Deutsche Bank picks Heidelberg, Holcim on stable fundamentals

Compagnie de Saint Gobain SA

08/12/2025 09:57

** Deutsche Bank picks Heidelberg Materials HEIG.DE, Holcim HOLN.S as "top picks" in building materials sector

** Cites resilient fundamentals across 11 key countries, notes Ukraine ceasefire would boost sentiment further

** Decarbonisation remains a structural tailwind, with cement producer margins continuing to expand

** HEIG doubled since November 2024 on German stimulus; DB hikes PT to 267 euros ($311.06) from 229 euros

** HOLN maintained at "buy", PT up to 91 CHF  ($113.20) from 75 CHF

** Upgrades Italy's Buzzi BZU.MI to "buy" on attractive valuation, German recovery benefits; PT rises to 58 euros from 48 euros

** Downgrades Sika SIKA.S to "hold" on growth guidance cut, China exposure; slashes PT to 168 CHF from 237 CHF

** DB more confident on Germany infrastructure plan than France amid political uncertainty

($1 = 0.8584 euros)

($1 = 0.8039 Swiss francs)

 (Reporting by Romolo Tosiani)

 ((Romolo.Tosiani@tr.com))