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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (32506)	10/16/2008 7:58:29 PM
From: Spekulatius	Read Replies (1) of 78744

re CX, the US$ debt is pretty scary with almost all currencies now falling against the US$ that could get one ugly bloodbath on the balance sheet. Took a quick look at CX valuationwise: CX 5B$ market cap 20B$ debt, 5B$ EBITDA = EV/EBITDA about 5 LaFARGE (LG.PA) 10B$ market cap, 15B Euro Debt, 5B Euro EBITDA = EV/EBITDA about 5. Looks like CX & Lafarge trades at a similar valuation as per EV/EBITDA but at lower gearing. Of course the devil is in the details. Personally I would like to see at least one of CX balance sheet under the new reality before committing capital.

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