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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
BASIC INDUSTRIES
Solid performance expected, but focus on spinoff.
- Investors will be watching for details on capital structure post spinoff of N America which is due to happen this year.
- With the lack of clarity, HOLNSW has underperformed peer CRHID YTD (see chart).
- 4Q revenue is expected to grow by +2% YoY (+5% organic). +6% EBIT growth YoY is expected. FY FCF expected to come in at CHF3.26bn (+18% YoY).
- Analyst consensus for 2024 is +2.5% revenue, +3% EBIT and FCF growth.
- HOLNSW seems equity focused right now, having deleveraged to historic lows (FY23 1.2x expected).
- https://event.swisscom.ch/v/holcim-media-20240228
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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