Amrize: Envelope remains the laggard

研报英文原文证据摘录

Amrize: Envelope remains the laggard

Deutsche Bank

Research

Rating Company Date

Buy Amrize 25 June 2026

Company Update

North America

United States

Reuters Bloomberg Exchange Ticker Price at 24 Jun 2026 (USD) 54.53

AMRZ.N AMRZ US NYS AMRZ

Price Target (USD) 67.00

Industrials

52-week range (USD) 65.86 - 46.65

US Building Products

Envelope remains the laggard

Valuation & Risks

Jon Bell

Amrize will publish its Q2 26 results in the week commencing 3 August (date TBC).

Research Analyst

+44-20-754-58575

Materials to remain strong; Envelope weak

Isabella Baxter

We forecast revenues and adjusted EBITDA of USD 3.4bn and USD 1.0bn, Research Analyst

respectively. This is struck on our assumption of organic growth of c3% (broadly in +44-20-754-11737

line with that in Q1), largely reflecting price gains. On a divisional level:

Dheeraj Singh

Research Associate

n Building Materials - revenues of USD 2.4bn; adj EBITDA of USD 822m. We

assume organic growth of c5% (including a contribution from cement price

rises in April). We believe the company continues to be active in the Data

Centre market.

n Building Envelope - revenues of USD 958m; adj EBITDA of USD 235m. We

assume an organic sales decline of c2%, driven by lower volumes. We

believe conditions in roofing remain more challenging, with price/cost

dynamics likely to remain negative (driven by rising MDI costs, among other

factors).

n We forecast corporate costs of USD 50m and net interest of USD 85m.

Our FY 26 estimates

We forecast revenue and adjusted EBITDA of USD 12.44bn and USD 3.28bn,

respectively. Our EBITDA forecast is towards the low end of the guidance range

(USD 3.25-3.43bn), close to market consensus.

Valuation

On our 2027 estimates, the shares trade on EV/EBITDA of 9.0x (PE ratio c17x) and

yield c1%.