2025-06-02-Bernstein-豪瑞有限公司（HOLN）_豪瑞_宣布Amrize分拆日期-_6月23日_10页_361kb

Holcim Ltd Spin-Off Analysis Summary

• Event: Holcim Ltd announced the spin-off of its North American business, Amrize, on June 23, 2025. The split involves distributing shares to existing shareholders in-kind, with all groundwork complete.

• Amrize Details: Amrize secured debt financing (CHF equivalent) and will trade on NYSE and SIX under ticker "AMRZ". It may gain index listings based on NYSE liquidity.

• Investment Implications: Holcim shares (HOLN.SW) rated "Outperform" with a CHF 115 price target, implying a 26% upside due to decarbonization efforts, Latin American growth, pricing power, and untapped Amrize value. Recommendation: Buy Holcim today and retain both entities post-spin-off.

• Financial Highlights: Revenue, EPS, and EV/EBIT projections show positive growth; current dividend yield is 3.4%.

• Risks: Potential for market underperformance due to macroeconomic, product demand, or execution challenges.