Heidelberg Materials : A good Q1 2023 and a small upward adjustment to guidance
>Q1 EBITDA 12% above the consensus - Heidelberg Materials has published Q1 2023 EBITDA that beat expectations. EBITDA came in at € 557m up 41% on a reported basis and +49% l-f-l (vs the company-compiled consensus at € 497m, i.e.12% above). This improvement was largely due to price effects. In terms of EBITDA, the price/cost differential was +€ 249m in Q1, after +€ 129m in Q4, -€ 4m in Q3 and +€ 16m in Q2. The EBITDA margin improved to 11.4%, i.e. +247bp after -140bp ...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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