Discounted Cash Flow (DCF) Analysis Levered

CEMEX, S.A.B. de C.V. (CX)

$6

-0.02 (-0.33%)

All numbers are in Millions, Currency in USD

Stock DCF: 8.08 | 6 | undervalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	14,086.93	13,130	12,970	14,548	15,576.82	16,014.01	16,463.48	16,925.56	17,400.61	17,888.99
Revenue (%)
Operating Cash Flow	1,350.66	1,353	1,578	1,855	1,475	1,738.46	1,787.25	1,837.42	1,888.99	1,942
Operating Cash Flow (%)
Capital Expenditure	-776.36	-767	-591	-993	-1,060	-946.11	-972.67	-999.97	-1,028.03	-1,056.89
Capital Expenditure (%)
Free Cash Flow	574.31	586	987	862	415	792.35	814.59	837.45	860.96	885.12

Weighted Average Cost Of Capital

Share price	$ 6
Beta	1.157
Diluted Shares Outstanding	1,479.95
Cost of Debt
Tax Rate	-11.48
After-tax Cost of Debt	5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.098
Total Debt	-
Total Equity	8,879.71
Total Capital	8,879.71
Debt Weighting	0.00
Equity Weighting	100.00
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	14,086.93	13,130	12,970	14,548	15,576.82	16,014.01	16,463.48	16,925.56	17,400.61	17,888.99
Operating Cash Flow	1,350.66	1,353	1,578	1,855	1,475	1,738.46	1,787.25	1,837.42	1,888.99	1,942
Capital Expenditure	-776.36	-767	-591	-993	-1,060	-946.11	-972.67	-999.97	-1,028.03	-1,056.89
Free Cash Flow	574.31	586	987	862	415	792.35	814.59	837.45	860.96	885.12
WACC
PV LFCF						726.26	684.37	644.89	607.69	572.64
SUM PV LFCF										3,235.84

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	9.10
Free cash flow (t + 1)	902.82
Terminal Value	12,715.80
Present Value of Terminal Value	8,226.59

Intrinsic Value

Enterprise Value	11,462.43
Net Debt	-494.92
Equity Value	11,957.35
Shares Outstanding	1,479.95
Equity Value Per Share	8.08