HeidelbergCement : Q2 figures slightly below par, roll on the lower energy costs in Q3
>EBITDA 1% below the consensus and good pricing power - HeidelbergCement's Q2 2019 EBITDA came in at €°972m fell just short of the consensus (€ 985m) and our forecasts (€ 990m), i.e. 1.3% below the consensus (+0.7% growth l-f-l vs 2.1% for the consensus). In Q2, the group saw a decline in volumes in all its markets as a result of heavy rain (cement: -2.4%, aggregates: -4.2%, RMC: -0.5% and asphalt -4.1%). Sales thus came to € 4.973bn, up 1.1% l-f-l and 3.5% in real te...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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