We have updated our earnings forecasts for LafargeHolcim (LHN) following the Q3 results last week. We cut our FY17 and FY18 EBITDA forecasts by 3.6% and 4% respectively. The initial update from the new CEO was understandably brief and made sense, with more detail to come with a strategic update in March. His first act was encouraging in itself, cutting the group’s unrealistic profit targets. With expectations now reset, he can focus on his growth agenda – devolving responsibility at country level and simplifying the group structure. For now, we maintain our ‘Underperform’ rating given continued pressure in key end-markets and little by way of valuation support.