Sign in

    Yassine Touahri • On Field Investment Research

    Yassine Touahri's questions to HOLN leadership

    Yassine Touahri's questions to HOLN leadership • H1 2025

    Question

    Yassine Touahri of On Field Investment Research asked about the potential magnitude of 2026 price increases in Europe, considering the conflicting pressures from import risks under CBAM and stricter EU ETS regulations.

    Answer

    CEO Miljan Gutovic responded that it is too early to give a precise figure for 2026 price increases until the new EU ETS benchmark is finalized. However, given the upcoming changes, including the phasing out of free allowances, he stated his belief that 'price increases next year will be higher than this year.'

    Ask Fintool Equity Research AI

    Yassine Touahri's questions to HOLN leadership • Q2 2025

    Question

    Yassine Touahri of On Field Investment Research asked about the expected magnitude of 2026 price increases in Europe, considering regulatory changes from EU ETS Phase 4.

    Answer

    CEO Miljan Gutovic stated that while it's too early for specifics pending new benchmark details, he believes price increases in 2026 will likely be higher than in 2025. This is due to the need to address the financial impact of EU ETS Phase 4, which includes benchmark adjustments and the phasing out of free allowances.

    Ask Fintool Equity Research AI

    Yassine Touahri's questions to HOLN leadership • H1 2025

    Question

    Yassine Touahri of On Field Investment Research asked about the expected magnitude of 2026 price increases in Europe, considering the impacts of CBAM and the revised EU ETS Phase 4.

    Answer

    CEO Miljan Gutovic stated it was too early to give a specific figure for 2026 price increases, as it depends on the new EU ETS benchmark to be released later in the year. However, acknowledging the impact of phasing out free allowances, he said he believes 'price increases next year will be higher than this year.'

    Ask Fintool Equity Research AI

    Yassine Touahri's questions to Cemex SAB de CV (CX) leadership

    Yassine Touahri's questions to Cemex SAB de CV (CX) leadership • Q2 2025

    Question

    Yassine Touahri of On field investment research asked how the new corporate structure supports free cash flow conversion and whether CEMEX can achieve a peer-level EBITDA-to-FCF conversion rate of nearly 50%, and over what timeframe.

    Answer

    CEO Jaime Muguiro affirmed that a peer-level free cash flow conversion rate is achievable, targeting 2027, driven by divesting underperforming assets and aligning management compensation with FCF metrics. He explained the new structure decentralizes operational excellence, reduces bureaucracy, and fosters an 'owner mindset,' which directly contributes to cost savings and margin expansion, thereby boosting free cash flow.

    Ask Fintool Equity Research AI

    Yassine Touahri's questions to Cemex SAB de CV (CX) leadership • Q1 2025

    Question

    Yassine Touahri from On field questioned why CEMEX's free cash flow conversion guidance is significantly lower than peers and asked if the company can achieve best-in-class conversion.

    Answer

    CEO Jaime Dominguez affirmed that the target is to meet best-in-class cash conversion. He outlined several drivers: increasing EBITDA through volume recovery, realizing benefits from completed CapEx, reducing future strategic CapEx, and active portfolio management based on ROCE. This includes reviewing the ready-mix business to improve returns, using the U.S. as a template for optimization.

    Ask Fintool Equity Research AI

    Yassine Touahri's questions to Cemex SAB de CV (CX) leadership • Q4 2024

    Question

    Yassine Touahri from Onfield questioned the significant valuation gap between CEMEX and its peers, asking what the market might be missing and what management can do to improve investor perception.

    Answer

    CFO Maher Al-Haffar attributed the valuation discount primarily to market uncertainty surrounding Mexico's economy and currency. He highlighted significant upside potential from further deleveraging, reducing interest expense (currently double that of peers), and a natural recovery from a ~$750 million volume headwind experienced over the last three years. He stated the strategy is to continue executing and delivering strong results, which he believes will eventually lead to a re-rating.

    Ask Fintool Equity Research AI

    Yassine Touahri's questions to Cemex SAB de CV (CX) leadership • Q2 2024

    Question

    Yassine Touahri highlighted the valuation gap between CEMEX's trading multiple and its sum-of-the-parts value, asking what the company could do to unlock the value of its U.S. assets and if share buybacks were being considered.

    Answer

    Executive Maher Al-Haffar responded that the company's focus is on delivering operational growth in its key U.S. and Mexico markets rather than pursuing complex corporate restructuring. Regarding buybacks, Al-Haffar argued that deploying capital into growth projects at highly accretive EBITDA multiples of 3.5-4x currently offers a better return for shareholders than buying back stock, despite acknowledging the shares are undervalued.

    Ask Fintool Equity Research AI