance for the second half is a big watch item. U.S. results have been less impressive, with Cemex seeing headwinds from weather, weaker residential and non-residential demand, and higher transportation costs, but the longer-term supply/demand outlook is favorable. Capital management concerns persist as Cemex looks to grow U.S. business through M&A and brownfield expansion, while also balancing debt reduction and shareholder returns. Trading below $7 to $8, and with bullish long-term fundamentals for cement still in place, Cemex continues to look undervalued. Read the full article on Seeking AlphaCEMEX: Volume Recovery And Strong Pricing To Drive Growth In 2024
Summary Cemex is experiencing strong volume recovery in its Mexican business across most of its products. The company's margin profile has improved significantly, supported by the strong performance of its Urbanization Solutions business and pricing strategies. Cemex's stock is trading at an attractive price point, offering a significant discount compared to its historical average and the sector median. Read the full article on Seeking AlphaCemex: 4 Reasons Why Historical Underperformance Is Set To Continue
Summary Cemex (CX) has significantly underperformed global equity indexes over the past 10 years. The company operates in a highly competitive industry which makes it hard to generate high profit margins and attractive returns on capital. CX is focused on improving its balance sheet but the company remains highly levered and is exposed to significant risks in the event of economic weakness. CX trades at a below market valuation but this is warranted due to significant historical earnings volatility. I am initiating CX with a sell rating. Read the full article on Seeking AlphaCemex: Great Potential But Poor Finances
Summary Strong demographics and rising middle class in LATAM, aging homes, and overdue infrastructure renewal in the USA are driving forces behind the growing demand for new construction. Cemex is a cement producer perfectly positioned to benefit from those dynamics. More than 50 % of its revenue originates from the US and Mexico. The company has performed well in the last few quarters with rising revenue and profit margins. However, its liquidity is far from adequate. I give a hold rating because I believe Cemex has insufficient liquidity despite the company`s potential. Read the full article on Seeking AlphaCEMEX: An Undervalued Leader In Sustainable Cement
Summary CEMEX is taking proactive steps to address climate change—a must for any cement manufacturer. CEMEX has a strong balance sheet, generates consistent EBITDA and cash flow, and is building equity. A discounted free cash flow model indicates CX stock is undervalued, and results are only mildly sensitive to demand. Read the full article on Seeking AlphaCemex GAAP EPADS of -$0.12, revenue of $3.87B
Cemex press release (NYSE:CX): Q4 GAAP EPADS of -$0.12. Revenue of $3.87B (+8.4% Y/Y). Operating EBITDA in the fourth quarter of 2022 reached US$630 million, decreasing 1% on a like-to-like basis. EBITDA was higher in in three of our four regions, with the US and Europe growing double digit and high single digit, respectively. Operating EBITDA margin decreased by 1.7pp from 18.0% in the fourth quarter of 2021 to 16.3% this quarter. While EBITDA margin declined, the contraction was the lowest of the year, Shares -0.19% PM.High Costs And Macro Worries Drag Cemex Down
Summary Cemex has underperformed, with investors fretting about both a weaker demand environment in 2023 and underwhelming profitability at this global cement giant. Management continues to talk a lot about environmental/sustainability and growth initiatives, but I want to hear what they intend to do about underwhelming cost/profitability that increasingly seems structural and long-standing. Next year is likely to see U.S. volumes contract on weaker housing and non-residential, but the long-term combination of housing, non-residential, and infrastructure demand and limited new supply is bullish. Underwhelming profitability remains a key risk, but even with more conservative assumptions, Cemex shares appear undervalued. My bullish call on Cemex (CX) in February was predicated on strong volumes and pricing in the U.S. driving better profits and cash flow, with a healthy outlook for increasing infrastructure spending supporting the longer-term view. While U.S. demand and pricing have both been healthy, the market has become considerably more nervous about 2023 and Cemex has fallen short on profitability, leading to a 20% drop in the stock price and underperformance in an admittedly lackluster cement sector (though Eagle (EXP), GCC, and Martin Marietta (MLM) have held up better). I’m increasingly concerned about what look like structural