Summary: One interesting thing about Cemex (CX) is the importance of the U.S. to its value is really the whole swing factor. As the peak of the cycle, which we will never get back to, they generated $2.5 billion of EBITDA. Southeastern does not believe they will ever get back to that point, but if they got half way back, that would be $2 of free cash flow on a $2 stock, which is worth the wait. The second biggest reason is Mexico. Mexico is the most interesting way to take advantage of Chinese labor costs. Many good things going on in Mexico despite gruesome headlines; it’s the best economic place to be on the globe. In the next decades the U.S. will invest huge dollars in updating infrastructure. Southeastern is making big bets on this improvement in infrastructure.
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