豪瑞-如何应对Amrize分拆

17 June 2025European Construction & Building MaterialsHolcim LtdRatingOutperformPrice TargetHOLN.SW120.00 CHFPujarini Ghosh, CFA+44 207 676 6807pujarini.ghosh@bernsteinsg.comVictor Acitores+34 915 893 901victor.acitores@bernsteinsg.comSpecialist SalesSara Bellenda+44 207 762 1867sara.bellenda@bernsteinsg.comReported EPSF24AF25EF26EHOLN.SW (CHF)5.426.277.34FinancialsF24AF25EF26ECAGRRevenues (M)27,09228,39630,308--EBIT (M)4,7255,2035,968--Valuation MetricsF24AF25EF26EReported P/E (x)18.315.813.5EV/EBIT (x)14.112.811.1Source: Bloomberg, Bernstein estimates and analysis.Holcim - How to navigate the Amrize spin-offHolcim is spinning-off their North American business, Amrize, on 23rd June. We have beengetting many client questions about how the two stocks will start trading on the first day(s)and week(s). So, in this note, we provide some scenarios on how to navigate the spin based onwhere the stocks start trading vs our fundamental DCF valuation and peer multiples.Our PT of CHF 120/share, c