HOLCIM : Oddo BHF raises its opinion
According to the research firm, this operation will undoubtedly unlock value in the medium term, and the 'bad co' 'will be much more attractive, with a dividend maintained at three Swiss francs in line with pre-spin-off Holcim'.
At the current price, the 'bad co' would be valued at 4.4 times EV/EBITDA (21% FCF and 15% dividend yield), a heresy compared to the average yield of the SMI index at 3.5%, and ahead of the pack at 6.4% for Swiss Re and 5.6% Swiss Life', the analyst continues.
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