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Holcim (Baa1/BBB+): FY23 Results

BASIC INDUSTRIES

Firm numbers and outlook. Small positive for spreads, constrained by uncertainty still.


  • No new details regarding N America spinoff and subsequent capital structure. Growth in the region was firm (although slightly behind consensus), paving the way for the transaction.
  • 4Q revenue in line, adj. EBITA +2.5% ahead of expectations.
  • Leverage at 1.2x as expected. FY FCF beat consensus by +14%.
  • FY 2024 organic sales forecast “at least 4%”, 3.9% expected. Expects 18% EBIT margin vs 17.6% current.
  • Commenting on the share buyback, “Holcim remains committed to a strong investment grade credit rating”.
  • https://event.swisscom.ch/v/holcim-media-20240228 9AM CET

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