Holcim : The American dream and the poney dividend
>A shareholders’ deal through and through - Holcim has succumbed to the temptation of the American dream and more generous multiples. The project will take the form of a spin-off of its North American activities, the terms of which will be set out at a CMD in H2 2024 (listing finalised in H1 2025). Really the only way of generously valuing the “bad co” (Holcim ex-US) is the distribution of an exceptionally high dividend. We expect the dividend to remain unchanged at C...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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