4 models fit Cemex S.A.B. de C.V. Sponsored ADR and they disagree: 0 of 4 land within 15% of the average.
Two or more of our models back this value.
Large discount(i)Bronze49
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
ACCE opinionCemex S.A.B. de C.V. Sponsored ADR (CX)
Fair value (4 models)
$16.62
ACCE price target
$9.90
Rating
Undervalued
Horizon
12 months
Fair value published on 14 Oct 2026, 00:00 CEST; previously $16.83 since 10 Oct 2026, 00:00 CEST.
ACCE price target published on 26 Sept 2026, 00:00 CEST.
Rating published on 18 Oct 2026, 16:04 CEST.
Price used: $10.20 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow, Dividend discount, 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
38.6% below
+62.9% to fair value
ACCE score
49
out of 100
Analysts
80% buy
15 covering
P/E
85.0x
forward 11.3x
1-year return
+9.3%
Dividend yield
1.23%
Cemex S.A.B. de C.V. Sponsored ADR in four questions
Plain answers, details below
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Overview
ACCE thesis
Cemex makes cement, ready-mix concrete, aggregates and urbanization solutions, selling them across Mexico, the US, Europe and the Caribbean, and it is a US-listed ADR. The case for a closer look rests on a cyclical trough in earnings: a trailing P/E of 81.3 against a forward P/E of 11.0 says the market expects a sharp recovery in profits, and revenue is growing 12.2% with a 13.7% operating margin. Its 4.0% ROE is the weak point, reflecting a heavy balance sheet and depressed trailing earnings, so the thesis depends on margins rebuilding toward the 33.0% gross margin the business already earns. The stock scores 49 out of 100 on our screen and sits outside major index memberships, which limits passive demand. Worth a deeper look to test whether the forward earnings estimates hold up and how much of the margin recovery is already priced in.
⚠ Investor warnings · 4 flagsAI-assisted·How I use AI
high
Earnings stalled despite revenue growth
Revenue up 12.2% YoY but earnings flat (0.0%). Margin compression evident: operating margin 13.7%, net margin only 2.8%. Growth not translating to bottom line.
high
ACCE score collapsed 10 points in 90 days
Score fell from 59 to 49. Momentum (M:32) particularly weak. Forward valuation (10.7x) appears fair, but deteriorating fundamentals warrant caution.
moderate
Insider selling with no offsetting buys
Last 10 disclosed transactions: $0.43M in sales, $0.00M in buys. Insiders exiting while stock near fair value suggests limited conviction.
moderate
Low profitability metrics
ROE 4.0%, net margin 2.8%. Despite $1.0B FCF, returns on equity are weak for a $13.8B market cap company.
AI research notes
AI-assisted·How I use AIWritten Oct 11, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Recent revenue growth of 12.2% year over year far exceeds the 5.0% five-year average, signaling strong near-term momentum.
Free cash flow yield of 7.3% on $1.0B annual cash generation offers attractive income relative to the 5.2% risk-free rate.
Why it could disappoint
Net margin of just 2.8% against high leverage of 0.57 debt to equity means earnings are vulnerable to interest rate or refinancing stress.
ROE of 4.0% and ROIC of 3.8% are well below cost of capital, indicating capital is not being deployed productively.
Latest earnings missed consensus by 20.0%, and the trailing P/E of 79.7x suggests the market has already priced in recovery that may not materialize.
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
INVESTOR
Where CX's valuation models land
Price
$10.20
Model fair value
$16.62
Model range
$7.82 to $37.09
Fair value $16.62
Price $10.20
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
Dividend discount
EV/EBITDA comparison
Graham number
P/E comparison
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Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.
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+Conviction breakdown and growth / value / quality / momentum scores