Heidelbergcement: Ahead of the investor day, we see more opportunities than risks.
Heidelbergcement: (BUY, Fair Value EUR92 vs. EUR89 (+17%))Ahead of the investor day, we see more opportunities than risks.
After a poor Q1, HEI should benefit from positive or improving trends for the rest of the year. Contrary to LHN or CRH, HEI footprint is very well balanced between developed and emerging countries. We reckon performances in numerous mature countries will be satisfying this year, that Indonesia pricing pressure is easing while investors might start to anticipate a better market environment in Italy, gradually consolidating. In all, we acknowledge risks exist (energy cost, currencies, Italy political risk), but they are usually known by investors (13% YTD share decline) while HEI management continue to be positive on the rest of the year (strong backlog in US/Europe, positive pricing).
HeidelbergCement is engaged in the production and distribution of cement and aggregates, concrete and building products. Co.'s product range is complemented by downstream activities, such as ready-mixed concrete, concrete products, and concrete elements; in some countries, asphalt and building products, such as bricks and roof tiles, lime, or sand-lime bricks, are also manufactured. Furthermore, Co. provides services such as worldwide trading in cement and coal by sea. Co.'s products are used for the construction of houses, infrastructure, and commercial and industrial facilities.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.