Davy Research

Building Materials

Cement roadshow notes – CRH, HeidelbergCement, LafargeHolcim, Cemex, PCA and ARTBA
Building Materials
HeidelbergCement AG | LafargeHolcim | CRH

DAVY VIEW

Davy hosted its annual building materials conference in New York on Thursday, September 7th. Companies attending included CRH, HeidelbergCement (HEI), LafargeHolcim (LHN) and Cemex (CX), while briefings were also held with the Portland Cement Association (PCA) and the American Road and Transportation Builders Association (ARTBA). While the hurricane impact was topical, it is expected to be minor and is unlikely to move the earnings needle. Comments around Continental Europe were broadly positive, primarily around volumes but also price. US activity was front and centre with the message generally bullish as the companies cited a mix of easier H2 comps, strong backlogs and solid pricing trends. Our detailed roadshow notes are below.

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  • RATINGS AND PRICE CORRECT AT TIME OF ISSUE


  • CRH

    Closing Price: 2909c

  • RATING 23/05/12

  • PREVIOUS RATING 12/01/12

    Neutral

  • HeidelbergCement AG

    Closing Price: 8227c

  • RATING 16/06/17

  • PREVIOUS RATING 05/02/14

    Neutral

  • LafargeHolcim

    Closing Price: 5660

  • RATING 17/11/15

  • PREVIOUS RATING 29/07/15

    Neutral

Analyst(S)

Building Materials

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