Obbligazioni societarie Monitor Building Materials & Construction Companies EU

[Imark]

E' tanto che lo voglio aprile, anche se poi non so se riuscirò a coltivarlo... certo che qui si nuota controcorrente, e non poco...

Wienerberger, Saint Gobain, Holcim, Cemex, Italcementi, Lafarge, Vinci, ecc. ... tengo fuori HeidelbergCement perché ha un 3D suo ed una (troppo elevata) chance di default nel biennio.

Rendimenti molto elevati, rischi pure...

 

[Imark]

Holcim credo sia fra i leader mondiali nella produzione di cemento... a giudicare dal 2008, nella prospettiva di un 2009 in significativo calo e di un 2010 stazionario, la perdita dell'IG è molto probabile, nonostante l'adozione di misure di contrasto alla riduzione della capacità di generare cassa poste in essere praticamente su tutti i fronti (dai tagli alla capacità produttiva alla cancellazione dei dividendi).

Adeguata nel breve termine sembrerebbe essere la situazione della liquidità.

Fitch Downgrades Holcim to 'BBB'; Negative Outlook

03 Apr 2009 12:26 PM (EDT)

Fitch Ratings-London/Milan-03 April 2009: Fitch Ratings has today downgraded Swiss building materials company Holcim Ltd's (Holcim) Long-term Issuer Default (IDR) and senior unsecured ratings to 'BBB' from 'BBB+'. The Outlook on the Long-term IDR is Negative. Holcim's Short-term IDR has been affirmed at 'F2'. At the same time, Fitch has downgraded subsidiary Aggregate Industries plc's (AI) senior unsecured rating to 'BBB' from 'BBB+'.

The downgrade reflects Fitch's view that a deeper-than--anticipated global recession (see Fitch's "Global Economic Outlook, 31 March 2009") will translate into persistent challenging trading conditions in the building materials industry in mature markets.

At the same time, the industry faces diminished prospects in emerging markets as economic growth there slows.

In this context Fitch expects Holcim's cash flow from operations will be lower in the next 24 months than previously forecast.

While Holcim has announced a number of measures including capacity reductions in all segments, cost-cutting, expansionary and maintenance capex reduction and a scrip dividend for 2008, the agency believes that these measures will likely not be sufficient to offset the negative pressure on operational cash flow.

As a result, Fitch expects that the pace of de-leveraging will not allow Holcim to return to credit metrics that are commensurate with a 'BBB+' rating in the next 24 months.

The Negative Outlook reflects the limited headroom within the current rating and the challenges that Holcim will face in the next 24 months to improve credit metrics, in light of difficult market conditions.

The Outlook could be revised to Stable should Holcim achieve a net leverage of under 2.6x. Conversely, the ratings could be downgraded by a notch, if market conditions deteriorate beyond what is presently expected by Fitch, leading to a slowdown in the improvement, if not weakening, of credit metrics.

Fitch's latest forecast assumptions for Holcim include a single-digit decline in revenue in 2009 and a flat performance in 2010, as well as deteriorating EBITDA margins in 2009 and a slight recovery in 2010. Under this scenario, expected lower cash flow from operations is likely to result in a breakeven free cash flow margin (free cash flow/revenue).

A positive single-digit margin is expected from 2010, when capex materially declines. In this context Fitch forecasts net leverage above 2.9x until FYE10. In its forecasts the agency has not considered any potentially positive impact on the company's performance stemming from economic stimulus packages announced in a number of major economies.

The ratings continue to reflect Holcim's strong market positions in cement, aggregates and concrete, and its complementary product portfolio.

The group has solid geographical diversification, with deep penetration in growing, albeit at a slower pace, and higher-margin emerging markets. Cash flow generation capability and operating EBITDAR margins, while showing some signs of weakening, remain above the sector average.

Liquidity is adequate, supported by high cash balances and committed credit lines. At FYE08 Holcim reported 10.1% and 18.8% like-for-like declines in operating EBITDA and cash flow from operations, respectively. FYE08 net debt/EBITDA was 2.8x, up from 1.9x at FYE07. Net debt at FYE08 was CHF15bn, up from CHF12.9bn at FYE07. Cash balances totalled CHF3.6bn (CHF3.3bn at FYE07). Unused committed credit lines were CHF2bn at FY08 which, together with cash balances, resulted in total available liquidity of CHF5.6bn, against short-term debt of just over CHF5.9bn.

The group generated nearly CHF5bn in cash flow from operation in 2008.

Holcim is one of the world's leading suppliers of cement, aggregates and concrete, with sales of more than CHF25bn and a cement capacity of over 190 million tons in FY08

 

[lorenzo63]

Penso che potrebbe essere un' ottimo spunto stante che un po' in tutto il mondo, ha preso piede l' idea del rilanciare l' edile per rilanciare il resto..
Vedo un po' se riesco a vedere di trovare qualcosa in giro...

 

[bulogna]

Penso che potrebbe essere un' ottimo spunto stante che un po' in tutto il mondo, ha preso piede l' idea del rilanciare l' edile per rilanciare il resto..
Vedo un po' se riesco a vedere di trovare qualcosa in giro...

interessante come settore speriamo che il 3d possa prendere quota come quello delle telecom.

 

[solenoide]

wienerberger

Ciao,
ho scaricato da pochi giorni il resoconto 2008 di Wienerberger in ottica acquisto perpetual , mi impegno a farne un sunto nei prossimi giorni.

 

[lorenzo63]

Lafarge

Incremento capitale per Lafarge.


French cement and building material company Lafarge SA (LG.FR) Wednesday launched its planned EUR1.5 billion capital increase.

