Holcim Ltd, together with its subsidiaries, operates as a building materials and solutions company in the Asia Pacific, Europe, Latin America, the Middle East, Africa, and North America. It operates through four segments: Cement, Aggregates, Ready-mix Concrete, and Solutions & Products. The company offers cement, hydraulic binders, clinker, and other cementitious materials; aggregates, such as crushed stone, gravel, and sand; and ready-mix concrete, precast concrete products, asphalts, and mortars. In addition, it engages in the provision of contracting and other services; and retail activities, as well as waste management services. Its products are used in infrastructure projects, such as roads, mines, ports, dams, data centers, stadiums, wind farms, and electric power plants; building projects comprising individual housing, collective housing, office buildings, industrial and commercial buildings, and public buildings; and affordable housing. The company was formerly known as LafargeHolcim Ltd and changed its name to Holcim Ltd in May 2021. Holcim Ltd was founded in 1833 and is headquartered in Zug, Switzerland.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	29,189	27,009	26,407	15,955.6	16,256.7	17,123.4	17,123.4	17,123.4
Revenue % Chg.	8.8%	-7.5%	-2.2%
EBIT	3,502	4,257	4,338	2,898.5	3,075.8	3,393.6	3,393.6	3,393.6
EBIT Margin	12%	15.8%	16.4%
Tax Rate	22.5%	23.9%	24.4%
NOPAT	2,712.4	3,238.1	3,279.9	2,207.3	2,336.8	2,577.9	2,577.9	2,577.9
NOPAT Margin	9.3%	12%	12.4%	13.8%	14.4%	15.1%	15.1%	15.1%
D&A	2,194	1,977	2,017	1,132.1	1,130.8	1,160.5	1,160.5	1,160.5
D&A / Revenue	7.5%	7.3%	7.6%
Capex	-1,549	-1,505	-1,650	-989.4	-1,092.7	-1,137.5	-1,137.5	-1,137.5
Capex / Revenue	-5.3%	-5.6%	-6.2%
Chg. NWC	-325	152	218	14.6	14.9	15.7	15.7	15.7
Chg. NWC / Revenue	-1.1%	0.6%	0.8%
Unlevered FCF (UFCF)	3,032.4	3,862.1	3,864.9	2,364.7	2,389.8	2,616.6	2,616.6	2,616.6
UFCF % Chg.	-8.5%	27.4%	0.1%	-38.8%	1.1%	9.5%	—	—
PV of UFCF	—	—	—	2,210.6	2,088.4	2,137.6	1,998.3	1,868.1
Sum of PV of UFCF	—	—	—	2,210.6	4,299	6,436.6	8,434.9	10,303

Cost of Debt
Tax Rate
After Tax Cost of Debt	3%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.7%
Total Debt	13,856
Market Cap	32,748.4
Total Capital	46,604.4
Debt Weighting	29.7%
Equity Weighting	70.3%
WACC	7%

Exit Multiple EV/FCF
Terminal Value	37,748.7
PV of Terminal Value	25,193.4
Cumulative PV of UFCF	10,303
Net Debt	5,579
Equity Value	29,917.3
Shares Outstanding	538.8
Implied Share Price	55.5
Current Share Price	74.2
Implied Upside / (Downside)	-25.2%

Holcim AG