豪瑞：宣布Amrize分拆日期 - 6月23日

Holcim LtdRatingOutperformPrice TargetHOLN.SWReported EPSHOLN.SW (CHF)Source: Bloomberg, Bernstein estimates and analysis.Holcim announced this morning that the spin-off of their North American business, Amrize,will take place on 23rdJune. Since it first announced its plan Sep’23, the company has madeprogress towards the spin. The two entities now have separate management teams, hostedseparate CMDs at the end of March, Amrize has moved reporting to US GAAP and has alsodecided to have dual listing in the New York and the Swiss stock exchange. The final stepremains: the actual spin-off. All existing Holcim shareholders will receive two shares — oneof Amrize and one of the new Holcim on 20thJune as a dividend in kind and from 23rdJuneAmrize will start trading as an independent entity.Exchanges and index inclusion: Trading expected to begin on the New York (NYSE) andSwiss stock exchange (SIX) on June 23rdunder the ticker symbol “AMRZ”. Amrize to be addedto Swiss SMI and SLI indices on first day of trading. Inclusion in the US indices will come overtime as trading picks up on the NYSE. If and when >50% of the liquidity moves to the NYSE,Amrize would have the potential to be included in US indices such as Russel, MSCI, CRSP andpotentially the S&P 500 - however, that is at the discretion of the index committee.Debt financing and leverage: Amrize secured debt financing of $3.4bn in bonds, a $2bncommitted credit facility and a $2bn commercial paper program. Additionally, Amrize has abridge loan available in the amount of $1.7bn. To begin, we expect the leverage of Holcimand Amrize to be at similar levels.Investment implications:Holcim - recently initiated with an OP rating and a CHF 115/share PT implying 26% potential upside - has significant upside potential including Amrize’srerating potential which is not baked in (for details please see: European Building Materials:Straw, Sticks and BRICS... Initiating with a preference for the extremes). Of this CHF 115/share price target, CHF 40 (or $45) comes from Amrize. We recommend investors buyHolcim today and hold both Holcim and Amrize post spin-off, given the attractive growthopportunities on both sides.See the Disclosure Appendix of this report for required disclosures, analyst certifications and otherimportant information. Alternatively, visit our Global Research Disclosure Website.First Published: 02 Jun 2025 06:21 UTC Completion Date: 02 Jun 2025 06:21 UTC CAGR----Close DateEDMFYEDiv YieldEV (CHF) (M)PerformanceAbsolute (%)EDM (%)Relative (%)CHF110CHF100CHF90CHF80CHF7006/24 115.00 CHFF26E7.34FinancialsRevenues (M)EBIT (M) F24AF25E5.426.27F24AF25EF26E27,09228,39630,3104,7255,2035,969 INVESTMENT IMPLICATIONSHolcim, recently initiated with an OP rating and a PT of CHF 115/share implying 18% potential upside, has significant upsidepotential due to (i) its decarbonisation efforts especially in Europe which will lead to significant margin expansion is beingmissed by the market, (ii) LatAm is a hidden gem which will growth profitably as management focuses investments in the region,(iii) Holcim’s exposure to attractive consolidated markets gives them pricing power, this is not fully reflected in the marketprice and (iv) Amrize’s rerating potential is not baked in. (for details please see: European Building Materials: Straw, Sticksand BRICS... Initiating with a preference for the extremes). Of this CHF 115/share price target, CHF 40 (or $45) comes fromAmrize. We recommend investors to buy Holcim today and hold both Holcim and Amrize post spin, given the attractive growthopportunities on both sides.BERNSTEIN TICKER TABLETickerRatingHOLN.SWOCHFEDMO - Outperform, M - Market-Perform, U - Underperform, NR - Not Rated, CS - Coverage SuspendedSource: Bloomberg, Bernstein estimates and analysis.EUROPEAN CONSTRUCTION & BUILDING MATERIALS 30 May2025TTMReported EPSDiv Yield (%)ClosingPriceRel.PriceTargetPerf.2024A2025E2026E2024A2025E2026E91.02115.007.0%CHF5.426.277.343.22.12.41,423.832 I. REQUIRED DISCLOSURESReferences to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,C. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited andSanford C. Bernstein Japan KKOn April 1, 2024, Société Générale (SG) and AllianceBernstein, L.P. (AB) completed a transaction that created a new joint venturein which their respective cash equities and research businesses operate in a new business combination. Although their respectiveownership percentages in the joint venture differ between North America and the rest of the world, the creation, production andpublication of research is handled collaboratively on a global basis across the two research brands, “Bernstein” and “Autonom