Amrize : See you in six months
Amrize is the result of the demerger of Holcim's North American business, which has been listed on the New York and Swiss stock exchanges since June. Against the backdrop of a hesitant US construction market, we believe that the group's targets are too ambitious. However, despite a decline in volumes, this period could end with the announcement of the first dividend in Q1 2026 and entry into the Russell index in June 2026. Furthermore, it is currently going through a period of stock market transition, with US funds gradually replacing European and Swiss funds. Pending a better entry point, we are initiating coverage with a Neutral rating and a target price of CHF 42.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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