Q3 results on October 27th will see LafargeHolcim’s new CEO provide his first impressions of the business. Expectations are high that Jan Jenisch can reinvigorate the group, and his comments will be closely watched. Given all the cost and cash efforts that have gone before, it will take something very different to catch the imagination. It could be 2018, however, before any real detail emerges. In the meantime, mixed trading has been well flagged and the risk to earnings remains to the downside. With strategic expectations high but earnings expectations low, we see little reason to change our ‘Underperform’ rating.
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