cost issues at Cemex that seem likely to lead to longer-term underperformance in profitability. That said, I do think infrastructure demand is likely to remain quite supportive and today’s price seems to reflect an overly bearish outlook for the company. Management has most definitely not earned the benefit of the doubt here, but if the company can manage something on the order of 4% long-term EBITDA growth, I do think there is some value here. The U.S. Market Will Get Tougher, But Cemex Should Be Relatively Better Off U.S. demand/consumption of cement has definitely slowed in the second half of the year, and next year is likely to be even more challenging. With U.S. housing likely to decline around 10% or so, I believe U.S. cement volumes could contract by around 4% in 2023. And if the economy sees an even harder landing in the wake of significant rate hikes, there could yet be downside risk to that range due to even weaker non-residential building activity (I’m relatively bearish on non-resi compared to the Street). Offsetting that, at least to some degree, is a healthier outlook for infrastructure projects. Federal infrastructure stimulus should start kicking in more meaningfully in 2023 (and in subsequent years), and high single-digit growth in infrastructure demand (roads, etc.) should help mitigate the weaker demand from housing and non-residential construction. I’d also note that while I expect housing to be weak in 2023, there is still a meaningful shortage of housing and I expect good long-term growth in housing (particularly non-residential). Cemex could also see some relative benefits from its footprint. Housing declines aren’t likely to be equal across the country, and I expect relatively stronger housing markets across the Southern U.S., where Cemex’s operations are concentrated (California, Arizona, Texas, and Florida are major Cemex markets, as well as North Carolina to a lesser degree). I also see relatively stronger non-residential and infrastructure activity in these markets, so it is plausible to me that Cemex could outperform overall reported volumes in the U.S. in 2023 and beyond. Mexico has had a rougher year than the U.S. in 2022, with volumes trending down around 5% so far and likely to end the year down around 7% to 8%. Higher rates have hurt informal housing demand and Cemex has lost some share due to aggressive pricing. On a more positive note, headwinds tied to the pandemic/pandemic recovery shouldn’t be an issue in 2023 and while the country is vulnerable to a U.S. recession, nearshoring has been driving more demand from commercial and industrial customers. I’d also note that the proposed federal budget for Mexico in 2023 is the largest it's been in a decade, with infrastructure projects like Riviera Maya helping to drive demand for cement and other materials. Management Needs To Address Costs More Meaningfully Cemex’s November Investor Day had a lot of content regarding sustainability and growth initiatives. That’s fine to a point, and both are important. I applaud Cemex’s aggressive environmental/sustainability targets, including a significant reduction in CO2 from cement production (with the company targeting a roughly 30% reduction by 2030). Likewise, I’m bullish on the company’s Vertua product line (a more environmentally friendly product line that already accounts for about 33%-40% of ready-mix and cement volumes) and Regenera efforts (harnessing industrial and municipal waste). I also support the company’s plans to use organic capacity additions and bolt-on acquisitions to increase its production base in Mexico, the U.S., and EU and drive higher sustainable potential EBITDA. What I would have liked to hear more about, though, is the company’s cost structure. Cemex has been aggressive all year on pricing, but it hasn’t been enough to preserve margins, with EBITDA margin down 320bp to 16.4% in the last quarter. Cemex isn’t alone, as many companies are struggling to offset inflationary cost pressures, but this isn’t a new issue. Cemex’s EBITDA/ton in the U.S. market is about $10 to $20 below average and more than $60/ton below the sector leaders (at around $20-$30 for Cemex and $80+ for the leaders). This isn’t a new phenomenon, and inflationary cost pressures have made it worse. I don’t have the detailed information it would take to know exactly what Cemex is doing differently (worse), but it seems as though Cemex’s energy and maintenance costs are both meaningful contributors. This may speak to an overaged asset base and/or the challenges of operating near capacity (Cemex has had to import from Mexico, where its cash production costs are even higher), but whatever the cause, I’m disappointed that this isn’t a front-and-center part of management’s plans to drive better