Discounted Cash Flow (DCF) Analysis Levered

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

$5.235

-0.05 (-0.85%)

All numbers are in Millions, Currency in USD

Stock DCF: 5.09 | 5.235 | overvalue

Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	13,143.13	14,086.93	13,130	12,970	14,548	14,960.29	15,384.26	15,820.24	16,268.58	16,729.63
Revenue (%)
Operating Cash Flow	1,584.01	1,350.66	1,353	1,578	1,855	1,701.35	1,749.56	1,799.15	1,850.13	1,902.57
Operating Cash Flow (%)
Capital Expenditure	-629.33	-776.36	-767	-591	-993	-823.52	-846.85	-870.85	-895.53	-920.91
Capital Expenditure (%)
Free Cash Flow	954.68	574.31	586	987	862	877.83	902.71	928.29	954.60	981.65

Weighted Average Cost Of Capital

Share price	$ 5.235
Beta	1.191
Diluted Shares Outstanding	1,506.20
Cost of Debt
Tax Rate	19.21
After-tax Cost of Debt	6.12%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.262
Total Debt	9,157
Total Equity	7,884.94
Total Capital	17,041.94
Debt Weighting	53.73
Equity Weighting	46.27
Wacc

Build Up Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	13,143.13	14,086.93	13,130	12,970	14,548	14,960.29	15,384.26	15,820.24	16,268.58	16,729.63
Operating Cash Flow	1,584.01	1,350.66	1,353	1,578	1,855	1,701.35	1,749.56	1,799.15	1,850.13	1,902.57
Capital Expenditure	-629.33	-776.36	-767	-591	-993	-823.52	-846.85	-870.85	-895.53	-920.91
Free Cash Flow	954.68	574.31	586	987	862	877.83	902.71	928.29	954.60	981.65
WACC
PV LFCF						816.06	780.13	745.78	712.95	681.56
SUM PV LFCF										3,736.47

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.57
Free cash flow (t + 1)	1,001.29
Terminal Value	17,976.42
Present Value of Terminal Value	12,480.94

Intrinsic Value

Enterprise Value	16,217.41
Net Debt	8,544
Equity Value	7,673.41
Shares Outstanding	1,506.20
Equity Value Per Share	5.09