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HeidelbergCement

With an annual production capacity of 195 mt, and partial vertical integration, HEI is the second largest cement producer behind LafargeHolcim (353 mt). The addition of the 71 m tons of ITIM cement capacity pushed the enlarged HEI group into a much stronger second position, pulling further ahead of Cemex (93 mt) and CRH (56 mt adjusted for the purchase of Ash Grove Cement). The deal also re-established HEI's "post-Hanson" position as the world's leading aggregates supplier, with a combined 305 m tons of aggregates sales compared to 293 m tons for CRH, and 279 m tons for LafargeHolcim. In RMC sales terms Heidelberg is the third largest player (47 mm3), behind Cemex (52) and LafargeHolcim (51). HEI is well diversified by geography, with 28% of 2017 sales coming from Western/Southern Europe, 26% from North America, 19% from Asia Pacific, 17% from Northern & Eastern Europe - Central Asia and 10% from Africa/Med Basin. In earnings terms, the US generated 35% of FY17 EBITDA, followed by APAC (20%), Western/Southern Europe (18%), Northern & Eastern Europe - Central Asia (16%) and Africa/Med Basin (11%). (16 Apr 2018)

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CRH: A Defensive Pick in Turbulent Times

Earnings Note: 21 Nov 2018, 9:22 PM ET - CRH reported solid 9M18 trading and is predicting leverage to return to its low two times corridor by year end (after the spate of 2018 acquisitions).

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.
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HeidelbergCement – 2018 Guidance Downgrade

IG Note: 18 Oct 2018, 11:29 PM ET - HeidelbergCement today surprised the market by lowering its FY18 EBITDA guidance and in turn forecasting an increase in leverage compared to previous guidance of an improvement.

HY Construction: Update on ASTIM, CMCRAV, IPGIM

Sector Analysis: 11 Oct 2018, 10:30 PM ET - In a sector that has been beset with volatility and turmoil in the last five weeks, we are publishing this note to again update investors on our thinking on the Italian High Yield Construction space.

Euro HY Construction: Carnage Gives Way to Chaos

Sector Analysis: 19 Sep 2018, 11:52 PM ET - After a week of chaos, we publish this piece to briefly update investors of our thought process on the single B / triple C European High Yield Construction names. 

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 
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HeidelbergCement: Where Next, After CMD?

Company Spotlight: 21 Jun 2018, 9:25 PM ET - In this article we update our credit and Relative Value opinions on HeidelbergCement in the wake of the group's recent Capital Markets Day.

Euro HY Conference 2018: European Construction

Transcript: 20 Jun 2018, 10:48 PM ET - In this article, we transcribe our presentation from CreditSights' European High Yield Conference on the Rise & Fall of European HY Construction. 

Italy Assessing the Risks: Part 2 - Non-Financials

Sector Analysis: 31 May 2018, 10:24 PM ET - In the second part of our series on the impact of Italian political uncertainty on the country's investment grade and high yield credits we take a look at non-financial corporates.

Saint Gobain: Finally, a resolution on Sika

Worth Watching: 11 May 2018, 11:44 AM ET - Saint Gobain (BBB/Baa2/BBB) issued a press release this morning to inform the markets that an agreement has been reached to end the long-lasting Sika takeover saga (Saint Gobain Spotlight: M&A Watch & Funding Update). The company also held a C ..
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HeidelbergCement: Weak 1Q18, stay M/P for now

Earnings Note: 10 May 2018, 10:19 PM ET - Despite a weak 1Q18, we hold our neutral stance on Heidelbergcement for now. 

Basic Industries: 1Q18 In Review and a Look Ahead

Sector Analysis: 17 Apr 2018, 4:12 AM ET - We review the performance of the Basic Industries sector  YTD, comparing themes in our outlook with actual developments. We also talk about unexpected developments, and what we think will shape the balance of the year. 
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HeidelbergCement: New 10 Year Bond

IG Note: 16 Apr 2018, 5:40 AM ET - HeidelbergCement is in the market with a benchmark size ten year euro-denominated bond.
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HeidelbergCement: Full FY17 Numbers Released

Earnings Note: 25 Mar 2018, 10:15 PM ET - We are retaining our Market perform Recommendation, after these detailed FY17 financials. 

CRH vs SGO – 2017 Peer Comp and RelVal Assessment

Company Analysis: 06 Mar 2018, 10:06 PM ET - In the wake of our detailed analysis of 2017 financials and 2018 outlook, we are rolling our Outperform Recommendation on CRH and Underperform on Saint Gobain.

February 2018 Europe Company Recommendation Change

Euro Recommendation Changes: 28 Feb 2018, 11:31 PM ET - Our monthly report provides executive summaries for the twenty-one companies recommendation changes made on European companies during the month of February.
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HeidelbergCement: FY17 Trading Statement

Earnings Note: 20 Feb 2018, 5:53 PM ET - HeidelbergCement's FY17 trading performance was robust, with solid volume growth, pricing traction, and low to mid-single digit advances in revenues and EBITDA.

2018 Outlook: European IG Building Materials

Sector Outlook: 05 Feb 2018, 10:22 PM ET - In this piece, the third of our Global Building Materials & Construction series, we review our outlook for the European Construction Aggregates sub-sector of the BAML High Grade Index. 

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 

US Constructn Outlook: Kingdom for an (Infra) Bill

Sector Outlook: 23 Jan 2018, 9:56 PM ET - In the second of our Global Building Materials and Construction Outlook series, we examine the prospects for the US Construction Market in 2018 after a year that promised much but delivered somewhat less.

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