reports
Holcim divests business in Kenya
Holcim Group Services Ltd / Key word(s): Miscellaneous Holcim divests business in Kenya 20.12.2024 / 12:02 CET/CEST Holcim has closed the divestment of its business in Kenya through a sale to Amsons Group of its entire 58.6% stake in Bamburi Cement Limited, resulting in cash proceeds of more than USD 100 million for Holcim. The divestment advances Holcim’s strategy to consolidate its leadership in core markets as the global leader in innovative and sustainable building solutions, with Amsons Group best positioned to develop the business in Kenya in the long term. About Holcim Holc...
Holcim completes its share buyback program
Holcim Group Services Ltd / Key word(s): Share Buyback Holcim completes its share buyback program 16.12.2024 / 07:00 CET/CEST Holcim today announces the successful completion of its share buyback program initiated on 18 March 2024. Through this program, Holcim repurchased 12,249,093 shares on a second trading line on the SIX Swiss Exchange. This is equivalent to 2.1% of its share capital, for a total amount of CHF 1 billion at an average purchase price of CHF 81.64 per share. Cancellation of the repurchased shares will be subject to approval at the Annual General Meeting to be hel...
- Chaima Ferrandon
- Sven Edelfelt
- Chaima Ferrandon
- Sven Edelfelt
- Bruno Cavalier
- Chaima Ferrandon
- Charlotte Vaisse
- Sven Edelfelt
- Thomas Zlowodzki
DG VINCI SA
MT ARCELORMITTAL SA
CA CARREFOUR SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
FGR EIFFAGE SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
VOW3 VOLKSWAGEN AG PREF
UCB UCB S.A.
01913 PRADA S.P.A.
ELI ELIA GROUP SA/NV
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
STLA STELLANTIS N.V.
- Bruno Cavalier
- Chaima Ferrandon
- Charlotte Vaisse
- Sven Edelfelt
- Thomas Zlowodzki
DG VINCI SA
MT ARCELORMITTAL SA
CA CARREFOUR SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
FGR EIFFAGE SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
VOW3 VOLKSWAGEN AG PREF
UCB UCB S.A.
01913 PRADA S.P.A.
ELI ELIA GROUP SA/NV
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
STLA STELLANTIS N.V.
- Martin Marandon-Carlhian
- Stephane Houri
- Steven Boumans
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/13/2024
We maintain our Outperform rating on CaixaBank, one of our Top Picks in the sector, with a higher target of € 7.2 vs € 6.7 and ahead of the CMD on 19 November. We are lifting our net income estimates by 7% for 2025-2026, to 7% above the consensus. The strategic update is set to highlight the wisdom of the business model diversification (long-term savings) to address the current transition phase on rates. Despite a solid market performance, the profile does not look to be fully reflec...
LHN HOLCIM AG
LI KLEPIERRE SA
COV COVIVIO SA
HO THALES SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
HNR1 HANNOVER RUECK SE
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
RWE RWE AG
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
EVK EVONIK INDUSTRIES AG
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
YPSN YPSOMED HOLDING AG
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
ENR SIEMENS ENERGY AG
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Martin Marandon-Carlhian
- Stephane Houri
- Steven Boumans
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/11/2024
Nous réitérons notre opinion Surperformance sur CaixaBank, l’un de nos top picks du secteur, avec un OC porté à 7.2 € vs 6.7 € et en amont du CMD du 19/11. Nous relevons nos anticipations de RN de 7% sur 2025/2026 qui ressortent 7% supérieures au consensus. L’update stratégique devrait mettre en avant la pertinence de la diversification du business model (épargne LT) face à la transition actuelle sur les taux. Malgré un solide parcours boursier, cela n’est pas pleinement reflété dans ...
LHN HOLCIM AG
LI KLEPIERRE SA
COV COVIVIO SA
HO THALES SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
HNR1 HANNOVER RUECK SE
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
RWE RWE AG
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
EVK EVONIK INDUSTRIES AG
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
YPSN YPSOMED HOLDING AG
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
ENR SIEMENS ENERGY AG
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Chaima Ferrandon
- Sven Edelfelt
Holcim : Never put off until tomorrow...
