Sales(US$m)

Cementvolume(mtons)
EBIT(US$m)
EBITDA(US$m)
CAPEX(US$m)
FreeCashFlow(US$m)
Netdebt(US$m)
Netdebt/EBITDA
Totaldebttocapitalization
Interestcoverage
StockMarketDataa(toDec.99)
Marketvalue(US$m)
ProfitabilityofstockUS$b(12mth)
TEVc(US$m)
TEVadjusted/ton(US$)d
CapacityData
Footprinte(mtons)
Degreeofcontroloffootprint
Controlledcapacity(mtons)
NumberofCountries
EBITDA/Sales

Operational margin

Holderbank Lafarge
CEMEX Heidelberger Italcementi
7,618
10,552
4,828
6,404
3,414
74.6
64.3
39.1
46
37.8
1,066
1,766
1,436
645
511
1,785
2,446
1,791
1,195
838
784
1,144
262
540
310
144
511
862
487
200
4,767
5,422
4,794
2,957
1,731
2.67
2.2
2.7
2.5
2.1
54.10%
46.50% 44.10%
51.30%
43.00%
4.6
6.6
3.6
4.8
6.8
11,122
16%
17,015
160

12,132
22%
19,157
130

7,203
114%
12,500
172

4,209
3%
7,373
86

2,488
9%
5,050
90

140
72%
101
53

107
79%
85
38

85
77%
65
15

71
75%
53
33

55
98%
54
14

23%

23%

37%

19%

25%

388.04348
8%
691.488
3.31
-28%

370.60606
7%
605.052
4.34
-34%

497.5
10%
298.56
3.30
-8%

248.9583333
8%

123.235294
7%

23%

23%

37%

19%

25%

Blue Circle
3,604
NA
466
684
295
-294
538
0.8
31.00%
5.7

2.670588
45.00%
5.35

2.21668
Holderbank Lafarge CEMEX Heidelberger Italcementi
19765.6
20775.6
x
12852.6
7538.8
14660.602 14284.98
x
10802.817
6120.64
74%
69%
x
84%
81%

4,707
12%
5,593
93
45
97%
44
14
19%

120
22%

19%

5,267
6995.8
75%
195.36

Blue Circle
10188.6
10102.77
99%

1492.8
1175
317.8
5,112
7520.8
0.679688

Country
Venezuela
Mexico
Indonesia
Greece
Canada
Thailand
France
South Africa
Turkey
Italy
Argentina
Malaysia
UK
Korea
Taiwan
Brazil
Germany
Portugal
Philippines
Spain
Egypt
US
Poland
Japan
India

Growth

Cost

Holderbank
24.50%
19.20%
0.00%
0.00%
19.10%
25.30%
12.60%
36.30%
0.00%
6.20%
37.60%
0.00%
0.00%
0.00%
0.00%
10.00%
6.60%
0.00%
37.50%
9.90%
5.40%
13.50%
0.00%
0.00%
1.40%

Lafarge
23.60%
4.30%
2.60%
0.00%
32.90%
0.00%
33.90%
25.80%
8.30%
5.00%
11.20%
6.60%
0.00%
12.00%
0.00%
13.40%
7.00%
0.00%
20.50%
19.30%
5.00%
8.30%
21.20%
0.00%
0.30%

Central America and the Caribbean

CEMEX Asia
Latin American
Northern Europe
CEMEX Mediterranean
Mexico
USA

CEMEX Heidelberger Italcementi

40.60%
0.00%
0.00%
64.60%
0.00%
0.00%
43.70%
0.00%
0.00%
0.00%
0.00%
5.50%
0.00%
20.40%
11.20%
0.00%
0.00%
13.20%
0.00%
26.80%
26.40%
0.00%
0.00%
0.00%
0.00%
17.30%
9.20%
0.00%
0.00%
36.90%
0.00%
0.00%
0.00%
0.00%
3.90%
0.00%
0.00%
23.80%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
25.30%
0.00%
0.00%
0.00%
0.00%
22.00%
0.00%
0.00%
26.50%
0.00%
6.60%
16.90%
0.00%
0.00%
1.80%
11.20%
4.60%
0.00%
22.40%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

Buy Italycementi
Take money and invest emetrgi
Alliance
Diversifivcation
anti takeover measures

Blue Circle
0
0.00%
0.00%
58.90%
13.80%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
46.40%
50.30%
0.00%
0.00%
0.00%
0.00%
0.00%
16.70%
0.00%
3.30%
6.20%
0.00%
0.00%
0.00%

Total
88.70%
88.10%
46.30%
64.40%
97.40%
38.50%
99.70%
62.10%
34.80%
48.10%
48.80%
56.90%
74.10%
12.00%
0.00%
23.40%
38.90%
0.00%
96.70%
62.30%
30.60%
45.60%
43.60%
0.00%
1.70%

Buy Italycementi
Take money and invest emetrging

Ex-plant
Price per
Ton
(US$)
95
96
41
58
67
48
78
55
40
55
62
41
74
50
58
59
72
66
49
64
53
69
38
48
52

country analysis
political risk

Diversifivcation
anti takeover measures
South Africa
Turkey

Cash
EBITDA
Cost per per Ton
Ton
(US$)
Operational
Risk Free
(US$)
margin
Rate (%)
35
60
63%
15
40
56
58%
12
23
18
44%
12
30
28
48%
6.4
42
25
37%
5.5
26
22
46%
10
49
29
37%
4.7
37
18
33%
15
26
14
35%
10.3
38
17
31%
4.8
40
22
35%
12
28
13
32%
8
51
23
31%
5.4
33
17
34%
8.5
37
21
36%
5.7
39
20
34%
13
51
21
29%
4.6
40
26
39%
4.8
34
15
31%
14
40
24
38%
4.8
33
20
38%
10
48
21
30%
5.7
28
10
26%
9.5
38
10
21%
1.8
38
14
27%
9.5

