Materials: Cement: profit increase less pronounced than initially anticipated
We are reducing our 2013-2015 estimates to take into account weaker trends than previously anticipated notably in emerging markets, the Eastern European region and northern US regions. Our 2013 EBITDA estimates have been reduced by 6% and stand 3% below market expectations for Lafarge/Holcim. We expect the consensus to revise downwards but we remain Buyers as we believe the margin should continue to increase, helped by better pricing, lower energy bills and the companies’ cost-cutting programmes. Holcim remains our favourite.
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