China's break-neck infrastructure development over the past decade seriously distorted multiple commodity and resource markets, and now companies are scrambling to figure out what the "new normal" actually is. Companies like Caterpillar (NYSE:CAT) and Joy Global (NYSE:JOY) have been fairly circumspect with guidance, and major miners like Rio Tinto (NYSE:RIO) and BHP Billiton (NYSE:BHP) have been pulling back on their capex plans.
That brings us to FLSmidth (OTCPK:FLIDY) - a global engineering company that provides an array of equipment and services for the cement and mining industries. Barring a significant re-acceleration in demand for cement, coal, and base/industrial minerals, it's hard to see why this company deserves a higher multiple....
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