HeidelbergCement : Satisfactory FCF and guidance maintained
>EBITDA fully in line with expectations - HeidelbergCement’s Q2 2018 EBITDA came out in line with the consensus and with our forecasts. EBITDA totalled € 936m vs € 936m for the consensus (+3.4% lfl). The group achieved solid volume growth in all its business lines (cement 3.8%, aggregates 4.2%, RMC 5.0%, asphalt 8.6%). On the EBITDA line, the price effect picked up to € 91m in Q2 after +€ 27m in Q1, and the cost effect came to -€ 136m in Q2 after -€ 111m in Q1.Un...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.
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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