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Jul 28 2022, 08:05 IST/BST
Heidelberg Materials
Reducing guidance to where consensus had already moved
- Sectors : Building Materials
- Companies : Heidelberg Materials
DAVY VIEW
A 10% decline in like-for-like (LFL) EBITDA and reduced guidance (expecting a slight decrease for 2022) imply a weak Q2 for HeidelbergCement (HEI). We note, however, that the EBITDA outcome was 7% better than expected, consensus expectations were already lower for the full year and the negative price-over-cost from Q2 turned positive in June. If LFL revenues continue to grow strongly in H2, the market is more likely to tolerate the short-term input cost volatility.
