Holcim : Sleep needed to give enough room to dream
>FY 2023: the unfiltered truth - Our comments on full-year results can be found in the flash of 28 February (“Diamonds and gold”). The conference call failed to satisfy our hunger for detail, other than the leeway given to the new CEO to raise guidance in the coming quarters. The biggest anomaly to our eyes is FCF guidance of >CHF 3bn (after CHF 3.7bn in 2023), even though the group is aiming for stronger EBIT. In short, we think this could be raised to at least CHF 4...LafargeHolcim is a producer of cement and aggregates. Co. also supplies ready-mix concrete, concrete products, asphalt and a range of services. Co. operates through three segments: cement, aggregates, and other construction materials and services. Co.'s cement segment provides a range of cementitious materials and also develops customized blends for special applications. Through its aggregates segment, Co. produces aggregates which include crushed stone, gravel and sand mainly used in the manufacture of ready-mix concrete, concrete products and asphalt, as well as for road building and railway tracks, with production centered on quarrying, preparing and sorting the raw material.
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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