Equity
Risk
Premium
(%)

65%
35%
1
2
3
4
5
6
7
8
9
10
11

OM-WACC
Mexico
Venezuela
Greece
Thailand
Portugal
France
Spain
Canada
Indonesia
Taiwan
Italy

R*I
1 Mexico
2 Venezuela
France
Greece
5 Portugal
Canada
7 Spain
UK
9 Germany
Thailand
US

8
8
8
6
4
8
4
6
8
4
8
8
4
8
8
8
4
5
8
5
8
4
6
5
8

12
13
14
15
16
17
18
19
20
21
22
23
24
25

UK
Germany
US
Egypt
Korea
Argentina
Malaysia
Turkey
Japan
Brazil
South Africa
Philippines
Poland
India

Taiwan
Italy
14 Argentina
15 Indonesia
Egypt
Korea
Brazil
Japan
Malaysia
South Africa
Turkey
23 Philippines
Poland
India

76

Operating
costs
labor
No labor opearating costs
Transport

20
10
10
15
35

50
10
40
25
75

Market
Gearing
(%)
20
50
50
20
0
40
30
15
0
25
40
25
10
20
25
40
25
10
50
10
0
0
20
50
40

WACC
(%)
2160%
1650%
1650%
1140%
950%
1520%
780%
2030%
1830%
810%
1720%
1430%
910%
1510%
1200%
1820%
790%
940%
1850%
940%
1800%
970%
1450%
480%
1900%

ROI
1 Venezuela
3 Mexico
Indonesia
Greece
Canada
Thailand
France
South Africa
Turkey
Italy
11 Argentina

22%
17%
17%
11%
10%
15%
8%
20%
18%
8%
17%
14%
9%
15%
12%
18%
8%
9%
19%
9%
18%
10%
15%
5%
19%

Economic
OM-WACC profit
42%
39.48
42%
40.16
27%
11.235
37%
21.388
28%
18.635
31%
14.704
29%
22.916
12%
6.835
17%
6.68
23%
12.545
18%
11.336
17%
7.137
22%
16.266
19%
9.45
24%
14.04
16%
9.262
21%
15.312
30%
19.796
12%
5.935
28%
17.984
20%
10.46
21%
14.307
12%
4.49
16%
7.696
8%
4.12

Profit
1 US
2 Mexico
3 Germany
Japan
Spain
Korea
Italy
France
Thailand
Brazil
India

1
2

Value/Ton Domestic
of
Demand Domestic
Demand (m tons) Capacity
(Us$)
(m tons)
278
4.5
8.6
339
25.7
44
109
18.1
45.3
246
8.5
15
263
8.6
15.2
145
25.6
58
372
19.1
28.1
89
8.8
12
77
36.4
61
211
35
52.5
128
8.2
9.5
90
8.2
17.5
253
12.8
14.4
113
47.6
62.1
176
20.5
24.5
110
40.1
45.8
268
37
51
277
10
9.6
81
12.5
20.4
255
31
39.3
111
24.7
23
216
107.1
97.3
69
13.8
16.3
208
72.8
97
74
80.8
85

Value/Ton
of
Capacity
(no
growth)
(US$)
145
198
44
139
148
64
253
65
46
141
110
42
225
86
147
96
194
289
50
201
119
238
58
156
70

Malaysia
UK
Korea
15 Taiwan
16 Brazil
Germany
Portugal
Philippines
Spain
Egypt
US
23 Poland
Japan
India

69

18
19
20
21
22

106

Taiwan
Egypt
Turkey
UK
Indonesia
Portugal
Greece
Venezuela
Canada
Argentina
Philippines
Poland
South Africa
Malaysia

13

16
17
19

22

95

Trend
Growth
(%)
-0.5
2.5
7.5
1.5
0.5
8
-1.5
0.9
6.5
-0.3
3
7.8
-0.2
5
3
5
1
0
8
2.7
5.9
1
5
0.1
7.5

Value/Ton
of
Capacity
(trended)
(US$)
ROI
142
233
80
161
157
135
211
68
71
136
134
93
219
129
196
133
221
289
88
283
178
266
89
160
116

28%
17%
14%
13%
12%
11%
11%
10%
9%
9%
8%
8%
7%
7%
7%
7%
7%
7%
7%
6%
6%
5%
5%
5%
4%

profit
177.66
1032.112
203.3535
181.798
160.261
376.4224
437.6956
60.148
243.152
439.075
92.9552
58.5234
208.2048
449.82
287.82
371.4062
566.544
197.96
74.1875
557.504
258.362
1532.28
61.962
560.2688
332.896

ROI
Cost
nominal
159.75
42%
1497.025
24%
362
23%
342.125
17%
337.55
16%
864
16%
1007.525
14%
149.6
26%
646.1
20%
1190
13%
274.7
16%
190.65
14%
700.8
11%
1535.1
13%
1004.5
11%
1333.325
15%
2044.25
10%
722.5
9%
275
17%
2193.25
8%
1099.15
11%
7122.15
8%
307.05
11%
2912
6%
2343.2
12%

labor
No labor opearating costs
Transport