>Feedback from the road show with the CEO in Paris - We organised a road show with in Paris with the CEO, Miljan Gutovic and Nesrine Gharbi (Sr. Investor Relations Manager). The good news, there appears to be a revival of investor interest in the cement sector thanks to the spinning-off of activities in the US and a rather attractive decarbonisation plan. Despite climate hazards, the group continues to improve its operational performance thanks to the ramp-up of its...
- Chaima Ferrandon
- Sven Edelfelt
Holcim : Ne jamais remettre au lendemain …
>Feedback roadshow avec le CEO à Paris - Nous avons organisé un RS à Paris avec le CEO, Miljan Gutovic et Nesrine Gharbi (Sr. Investor Relations Manager). Bonne nouvelle, les investisseurs semblent retrouver un intérêt pour le secteur cimentier à la faveur de la scission des activités US et d’un plan de décarbonation plutôt séduisant. Malgré les aléas climatiques, le groupe continue d’améliorer ses performance opérationnelles grâce à la montée en puissance de ses prod...
- Oliver Metzger
- Thomas Zlowodzki
- Wim Gille
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/10/2024
Les députés ont supprimé vendredi dernier la surtaxe d’Impôt sur les Sociétés proposée par le gouvernement français dans son PLF 2025. Il serait, selon nous, hasardeux de crier victoire trop tôt, et cette disposition pourrait faire son retour durant la suite du débat budgétaire, sous la forme initialement proposée par le gouvernement ou sous une autre. Nous restons prudents sur les actions françaises, le débat budgétaire restant chaotique et pas à la hauteur des enjeux, comme le souli...
WCH WACKER CHEMIE AG
GALP GALP ENERGIA SGPS SA CLASS B
CA CARREFOUR SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
SK SEB SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
RCO REMY COINTREAU SA
EL ESSILORLUXOTTICA SA
PHIA KONINKLIJKE PHILIPS N.V.
BRBY BURBERRY GROUP PLC
KER KERING SA
ENI ENI S.P.A.
01913 PRADA S.P.A.
ELI ELIA GROUP SA/NV
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
NEXI NEXI S.P.A.
EPI A EPIROC AB
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
SGSN SGS SA
- Oliver Metzger
- Thomas Zlowodzki
- Wim Gille
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/28/2024
Last Friday, MEPs scrapped the exceptional additional corporate tax proposed by the French government in its PLF 2025. In our view, it would be risky to claim victory prematurely, and this provision could make a comeback during the remainder of the budget debate, in the form initially proposed by the government or in another form. We remain cautious on French equities, as the budget debate remains chaotic and fails to live up to the stakes, as underlined by Moody's downgrade of the so...
WCH WACKER CHEMIE AG
GALP GALP ENERGIA SGPS SA CLASS B
CA CARREFOUR SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
SK SEB SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
RCO REMY COINTREAU SA
EL ESSILORLUXOTTICA SA
PHIA KONINKLIJKE PHILIPS N.V.
BRBY BURBERRY GROUP PLC
KER KERING SA
ENI ENI S.P.A.
01913 PRADA S.P.A.
ELI ELIA GROUP SA/NV
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
NEXI NEXI S.P.A.
EPI A EPIROC AB
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
SGSN SGS SA
- Chaima Ferrandon
- Sven Edelfelt
Holcim : To stay warm this winter
>Recap on the Q3 earnings release - Our comments on Q3 2024 results are available in the Equity Flash of 25 October (“Pushing despair to the limit before the uptick”). Our takeaway from the conference call was a degree of optimism for 2025, in terms of both an improvement in business and the listing of the North American subsidiary. The CEO mentioned that the group was targeting a gradual improvement in housing in Europe, especially in H2 2025. In the US, the effect ...
- Chaima Ferrandon
- Sven Edelfelt
Holcim : Pour passer l’hiver au chaud
>Retour sur la publication du T3 - Les commentaires sur les résultats du T3 sont disponibles dans le flash du 25/10 (« Pousser le désespoir à sa limite avant le sursaut »). Nous retenons de la conférence téléphonique, un certain optimisme pour 2025 tant sur une amélioration de l’activité que sur la cotation de la filiale nord-américaine. Le CEO a mentionné viser une amélioration graduelle du logement en Europe surtout au S2 2025. Aux Etats-Unis, l’effet des ouragans ...
