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HLBZF - HeidelbergCement: Q3 Marred By Inflation But Dividend Thesis Intact
HeidelbergCement AG
In Q3, inflation percolated into the financials of HeidelbergCement. Both EBIT and EBITDA were below analysts' forecast, though revenues were surprisingly stronger.
Energy (likely because of the natural gas price rally) and freight costs were among the culprits.
The silver lining is that full-year guidance was confirmed, the ROIC forecast was upgraded.
HeidelbergCement is cheap. The dividend thesis is intact.