performance. Looking at Street estimates for 2022-2024, Cemex is expected to generate EBITDA margins of 17.5%, 17.7%, and 18.5%. By comparison, expectations are for GCC to generate margins of 31%, 31.9%, and 31.9%, while Cementos Argos is expected to improve from 17.9% to 18.2% to 18.9%. Martin Marietta is expected to improve from around 26.5% to 29%, while Eagle should stay in the 33%-34% range. Even allowing for issues of comparability (this isn’t “apples to apples”), Cemex stands out and I think this is something management needs to start addressing more forcefully. The Outlook I’m still looking for over 4% long-term revenue growth from Cemex, as I believe the company remains well-leveraged to what is likely to be a period of sustained above-average cement demand growth in the U.S. and relatively healthy demand in Mexico as well (driven largely by reshoring and infrastructure spending). I’m clearly not as bullish on margins as before, though I do think EBITDA margin should get into the 19%s over time. That, in turn, should allow for free cash flow margins in the 6%s and healthy long-term free cash flow growth. The near-term priority for cash will be improving the company’s leverage position and credit rating, followed by growth projects and then returns of capital to shareholders (management has committed to growth projects irrespective of achieving an investment grade rating, but has said capital returns are dependent upon achieving an IG rating). Discounting those cash flows back, I do still think the shares are meaningfully undervalued today. Likewise, using my weighted EV/EBITDA approach (using a 5.5x multiple on 12-month EBITDA and 6x on long-term full-cycle EBITDA), I get a fair value close to $6. Cemex has traded at higher multiples in the past, but given the shortfalls in profitability in the U.S., management’s growth plans, and the elevated leverage, I’m more comfortable with discounted multiples.Cemex Q3 2022 Earnings Preview
Cemex (NYSE:CX) is scheduled to announce Q3 earnings results on Thursday, October 27th, before market open. The consensus EPS Estimate is $0.21 (+187.5% Y/Y) and the consensus Revenue Estimate is $4.07B (+8.0% Y/Y). Over the last 1 year, CX has beaten EPS estimates 50% of the time and has beaten revenue estimates 75% of the time. Over the last 3 months, EPS estimates have seen 1 upward revision and 0 downward. Revenue estimates have seen 4 upward revisions and 0 downward.Cemex: Pricing Initiatives Support Earnings Momentum
Summary Cemex has posted solid growth and resilient earnings despite the more challenging macro environment. Higher pricing across all operating regions is balancing softer volume trends in cement sales. We are bullish on the stock following the deep selloff, with a sense that positive fundamentals support a positive long-term outlook. Cemex, S.A.B. de C.V. (CX) is one of the world's largest cement producers with operations in more than 90 countries. Following a historically strong 2021, recovering from pandemic disruptions, the story this year has been new macro headwinds amid rising cost pressures and global growth concerns. Indeed, shares of CX are off more than 50% in 2022, reflecting broader pessimism toward trends in construction activity and broader industrial production. With the stock trading near a 2-year low, we highlight what remains a high-quality industry leader with overall solid fundamentals. Despite more challenging operating conditions, Cemex is supported by recurring profitability and a strong balance sheet. We are bullish on CX, which is well positioned to rebound into a positive long-term outlook with ongoing earnings momentum. CX Key Metrics The company last reported its Q2 results in late August with EPADS "earnings per American depositary shares" at $0.18, which beat the consensus by $0.04. Revenue of $4.1 billion climbed by 11% year-over-year and was also ahead of estimates. Management noted sales growth in all regions, still capturing momentum from strong demand at the end of 2021. While the company is based in Mexico, the U.S. is its largest operating region representing approximately 30% of sales, which impressively climbed by 15% y/y. Company IR The top line momentum was driven by higher average pricing which climbed by double digits globally across the three product segments including aggregates, ready-mix, and cement. The effort helped balance mixed volume metrics between a 1% increase in aggregates and a 4% higher ready-mix volume against a 7% decline in cement sold. On the other hand, inflationary cost pressures based on higher energy prices and the impact on freight and logistics hit the gross margin to 31.2% from 33.6% in the period last year. The result is that EBITDA at $723 million was down 8% y/y which also flowed into weaker free