Japan is on track to meet its own medium-term target of halving the primary deficit by FY2015 from its FY2010 level, but more action is needed to reach its long-term target to reduce its debt-to-GDP ratio from FY2021 onwards.
Selling for a ratio of six times enterprise value (market cap plus long-term debt) to EBITDA cash flow (earnings before interest, taxes, depreciation and amortization), Cemex looks cheap.