Download full report with analyst certification and important disclosures
Sep 16 2025, 07:25 IST/BST
Building Materials
Updating forecasts
- Sectors : Building Materials
- Companies : Heidelberg Materials | Buzzi Unicem | Holcim
Ratings
Ratings and price correct at time of issue
| Company | Rating | Date | Previous Rating | Date | Closing Price |
|---|---|---|---|---|---|
| Holcim | NEUTRAL | 14/01/22 | Outperform | 20/04/20 | 6884chf |
| Buzzi Unicem | OUTPERFORM | 04/04/16 | Neutral | 05/08/15 | 4842c |
| Heidelberg Materials | UNDERPERFORM | 30/05/24 | Neutral | 04/02/20 | 20460c |
DAVY VIEW
The European cement space (Buzzi Unicem, Heidelberg Materials and Holcim) has performed very well in the past 18 months. We favour Buzzi from here, see relative downside at Heidelberg Materials and find an attractive medium-term story at Holcim but a share price which, for now, appears up with events.
