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Argos Cements Good Deal

May 13, 2011

Cementos Argos’ announcement that it would acquire cement and concrete assets of Lafarge for $760m in the US was well received by equity analysts Thursday. The implied EV/Ebitda multiple of 5.1x-6.3x is in-line with previous deals in the sector, analysts say. Analysts describe the deal as an effort by Argos to vertically integrate its assets in the Southeastern US. “It complements their existing activities in the US,” says Mauricio Hernandez, an equity analyst with Corredores Asociados, who describes the deal as a positive one for...

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The most pressing issue is related to guaranteeing this growth of the system, the savings. We have to guarantee that this growth is followed by better asset managers on the side of the Afores.

Carlos Ramírez, Mexico’s pension regulator, Consar


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