Holcim Ltd

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SwitzerlandMaterialsBuilding ProductsCH0012214059

Sustainability Rating:
★★★☆☆
Published:01 May 2023 17:41 CET
Analyst:
Nadiia D, Content Manager, nadiia.d@adviscent.com
Investment Case

Fitch Ratings-Warsaw/London-21 October 2022: The Lafarge SA resolution with the US Department of Justice (DoJ) and related USD778 million penalty will have no immediate rating impact for Holcim Ltd (BBB/Stable), Fitch Ratings says. It reflects Holcim’s pre-existing significant rating headroom, robust financial flexibility including strong liquidity position and continued strong operating performance.

Fitch believes that Holcim has sufficient financial headroom to absorb the penalty. At 30 June 2022 the group had over CHF8.2 billion of total liquidity (excluding CHF800 million cash considered restricted by Fitch) comprising readily available cash and undrawn committed credit lines. Fitch also expects positive free cash flow generation in 2022-2023. The group’s financial flexibility is also supported by the potential to reduce shareholder remuneration or M&A spend, although Fitch does not assume any significant change in the previously expected capital allocation.

The DoJ resolution relates to the previously disclosed inquiry into legacy conduct of certain former Lafarge SA executives during the Syrian civil war, before Holcim acquired Lafarge SA in July 2015. Under the terms of the resolution, Lafarge SA and its long-defunct subsidiary Lafarge Cement Syria S.A. (LCS) will pay a penalty of around USD778 million and have agreed to plead guilty to one count of conspiring to provide material support to designated foreign terrorist organizations in Syria between August 2013 and October 2014.

The DoJ said former Lafarge SA and LCS executives involved in the conduct concealed it from Holcim before and after Holcim acquired Lafarge SA. None of the conduct involved Holcim, which has never operated in Syria. The DoJ determined that the appointment of an independent compliance monitor is not necessary, which reflects Holcim’s effective compliance and risk management controls to detect and prevent any similar potential conduct. 

Performance
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Created with Highcharts 9.3.3Holcim LtdJul 19Jan 20Jul 20Jan 21Jul 21Jan 22Jul 22Jan 23Jul 23Jan 24203040506070
Facts & Figures
General Information
ISINCH0012214059
Bloomberg TickerLHN SW
Price (CHF)-
Market Cap (CHF m)28,005
Free float (%)0
Net debt8,565
Gearing29.92
ROE8.3
Next reporting date25.02.2022
Valuation202420252026
P/E (CHF m)---
EV/EBITDA (CHF m)---
P/B (CHF m)---
Dividend Yield (CHF m)---
Financial Data202420252026
Revenue (CHF m)---
EBITDA (CHF m)---
Net Profit (CHF m)---
EPS (CHF)---
Dividend (CHF m)---
Peer Group Comparison
Company nameMarket cap (CHF m)P/E (Next 12 month) (CHF m)EV/EBITDA (Next 12 month) (CHF m)P/B (CHF m)Dividend yield (CHF m)EPS CAGR (3 years)EBITDA marginROICNet debt/EBITDA
Holcim Ltd28,005-----24.885.932.08
Company details
Company Portrait

Holcim Ltd, together with its subsidiaries, operates as a building materials and solutions company in the Asia Pacific, Europe, Latin America, the Middle East, Africa, and North America. It operates through four segments: Cement, Aggregates, Ready-mix Concrete, and Solutions & Products. The company offers cement, hydraulic binders, clinker, and other cementitious materials; aggregates, such as crushed stone, gravel, and sand; and ready-mix concrete, precast concrete products, asphalts, and mortars. In addition, it engages in the provision of contracting and other services; and retail activities, as well as waste management services. Its products are used in infrastructure projects, such as roads, mines, ports, dams, data centers, stadiums, wind farms, and electric power plants; building projects comprising individual housing, collective housing, office buildings, industrial and commercial buildings, and public buildings; and affordable housing. The company was formerly known as LafargeHolcim Ltd and changed its name to Holcim Ltd in May 2021. Holcim Ltd was founded in 1833 and is headquartered in Zug, Switzerland.

Business Segments
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Created with Highcharts 9.3.312% Aggregates60% Cement Manufacturing20% Ready-mix concrete8% Solution and Products
Geographic Segments
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Created with Highcharts 9.3.331% Europe25% North America23% Asia-Pacific10% Latin America2% Corporate10% Middle East & Africa
Important legal Information
Open
Rating history
11.12.2021
Buy

* Positive performance in the past is no guarantee of positive performance in the future. The risk of price and foreign currency losses and of fluctuations in return as a result of unfavorable exchange rate movements cannot be ruled out.

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Risk information for single stock/single bond recommendations

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Responsible for compilation:  Bank (Switzerland) Ltd.,  Zurich, Switzerland. Responsible supervisory authority: Swiss Financial Market Supervisory Authority FINMA, Laupenstrasse 27, CH-3003 Berne, Switzerland. Responsible for distribution within the meaning of article 8 FinMV [Financial Analysis Market Abuse Ordinance]:  Bank Ltd. Responsible for distribution within the meaning of the Directives on the Independence of Financial Research from the Swiss Bankers Association (SBA):  Bank (Switzerland) Ltd. Responsible supervisory authority: Swiss Financial Market Supervisory Authority FINMA, Laupenstrasse 27, CH-3003 Berne, Switzerland. 

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