【巴克莱-2025研究报告】豪瑞（HOLN）：从减持 持有上调至增持：质量、增长和健康股息.pdf

EquityResearch

EuropeanConstruction,BuildingMaterialsInfrastructure

10June2025

Holcim

U/GtoOW:Quality,growthanda

SIGNATURE

healthydividend.

HOLNsrelativederatinglooksoverdone,andweseeenoughHOLN.S/HOLNSWOVERWEIGHT

valuenowintheSOTP.Remainco,

inparticular,looksfromUnderweight

EuropeanConstruction,

attractivewithqualityexposuretoaEuropeanrecovery/BuildingMaterialsNEUTRAL

Infrastructure

marketconsolidation,aLatamgrowthstoryandahealthyUnchanged

dividendstory.DoubleU/GtoOverweight,PTtoCHF109/sh.

PriceTargetCHF109.00

raised30%fromCHF84.00