- Ahmed Ben Salem
AC ACCOR SA
EQNR EQUINOR ASA
DG VINCI SA
ADP AEROPORTS DE PARIS SA
AAL ANGLO AMERICAN PLC
KNEBV KONE OYJ CLASS B
ORA ORANGE SA
SK SEB SA
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
RCO REMY COINTREAU SA
SW SODEXO SA
ENI ENI S.P.A.
SAN SANOFI
SAF SAFRAN S.A.
SY1 SYMRISE AG
BOL BOLLORE SA
BKT BANKINTER SA
MOCORP METSO OUTOTEC OYJ
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
SIK SIKA AG
DSY DASSAULT SYSTEMES SA
EPI A EPIROC AB
SGSN SGS SA
FER FERROVIAL SA
- Ahmed Ben Salem
AC ACCOR SA
EQNR EQUINOR ASA
DG VINCI SA
ADP AEROPORTS DE PARIS SA
AAL ANGLO AMERICAN PLC
KNEBV KONE OYJ CLASS B
ORA ORANGE SA
SK SEB SA
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
RCO REMY COINTREAU SA
SW SODEXO SA
ENI ENI S.P.A.
SAN SANOFI
SAF SAFRAN S.A.
SY1 SYMRISE AG
BOL BOLLORE SA
BKT BANKINTER SA
MOCORP METSO OUTOTEC OYJ
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
SIK SIKA AG
DSY DASSAULT SYSTEMES SA
EPI A EPIROC AB
SGSN SGS SA
FER FERROVIAL SA
- Chaima Ferrandon
- Sven Edelfelt
Holcim : Pushing despair to the limit before the uptick
>Q3 EBIT 2% above expectations - Q3 EBIT was CHF 1,674m (+8.8% l-f-l and +4.6% on a reported basis), above the consensus (CHF 1,650m) and our forecasts (CHF 1,616m est.). The margin was 23.5%, up 171bp vs 2023. EBIT is above market expectations in all divisions apart from Europe and AMEA (in line): Latin America (+3.6%), North America (+1.1%) and Solutions & Products (4%).Q3 2024 sales were CHF 7,120m (+0.3% l-f-l and -3.0% reported), in line with the consensus (...
- Chaima Ferrandon
- Sven Edelfelt
Holcim : Pousser le désespoir à sa limite avant le sursaut
>EBIT T3 ressort 2% au-dessus de nos attentes - L’EBIT T3 ressort à 1 674 MCHF (+8.8% à pcc et +4.6% en réel), 2% au-dessus du consensus (1 650 MCHF) et de nos attentes (1 616 MCHFe). La marge ressort à 23.5% en hausse de 171 pb. L’EBIT est supérieur aux attentes de la place dans toutes les divisions à l’exception de Europe et AMEA (en ligne): Amérique latine (+3.6%), Amérique du Nord (+1.1%) et Solutions & Produits (4%).Le CA du T3 2024 s’élève à 7 120 MCHF (+0...
Holcim awarded EU Innovation Fund grant for large-scale cleantech proj...
Holcim Group Services Ltd / Key word(s): Miscellaneous Holcim awarded EU Innovation Fund grant for large-scale cleantech project in France 24.10.2024 / 07:00 CET/CEST Carbon capture and storage project in Martres-Tolosane, France, selected for EU Innovation Fund grant Highly scalable project harnesses mature technologies and deep partnerships Holcim now has seven large-scale EU-supported CCUS projects to advance European Green Deal Holcim has been selected for a new grant from the European Union (EU) Innovation Fund for its breakthrough carbon capture and storage project in Ma...
Amazon co-invests with Holcim in innovative startups for sustainable b...
Holcim Group Services Ltd / Key word(s): Investment Amazon co-invests with Holcim in innovative startups for sustainable building 09.10.2024 / 17:00 CET/CEST Amazon’s Climate Pledge Fund invests alongside Holcim in 3D printing joint venture 14Trees and advanced mineralization startup Paebbl Holcim and Amazon’s Climate Pledge Fund are investing together in innovative startups 14Trees and Paebbl to advance sustainable building. The funding into 14Trees by Amazon’s Climate Pledge Fund, alongside a follow-on investment by Holcim into its 3D printing joint venture with British Intern...
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