cash flow generation. Company IR Cemex ended the quarter with $490 million in cash against $8.7 billion in total debt. Considering the Q2 annualized EBITDA run rate approaching $2.9 billion, the net debt to EBITDA leverage ratio at 2.8x has declined in recent years. Notably, an important development during Q2 was a credit rating upgrade from "Fitch" which moved Cemex's debt to 'BB+' from the prior 'BB' rating. The credit opinion cited the otherwise stable leverage ratio while recognizing the company's strong industry position globally. We agree with this assessment. In terms of forward guidance, Cemex management expects full-year 2022 operating EBITDA growth in the low to mid-single-digits compared to 2021. The expectation for volumes by product echoes the trends from Q2 with stronger ready-mix and aggregates growth, both with low to mid-single-digit increases, balancing flat sales in cement compared to last year. The impact of energy costs remains a key point of uncertainty as it relates to margins. Company IR CX Stock Price Forecast It's fair to say that the sentiment surrounding Cemex is terrible, given its position within building materials and the connection to residential and commercial construction. All indications are that global growth is under pressure, which hits Cemex from all sides. Its key operating regions like North America including the U.S. and Mexico along with Europe are dealing with record inflation and rising interest rates with limited visibility for a quick turnaround. When looking at the stock, the big question becomes how much of these headwinds have already been priced in, with shares under $4.00 back to a pre-pandemic level from 2019. In our view, there is a case to be made that its fundamental strengths can limit the downside in the stock from the current level. Seeking Alpha We talked about the solid balance sheet and the underlying level of profitability. The other dynamic to consider is that the company's size becomes an advantage in dealing with costs while also providing some flexibility to move pricing higher. In other words, even if volumes are softer, Cemex has room to push pricing in support of its financials. As inflationary pressures ease going forward, margins can get a lift which provides some confidence that earnings targets are achievable. Company IR According to consensus, the market is forecasting 2022 EPS of $0.59, up 14% over 2021, which can trend higher in 2023 towards $0.63 and $0.72 in 2024. This would be on top of steady top-line growth even under flat volumes from current levels. The bullish case for the stock is simply that Cemex ultimately outperforms these low expectations, possibly in a scenario where macro conditions evolve more favorably.Cemex Q2 2022 Earnings Preview
Cemex (NYSE:CX) is scheduled to announce Q2 earnings results on Thursday, July 28th, before market open. The consensus EPS Estimate is $0.15 and the consensus Revenue Estimate is $4.06B (+5.3% Y/Y). Over the last 3 months, EPS estimates have seen 1 upward revision and 1 downward. Revenue estimates have seen 2 upward revisions and 1 downward.Cemex Remains Set For Better Results, Even With Higher Costs Taking A Bite
Cemex's fourth quarter results came up short, with costs taking a bigger bite as pricing actions lagged rising energy costs. Demand in the U.S. remains strong, with limited incremental supply, and Europe's demand/supply balance is improving more than the market seems to recognize. Softer demand in Mexico is a threat in 2022, as is the risk of even more intense cost pressure. Cemex isn't getting credit for the improvements to the business and the healthy demand outlook for the next three-plus years, and these shares are worth a closer look.Cemex Looking At A Pretty Attractive Setup While Investors Seem Worried About The Cycle
Cemex has been posting better results, and the pricing outlook for the U.S. is strong as major markets are effectively sold out ahead of improving non-residential and infrastructure project activity. The outlook for Mexico and Latin America is also improving, with healthy private construction activity in Mexico, improving construction activity elsewhere in Latin America, and future government projects in Mexico. Hitting management's ESG/carbon emissions goals will be challenging, but management is taking a multi-faceted approach. Mid-single-digit revenue growth and double-digit growth in EBITDA and FCF can support a fair value above $10 today, but the Street seems concerned about signs of a near-term peak in non-resi activity.CEO
Jaime Domínguez (56 yo)
Mr. Jaime Muguiro Domínguez is Director of GCC, S.A.B. de C.V. from 2025. Mr. Dominguez serves as CEO of CEMEX, S.A.B. de C.V. since April 1, 2025. He serves as Independent Director at Axtel since May 2025...
