Cement capacity is excessively dependent in terms of profitability on the US and Mexico: virtually all profits stem from these two countries. Hence, as North America has reached a high point in the cycle and with the inversion of the yield curve, a recession could occur. As a consequence, we expect to change our recommendation from Add to Reduce.
29 Mar 2019
FY18: worrisome developments in the US and Mexico
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FY18: worrisome developments in the US and Mexico
Buzzi Spa (BZU:WBO) | 0 0 1.6% | Mkt Cap: 4,003m
- Published:
29 Mar 2019 -
Author:
Felix Brunotte -
Pages:
3
Cement capacity is excessively dependent in terms of profitability on the US and Mexico: virtually all profits stem from these two countries. Hence, as North America has reached a high point in the cycle and with the inversion of the yield curve, a recession could occur. As a consequence, we expect to change our recommendation from Add to Reduce.