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Holcim
(HOLN)
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Rating:61Neutral
Price Target:
CHF77.00
▲(4.03% Upside)
Action:Reiterated
Date:08/03/26
The score is primarily supported by acceptable fundamentals with strong cash generation, and reinforced by an upbeat earnings call featuring upgraded 2026 guidance and clear margin/FCF targets. It is held back by very high valuation (P/E ~69) and only moderate-to-weak technical momentum (negative MACD; price below short-term averages).
Positive Factors
Strong cash generation
Persistent, sizable free cash flow provides durable funding for capex, debt reduction, dividends and strategic M&A. Solid cash conversion through cycles enhances financial flexibility, supports NextGen investments and helps absorb cyclical construction downturns without immediate capital raises.
Negative Factors
Revenue and earnings volatility
Marked top‑line declines and a sharp 2025 net‑margin compression signal inconsistent demand and earnings quality. This volatility undermines predictability for margins, ROE and cash conversion, complicating delivery of multi‑year targets and investor confidence in steady returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Persistent, sizable free cash flow provides durable funding for capex, debt reduction, dividends and strategic M&A. Solid cash conversion through cycles enhances financial flexibility, supports NextGen investments and helps absorb cyclical construction downturns without immediate capital raises.
Read all positive factors
Holcim (HOLN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF39.51B
Dividend Yield2.32%
Average Volume (3M)1.19M
Price to Earnings (P/E)69.2
Beta (1Y)0.81
Revenue Growth-26.49%
EPS Growth-87.22%
CountryCH
Employees45,536
SectorGeneral
Sector StrengthN/A
IndustryConstruction Materials
Share Statistics
EPS (TTM)0.24
Shares Outstanding566,875,500
10 Day Avg. Volume984,453
30 Day Avg. Volume1,185,202
Financial Highlights & Ratios
PEG Ratio-1.28
Price to Book (P/B)2.80
Price to Sales (P/S)2.73
P/FCF Ratio24.89
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF84.20Price Target Upside13.75% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)3.67
Revenue Forecast (FY)CHF16.72B
Holcim Business Overview & Revenue Model
Company Description
Holcim Ltd stands as a premier international supplier of construction materials and advanced building solutions, maintaining a robust presence across numerous continents, including Asia Pacific, Europe, Latin America, the Middle East, Africa, and ...
How the Company Makes Money
Holcim makes money primarily by manufacturing and selling building materials and construction solutions to contractors, developers, infrastructure owners, distributors, and retail/professional channels. Its key revenue streams include: (1) Cement:...
Holcim Earnings Call Summary
Earnings Call Date:Jul 31, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Feb 26, 2027
Earnings Call Sentiment Positive
The call conveyed strong operational momentum across regions with double-digit recurring EBIT growth, upgraded guidance, accretive strategic acquisitions (Xella and Pacasmayo), sustainability and AI-driven initiatives, and solid cash-generation guidance. Headwinds are manageable and largely relate to M&A onboarding, FX translation effects, some country-specific softness (UK, Argentina, Colombia), and one-off below-EBIT items. Overall the positives — organic growth, margin expansion drivers, successful large acquisitions, and improved guidance — materially outweigh the manageable lowlights.Positive Updates
Strong Organic Net Sales Growth
Organic net sales grew 5.2% in H1 2026 and accelerated to 6.4% in Q2 2026, representing approximately CHF 390 million of organic growth year-to-date.
Negative Updates
Group Margin Flat in Q2 (Mix/Divestment Impact)
Group recurring EBIT margin was flat year-on-year in Q2, primarily due to the divestment of high-margin Nigeria which reduced comparables and created a mix headwind.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Organic Net Sales Growth
Organic net sales grew 5.2% in H1 2026 and accelerated to 6.4% in Q2 2026, representing approximately CHF 390 million of organic growth year-to-date.
