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BASIC INDUSTRIES: Holcim (HOLNSW Baa1/BBB+/BBB[P]): 1H24 Results

BASIC INDUSTRIES
BulletCredit Bullets

Marginal credit positive.

  • Revenue missed by 2%. Flat organic growth YoY.
  • Adj. EBIT beat by 4%, with 2Q recurring margins up 2.1% YoY to a record 23.2%.
  • FCF fell 40% YoY to CHF48mn on higher capex.
  • Net debt marginally lower YoY.
  • FY24 guidance upgraded slightly – EBIT margin seen above 18.5%, from 18% previously. Sales growth changed from LSD to above 4% organic plus 2% from M&A.
  • Webcast 09.00 https://event.swisscom.ch/v/holcim-h1-2024-analysts
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Marginal credit positive.

  • Revenue missed by 2%. Flat organic growth YoY.
  • Adj. EBIT beat by 4%, with 2Q recurring margins up 2.1% YoY to a record 23.2%.
  • FCF fell 40% YoY to CHF48mn on higher capex.
  • Net debt marginally lower YoY.
  • FY24 guidance upgraded slightly – EBIT margin seen above 18.5%, from 18% previously. Sales growth changed from LSD to above 4% organic plus 2% from M&A.
  • Webcast 09.00 https://event.swisscom.ch/v/holcim-h1-2024-analysts