Heidelbergcement: Q2 2018 EBITDA bang in line with expectations, on the back of lasting energy cost inflation
Heidelbergcement: (BUY, Fair Value EUR92 (+28%))Q2 2018 EBITDA bang in line with expectations, on the back of lasting energy cost inflation
After a very difficult Q1, HeidelbergCement has reported Q2 revenues up 9.4% lfl at EUR4806m, 3% above consensus expectations. Q2 EBITDA stands at EUR936m, up 3.4% lfl, bang in line with consensus. EBITDA margin stands at 19.5%, 60bps below consensus expectations, and down 114bps y/y lfl. Outlook is unchanged with a “mid to high single digit organic growth†in EBITDA, despite more cautious target on energy cost inflation.
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.
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