Company Valuation: Holcim AG

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 28,451 29,112 38,234 49,081 41,894 37,203 - -
Change - 2.32% 31.34% 28.37% -14.64% -11.2% - -
Enterprise Value (EV) 1 38,428 35,144 46,130 57,529 45,679 42,638 41,668 40,604
Change - -8.55% 31.26% 24.71% -20.6% -6.66% -2.27% -2.55%
P/E 12.5x 8.77x 12.3x 16.7x 3.27x 18.4x 15.9x 14.3x
PBR 1.02x 0.98x 1.45x 1.8x 2.8x 2.22x 2.07x 1.93x
PEG - 0.2x -6.11x -6.87x 0x -0.2x 1x 1.3x
Capitalization / Revenue 1.06x 1x 1.42x 1.86x 2.66x 2.21x 2.03x 1.93x
EV / Revenue 1.43x 1.2x 1.71x 2.18x 2.91x 2.53x 2.27x 2.1x
EV / EBITDA 5.54x 5.08x 6.85x 8.62x 11.4x 10x 8.72x 7.93x
EV / EBIT 8.33x 7.4x 9.69x 11.4x 15.9x 13.7x 11.8x 10.5x
EV / FCF 10.9x 11.7x 12.5x 15.1x 26.5x 20x 15.1x 14.1x
FCF Yield 9.14% 8.57% 8.03% 6.61% 3.78% 5% 6.61% 7.07%
Dividend per Share 2 2.2 2.5 2.8 3.1 1.7 1.874 2.09 2.298
Rate of return 4.73% 5.22% 4.24% 3.55% 2.19% 2.79% 3.11% 3.42%
EPS 2 3.73 5.46 5.35 5.22 23.79 3.66 4.229 4.705
Distribution rate 59% 45.8% 52.3% 59.4% 7.15% 51.2% 49.4% 48.9%
Net sales 1 26,834 29,189 27,009 26,407 15,724 16,853 18,350 19,310
EBITDA 1 6,932 6,912 6,737 6,677 3,992 4,265 4,781 5,122
EBIT 1 4,612 4,752 4,760 5,049 2,876 3,116 3,542 3,851
Net income 1 2,298 3,308 3,060 2,926 13,179 2,039 2,345 2,598
Net Debt 1 9,977 6,032 7,896 8,448 3,785 5,435 4,465 3,401
Reference price 2 46.51 47.88 66.02 87.36 77.76 67.26 67.26 67.26
Nbr of stocks (in thousands) 611,712 608,010 579,125 561,823 538,766 553,125 - -
Announcement Date 2/25/22 2/24/23 2/28/24 2/28/25 2/27/26 - - -
1CHF in Million2CHF
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
18.38x2.53x10x2.79% 44.89B
24.67x3.34x11.67x-.--% 15.08B
13.04x3.52x7.2x5.71% 13.48B
13.59x0.57x2.8x4.59% 12.51B
43.43x3.29x15.92x0.69% 8.48B
22x7.23x13.43x4.38% 7.59B
8.14x1.17x4.55x2.04% 7.5B
13.22x1.43x5.37x3.07% 6.15B
27.22x1.83x9.46x2.61% 5.98B
Average 20.41x 2.77x 8.93x 2.88% 13.52B
Weighted average by Cap. 19.59x 2.71x 9.18x 2.86%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield