Financials Holcim Ltd

Equities

LHN

CH0012214059

Construction Materials

Market Closed - Swiss Exchange Other stock markets 11:31:30 2024-04-26 am EDT			5-day change	1st Jan Change
79.1 ^CHF	+1.72%		+2.01%	+19.81%

Apr. 26	HOLCIM : Deutsche Bank reiterates its Neutral rating	ZD
Apr. 25	Global markets live: Ford, Dow, American Airlines, Comcast, Apple, IBM, Cisco...

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	32,499	29,838	28,451	29,112	38,234	44,440	-	-
Enterprise Value (EV) ¹	42,609	38,321	38,428	35,144	46,130	51,487	50,008	48,384
P/E ratio	14.6 x	17.7 x	12.5 x	8.77 x	12.3 x	13.8 x	12.7 x	11.7 x
Yield	3.72%	4.11%	4.73%	5.22%	4.24%	3.78%	3.89%	4.13%
Capitalization / Revenue	1.22 x	1.29 x	1.06 x	1 x	1.42 x	1.57 x	1.51 x	1.45 x
EV / Revenue	1.59 x	1.66 x	1.43 x	1.2 x	1.71 x	1.82 x	1.7 x	1.58 x
EV / EBITDA	6.47 x	6.41 x	5.54 x	5.08 x	6.85 x	7.51 x	7 x	6.51 x
EV / FCF	14.1 x	10.9 x	10.9 x	11.7 x	12.5 x	14.8 x	13.2 x	11.9 x
FCF Yield	7.09%	9.14%	9.14%	8.57%	8.03%	6.78%	7.6%	8.43%
Price to Book	1.15 x	1.04 x	1.02 x	0.98 x	1.45 x	1.63 x	1.55 x	1.46 x
Nbr of stocks (in thousands)	605,192	613,694	611,712	608,010	579,125	561,823	-	-
Reference price ²	53.70	48.62	46.51	47.88	66.02	79.10	79.10	79.10
Announcement Date	2/27/20	2/26/21	2/25/22	2/24/23	2/28/24	-	-	-

¹CHF in Million²CHF

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	26,722	23,142	26,834	29,189	27,009	28,248	29,428	30,659
EBITDA ¹	6,581	5,976	6,932	6,912	6,737	6,860	7,147	7,437
EBIT ¹	4,102	3,673	4,612	4,752	4,760	5,161	5,455	5,794
Operating Margin	15.35%	15.87%	17.19%	16.28%	17.62%	18.27%	18.54%	18.9%
Earnings before Tax (EBT) ¹	3,319	2,719	3,644	4,555	4,174	4,661	4,884	5,305
Net income ¹	2,246	1,697	2,298	3,308	3,060	3,252	3,527	3,796
Net margin	8.41%	7.33%	8.56%	11.33%	11.33%	11.51%	11.98%	12.38%
EPS ²	3.680	2.740	3.730	5.460	5.350	5.747	6.214	6.751
Free Cash Flow ¹	3,019	3,504	3,513	3,013	3,705	3,490	3,801	4,079
FCF margin	11.3%	15.14%	13.09%	10.32%	13.72%	12.35%	12.92%	13.31%
FCF Conversion (EBITDA)	45.87%	58.63%	50.68%	43.59%	54.99%	50.87%	53.19%	54.86%
FCF Conversion (Net income)	134.42%	206.48%	152.87%	91.08%	121.08%	107.33%	107.79%	107.45%
Dividend per Share ²	2.000	2.000	2.200	2.500	2.800	2.992	3.080	3.268
Announcement Date	2/27/20	2/26/21	2/25/22	2/24/23	2/28/24	-	-	-

¹CHF in Million²CHF

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	13,663	10,693	12,449	12,556	7,286	6,992	14,278	6,440	8,240	14,681	8,045	6,463	14,508	13,067	7,340	6,602	13,942	5,586	7,529	7,700	6,980
EBITDA ¹	3,703	2,337	-	3,105	-	-	-	-	-	-	-	3,623	-	-	-	-	-	1,010	-	-	-
EBIT ¹	2,521	1,194	-	1,983	1,534	1,096	2,629	614	1,559	-	1,551	1,028	-	2,043	1,600	1,117	-	532	1,681	1,780	1,253
Operating Margin	18.45%	11.17%	-	15.79%	21.05%	15.68%	18.41%	9.53%	18.92%	-	19.28%	15.91%	-	15.63%	21.8%	16.92%	-	9.52%	22.33%	23.12%	17.95%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	347	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	-	3.25%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS	-	0.5500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/27/20	7/30/20	2/26/21	7/30/21	10/29/21	2/25/22	2/25/22	4/22/22	7/27/22	7/27/22	10/28/22	2/24/23	2/24/23	7/27/23	10/27/23	2/28/24	2/28/24	4/25/24	-	-	-

¹CHF in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	10,110	8,483	9,977	6,032	7,896	7,046	5,568	3,943
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.536 x	1.42 x	1.439 x	0.8727 x	1.172 x	1.027 x	0.779 x	0.5302 x
Free Cash Flow ¹	3,019	3,504	3,513	3,013	3,705	3,490	3,801	4,079
ROE (net income / shareholders' equity)	8.1%	8.12%	8.55%	11.7%	11.2%	12.6%	13.1%	13.3%
ROA (Net income/ Total Assets)	3.81%	3.98%	4.06%	5.63%	5.55%	6.31%	6.68%	6.93%
Assets ¹	59,003	42,667	56,555	58,744	55,144	51,493	52,825	54,801
Book Value Per Share ²	46.50	46.70	45.50	48.70	45.70	48.40	51.10	54.10
Cash Flow per Share ²	7.950	7.530	8.240	7.580	9.610	8.980	10.50	11.20
Capex ¹	1,534	1,114	1,532	1,549	1,505	1,516	1,586	1,596
Capex / Sales	5.74%	4.81%	5.71%	5.31%	5.57%	5.37%	5.39%	5.2%
Announcement Date	2/27/20	2/26/21	2/25/22	2/24/23	2/28/24	-	-	-

¹CHF in Million²CHF

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Holcim Ltd

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

79.1 CHF

Average target price

80.96 CHF

Spread / Average Target

+2.35%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Cement & Concrete Manufacturing

	1st Jan change	Capi.
HOLCIM LTD	+19.81%	48.58B
JAMES HARDIE INDUSTRIES PLC	-2.89%	15.52B
ANHUI CONCH CEMENT COMPANY LIMITED	-1.00%	15.46B
SHREE CEMENT LIMITED	-15.75%	10.44B
EAGLE MATERIALS INC.	+26.55%	8.84B
DANGOTE CEMENT PLC	+105.28%	8.27B
XINJIANGTIANSHAN CEMENT CO.,LTD	-0.30%	7.96B
TAIWAN CEMENT CORP.	-8.75%	7.34B
BUZZI S.P.A.	+23.60%	6.73B
ACC LTD	+14.55%	5.7B

Cement & Concrete Manufacturing