리더십 팀
| 이름 | 직위 | 재임 기간 | 보수 | 지분 |
|---|---|---|---|---|
| Executive Chairman of the Board | 39.3yrs | 데이터 없음 | 데이터 없음 | |
| Chief Executive Officer | 1.1yrs | 데이터 없음 | 0.040% $ 7.3m | |
| CFO and Executive VP of Finance & Administration | 6yrs | 데이터 없음 | 0.039% $ 7.0m | |
| Executive Vice President of Investor Relations | 5.2yrs | 데이터 없음 | 0.0071% $ 1.3m | |
| Senior VP of Legal & Secretary | 9.2yrs | 데이터 없음 | 0.0052% $ 953.4k | |
| Executive Vice President of Sustainability | 1.1yrs | 데이터 없음 | 0.019% $ 3.5m | |
| Executive Vice President of Digital | no data | 데이터 없음 | 0.050% $ 9.0m | |
| Executive Vice President of Strategic Planning & Business Development | 6yrs | 데이터 없음 | 0.017% $ 3.2m | |
| Executive Vice President of Corporate Affairs | no data | 데이터 없음 | 0.0080% $ 1.5m | |
| President of Cemex USA | 6.7yrs | 데이터 없음 | 0.063% $ 11.6m | |
| Corporate Strategic Planning Head - Mexico | 8.8yrs | 데이터 없음 | 데이터 없음 | |
| President of Cemex Mexico | 7.3yrs | 데이터 없음 | 0.023% $ 4.2m |
경험이 풍부한 관리: CX의 경영진은 노련하고 경험이 풍부합니다(평균 재임 6.3 년).
이사회 구성원
| 이름 | 직위 | 재임 기간 | 보수 | 지분 |
|---|---|---|---|---|
| Executive Chairman of the Board | 39.3yrs | 데이터 없음 | 데이터 없음 | |
| Independent Director | 43.3yrs | 데이터 없음 | 0.48% $ 88.3m | |
| Independent Director | 41.3yrs | 데이터 없음 | 0.0043% $ 783.9k | |
| Independent Director | 14.3yrs | 데이터 없음 | 0.0088% $ 1.6m | |
| Independent Director | 7.2yrs | 데이터 없음 | 데이터 없음 | |
| Independent Director | 8.3yrs | 데이터 없음 | 데이터 없음 | |
| Independent Director | 9.3yrs | 데이터 없음 | 0.023% $ 4.1m | |
| Independent Director | 11.2yrs | 데이터 없음 | 1.62% $ 294.9m | |
| Independent Director | 10.2yrs | 데이터 없음 | 데이터 없음 | |
| Non-Independent Director | 9.2yrs | 데이터 없음 | 데이터 없음 | |
| Independent Director | 1.3yrs | 데이터 없음 | 데이터 없음 | |
| Independent Non-Executive Director | 3.2yrs | 데이터 없음 | 데이터 없음 |
경험이 풍부한 이사회: CX의 이사회는 경험이 있음으로 간주됩니다(평균 재임 9.8 년).
기업 분석 및 재무 데이터 상태
| 데이터 | 최종 업데이트 (UTC 시간) |
|---|---|
| 기업 분석 | 2026/05/18 21:16 |
| 종가 | 2026/05/15 00:00 |
| 수익 | 2026/03/31 |
| 연간 수익 | 2025/12/31 |
데이터 소스
당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.
| 패키지 | 데이터 | 기간 | 미국 소스 예시 * |
|---|---|---|---|
| 기업 재무제표 | 10년 |
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| 분석가 컨센서스 추정치 | +3년 |
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| 시장 가격 | 30년 |
| |
| 지분 구조 | 10년 |
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| 경영진 | 10년 |
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| 주요 개발 | 10년 |
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* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.
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분석가 소스
CEMEX, S.A.B. de C.V.는 28명의 분석가가 다루고 있습니다. 이 중 14명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.
| 분석가 | 기관 |
|---|---|
| Benjamin Theurer | Barclays |
| Benjamin Theurer | Barclays |
| Harry Goad | Berenberg |