April 25, 2024 09:10 GMT
Holcim (Baa1/BBB+): 1Q24 Results
BASIC INDUSTRIES
Neutral for spreads
• Sales missed consensus by just 1%, while recurring EBIT beat by 6%.
• No details on cash flow for the quarter.
• 2024 guidance confirmed: forecasting 4% organic growth and 18% recurring EBIT margin, both slightly ahead of consensus. FCF guidance above CHF3bn is in line.
• Remain committed to a strong IG rating.
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