Read all positive updates
Company Guidance
Holcim upgraded 2026 guidance to the high end of its NextGen targets, targeting roughly 5% organic net‑sales growth and 10% organic recurring EBIT growth for the year, with further recurring‑EBIT margin expansion (group margin broadly flat through the first 9 months before improving to deliver two stronger margin quarters), free cash flow of around CHF 2.0 billion, and year‑end leverage of ~1.6x (close to the 1.5x target) despite closing Xella (projected ~CHF900m 2026 sales) and Pacasmayo (~CHF500m); the company reiterated a ~CHF0.5bn p.a. bolt‑on run rate, AI benefits of ~CHF200m by 2028 with ~CHF20m/yr investment, continued positive price‑over‑cost (17 consecutive quarters; ~EUR90m in Q2 split roughly evenly across regions), LatAm recurring‑EBIT margin above 30% (portfolio 30–35%), recycled C&D volumes up 36% in H1, alternative fuels >70% in Europe H1, and EPS already +7.4% y/y in CHF.Holcim Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
62
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 19.70B | 15.72B | 26.41B | 27.01B | 29.19B | 26.83B |
| Gross Profit | 8.26B | 6.66B | 11.68B | 11.50B | 11.61B | 11.54B |
| EBITDA | 4.38B | 3.68B | 5.97B | 6.45B | 6.98B | 6.04B |
| Net Income | 127.00M | 387.00M | 2.93B | 3.06B | 3.31B | 2.30B |
Balance Sheet | ||||||
| Total Assets | 36.27B | 33.60B | 54.28B | 52.69B | 57.60B | 59.88B |
| Cash, Cash Equivalents and Short-Term Investments | 3.60B | 5.44B | 5.35B | 6.09B | 9.83B | 6.69B |
| Total Debt | 10.95B | 9.51B | 12.92B | 13.12B | 14.91B | 16.61B |
| Total Liabilities | 19.58B | 17.52B | 26.33B | 25.90B | 27.99B | 29.41B |
| Stockholders Equity | 15.80B | 15.38B | 27.24B | 26.00B | 28.67B | 27.68B |
Cash Flow | ||||||
| Free Cash Flow | 2.81B | 1.73B | 4.02B | 3.96B | 3.01B | 3.51B |
| Operating Cash Flow | 4.22B | 2.79B | 5.67B | 5.47B | 4.56B | 5.04B |
| Investing Cash Flow | -3.23B | -1.96B | -2.04B | -3.47B | 2.08B | -4.71B |
| Financing Cash Flow | -844.00M | -63.00M | -4.37B | -5.22B | -3.25B | 1.11B |
Holcim Technical Analysis
Negative
74.02
Price Trends
74.71
Negative
71.67
Positive
71.86
Positive
Market Momentum
-0.43
Positive
44.22
Neutral
20.36
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:HOLN, the sentiment is Negative. The current price of 74.02 is below the 20-day moving average (MA) of 74.06, below the 50-day MA of 74.71, and above the 200-day MA of 71.86, indicating a neutral trend. The MACD of -0.43 indicates Positive momentum. The RSI at 44.22 is Neutral, neither overbought nor oversold. The STOCH value of 20.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CH:HOLN.
Holcim Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | CHF19.12B | 40.94 | 23.76% | 2.19% | -5.85% | 1.24% | |
72 Outperform | CHF29.18B | 27.98 | ― | 2.37% | -4.22% | -14.86% | |
61 Neutral | CHF39.51B | 69.19 | 86.11% | 2.30% | -26.49% | -87.22% | |
58 Neutral | CHF3.02B | -91.50 | -3.81% | 5.65% | -6.64% | -127.26% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
CH:HOLN
Holcim
72.62
6.70
10.17%
CH:SIKA
Sika AG
195.50
8.73
4.67%
CH:CLN
Clariant AG
9.65
1.97
25.63%
CH:EMSN
EMS-CHEMIE HOLDING AG
819.00
185.14
29.21%
Holcim Corporate Events
Holcim to Exit Philippine Operations in USD 807 Million Deal with Huaxin
Aug 2, 2026
Holcim has agreed to sell its business in the Philippines to Huaxin Building Materials, starting with a 67.623% stake for USD 527 million and a structured exit of its remaining roughly 31% stake within three to five years at a minimum price of USD...
Holcim lifts 2026 outlook on strong earnings and strategic acquisitions
Jul 31, 2026
Holcim reported a strong first half of 2026, with organic recurring EBIT up 11.5% to CHF 1.44 billion and organic sales growth of 5.2% to CHF 7.93 billion, driven by higher demand for sustainable products, strict cost discipline and operational ef...
Holcim closes Xella deal to boost European sustainable wall systems
Jun 19, 2026
Holcim has completed its acquisition of Xella, a Europe-wide provider of wall systems expected to generate EUR 1 billion in sales in 2026, expanding Holcim’s building solutions portfolio in the attractive market for wall solutions. Xella bri...
Holcim Launches Industrial-Scale Carbon Capture Test Hub in France
Jun 10, 2026
Holcim has unveiled CaptureLab, an industrial-scale carbon capture test platform at its Martres-Tolosane cement plant in France, designed to process real-world flue gases and validate advanced capture technologies in operational conditions. By pro...
Holcim Investors Back Dividend, Governance Slate at 2026 AGM
May 13, 2026
Holcim shareholders approved all proposals put forward by the Board of Directors at the 2026 Annual General Meeting in Zug, including a dividend of CHF 1.70 per registered share to be paid on 21 May 2026 from capital contribution reserves, exempt ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.