In a statement, Lafarge said the subscription price will be EUR16.65 per share, made of EUR4.00 par value and a EUR12.65 issue premium, on the basis of six new shares for 13 existing shares.

In total, Lafarge will issue 90,109,164 new shares.

"In the unprecedented financial and economic context we are currently experiencing, Lafarge reinforces its financial structure by reducing its debt, bolstering our sector leadership and positioning the group to benefit from the recovery," the company's Chief Executive Bruno Laffont said in the statement.

The rights issue will be used for the early repayment of the A1/A2 tranches of debt related to the Orascom Cement acquisition in Egypt, Lafarge said.

Lafarge plans to repay the EUR2.6 billion by the end of June 2009, thereby removing the related debt covenant, it said.

Lafarge's largest shareholders -Belgium's Groupe Bruxelles Lambert (GBLB.BT) and Egypt's NNS Holding -have each committed to subscribe their pro rata shares of the rights issue, representing approximately EUR500 million, Lafarge noted.

The remainder of the rights issue is underwritten by a syndicate of banks made of BNP Paribas SA (BNP.FR), Credit Agricole SA's (ACA.FR) Calyon, Citigroup Inc. (C), HSBC Holdings PLC (HBC), Societe Generale SA (GLE.FR) acting as joint bookrunners and Morgan Stanley (MS), acting as co-bookrunner, it said.

Lafarge also said the issue price represents a 46.2% discount to the closing price of the company's shares on March 30, yet adjusted for the 2008 expected dividend of EUR2.00 per share. This dividend won't be paid on the new shares.

The price also represents a 37% discount to the theoretical ex-right price based on that closing price, also adjusted for the 2008 expected dividend, Lafarge noted.

Each shareholder of Lafarge will receive one preferential subscription right per share held at the close of trading on April 1.

The subscription period will start on April 2 and end on April 15, Lafarge also said.

 

[lorenzo63]

MARCH 18, 2009, 3:13 A.M. ET Italcementi Cut To Sell From Neutral By Goldman Sachs

MARCH 18, 2009, 3:13 A.M. ET Italcementi Cut To Sell From Neutral By Goldman Sachs

 

[bulogna]

MARCH 18, 2009, 3:13 A.M. ET Italcementi Cut To Sell From Neutral By Goldman Sachs

Ho provato a guardare in giro ma non ho trovato bond italcementi. Esistono, isin e dove sipuò vedere la quotazione ......

 

[lorenzo63]

Ho provato a guardare in giro ma non ho trovato bond italcementi. Esistono, isin e dove sipuò vedere la quotazione ......

MILANO (MF-DJ)--Ciments Francais, subholding per le attivita'
internazionali del gruppo Italcementi, ha lanciato una emissione
obbligazionaria per 500 mln con scadenza nel 2017 ed uno spread di 60 bp
rispetto al mid swap.

L'operazione, si legge in una nota, e' stata seguita, in qualita' di
joint dealer managers, da Abn Amro, Natixis e Rbs ed ha registrato una
domanda superiore all'offerta di circa quattro volte. Le obbligazioni
saranno quotate alla Borsa del Lussemburgo.

Contemporaneamente Ciments Francais, il cui rating e' pari a Baa1/BBB,
ha lanciato un'offerta parziale di riacquisto, con termine il 29 marzo
prossimo, sull'emissione da 350 mln, tasso 5,875% e scadenza luglio 2009
fino a un totale massimo di 210 mln. L'offerta non viene effettuata in Usa
e in Italia ed il regolamento di entrambe le operazioni e' fissato per il
prossimo 4 aprile

 

[Imark]

A giudicare dall'andamento dei bond, il mercato temeva che le cose andassero molto peggio per Holcim. L'utile netto si riduce drasticamente (-80%), il fatturato è in riduzione (-18% con E e UK sotto del 33%), mentre tengono meglio America latina (-6%) ed Asia (-1%).

La forte presenza di Holcim su alcuni mercati asiatici, ed in specie su quello indiano, è riuscita a contenere i danni.

La società lamenta anche un inverno inclemente in alcuni paesi europei e in Nordamerica, ciò che pure avrebbe concorso ad una riduzione dell'attività edificatoria e con essa dei volumi di vendita.

Associated Press

Holcim reports 80 pct drop in 1Q net profit

Associated Press, 05.06.09, 04:46 AM EDT

Swiss cement maker Holcim AG reported Wednesday an 80 percent drop in first quarter net profit, as the global economic downturn and a harsh winter in Europe and North America hit the construction industry hard.

Holcim said profits attributable to shareholders were 74 million Swiss francs ($65.3 million), compared with 370 million francs in the same quarter last year.

Sales fell 18 percent to 4.52 billion francs from 5.51 billion francs.
In Europe, the collapse of the housing market in Britain and Spain dragged sales down by 33 percent to 1.51 billion francs.

North American sales dropped 20 percent to 517 million francs. In Latin America they declined 16 percent to 820 million francs, while in Africa and the Middle East they dropped by 6 percent 296 million francs.

By contrast, sales in Asia dipped only 1 percent to 1.52 billion francs.

"There are still markets where construction activity remains solid, which benefited Holcim thanks to its global network and the strong presence in Latin America and Asia," the company said.

Looking ahead, Holcim predicted that 2009 would be a difficult year and offered no guidance for how the company will fare.

"In Europe and North America, the next few months will show to what extent the decline in demand for building materials is attributable to the hard winter as opposed to the recessionary environment," it said.

Holcim said it would prioritize the group's financial stability, cutting back on excess capacity to offset falling sales.

Holcim shares were down 1.6 percent to 59.45 francs ($52.52) on the Zurich exchange.