While maintaining its 'neutral' opinion on Holcim, Oddo BHF has raised its target price from CHF 70 to CHF 73, reflecting a valuation of US activities at nine times EBITDA and six times for the rest of the Group.

According to the research firm, the key factor is undoubtedly the planned demerger of the North American activities in order to crystallize value, an operation which 'will undoubtedly unlock value in the medium term'.

In the short term, Oddo BHF prefers its peer CRH, which is due to enter the US indices in March. Like CRH, the rerating of Holcim's multiple will take time", warns the analyst.

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