4 models fit Cemex and they disagree: 0 of 4 land within 15% of the average.
Two or more of our models back this value.
Near fair value(i)Bronze59
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, and Graham number.
ACCE opinionCemex (CEMEXCPO.MX)
Fair value (4 models)
MXN 17.83
ACCE price target
MXN 19.50
Rating
Fairly valued
Horizon
12 months
Fair value published on 18 Oct 2026, 00:00 CEST.
ACCE price target published on 17 Oct 2026, 00:00 CEST.
Price used: MXN 19.07 at the close on 23 Oct 2026, 23:00 CEST.
Models: Discounted cash flow, EV/EBITDA comparison, Graham number, and P/E comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
6.9% above
-6.5% to fair value
ACCE score
50
out of 100
P/E
30.3x
forward 19.1x
1-year return
+10.9%
Dividend yield
1.12%
Cemex in four questions
Plain answers, details below
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Overview
ACCE thesis
Cemex is a Mexican cement and ready-mix concrete producer, and its CPO shares trade in Mexico City at a market capitalization of 275.6 billion MXN. The equity case rests on scale in building materials across Mexico, the United States and its other regional markets, where vertical integration from quarry to finished concrete supports pricing. The data we have does not include revenue growth or margins, so the operating case is unverified and needs to be built from the filings before any view is formed. What the numbers do show is a trailing P/E of 30.3 falling to a forward P/E of 19.1, which implies consensus expects earnings to rise sharply over the next year, a gap that a deeper look would need to explain and test. Worth a deeper look if the filings confirm margin recovery and the forward earnings path holds up against the cyclical construction backdrop.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
moderate
Earnings flat despite revenue growth
Revenue grew 12.2% year on year, but earnings were flat at 0.0%, and the net margin of 2.8% is thin for a company carrying 0.47 debt to equity.
moderate
Trailing P/E stretched
Trailing P/E of 29.5 sits well above the forward P/E of 11.3, which means the market is paying for a recovery in earnings that has not yet shown up in reported results.
AI research notes
AI-assisted·How I use AIWritten Oct 17, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue grew 12.2% year over year in the June 2026 interim report, well above its 4.5% five-year average pace.
Free cash flow over the last twelve months reached $763M, giving the business real cash to work with.
Analysts' mean price target of MXN 25.81 sits 35.2% above the current share price, according to the analysts' consensus.
Why it could disappoint
Return on equity is only 4.0% and net margin 2.8%, so the business earns little on the capital it uses.
The latest quarter missed expectations, with earnings per share of 0.02 against 0.03 expected, a 33.3% shortfall.
The trailing P/E of 29.5x is far above the forward P/E of 11.3x, so the cheap multiple depends on earnings recovering sharply.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Oct 26, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
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Where CEMEXCPO.MX's valuation models land
Price
MXN 19.07
Model fair value
MXN 17.83
Model range
MXN 7.06 to MXN 29.95
Fair value MXN 17.83
Price MXN 19.07
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
Graham number
P/E comparison
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Analysts
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