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LFRGY.PK

ISIN: US5058614018
SEDOL: 2784670

Rating:

BUY

Target Price:

14.50 USD

Investment Horizon:

6 to 12 months
27th Jan 2009 View Report   Download

Company News Alert

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Lafarge S.A.’s (Lafarge) common stock price has declined significantly since our 3Q 08 update report, dated 30 December 2008, reflecting ongoing weakness in global equity markets and investor concerns over the downturn in the construction industry. Furthermore, we believe the decline in the common stock price is also attributed to concerns over the company’s ability to meets its high debt…

30th Dec 2008 View Report   Download

3Q 08 Update Report

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Despite the deterioration in construction activity from mature markets, Lafarge S.A. (Lafarge) reported y-o-y growth in 3Q 08 revenues, in line with our estimate, reflecting increased demand for cement from emerging markets and the consolidation of Orascom Construction Industries Cement Group (Orascom). However, margins fell short of our expectation. Going forward, we expect revenues to be supported by increasing penetration…

10th Dec 2008 View Report   Download

Company News Alert

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Lafarge S.A.’s (Lafarge) common stock price has appreciated significantly since our company news alert, dated 20 November 2008, reflecting positive investor reaction to the French infrastructure stimulus package and anticipated similar packages from the US and European Union. While we expect Lafarge to benefit from the impact of increased structural spending on the cement industry, we hold a mixed outlook over the medium term…

20th Nov 2008 View Report   Download

Company News Alert

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Lafarge S.A.’s (Lafarge) common stock price has depreciated significantly since our previous company news alert for 3Q 08 results, dated 07 November 2008, reflecting ongoing weakness in global equity markets and the bleak business outlook announced by the company in light of the current housing market and credit conditions, which has forced it to review its expansion plans, extend its asset-sale program and withdraw its earnings…

7th Nov 2008 View Report   Download

3Q 08 News Alert

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Lafarge S.A. (Lafarge) reported y-o-y growth in 3Q 08 revenues, reflecting increased demand for cement from emerging markets coupled with the consolidation of Orascom Construction Industries Cement Group’s (Orascom) results. However, Lafarge failed to experience improvement in adjusted operating margin1, which was below our expectation. Going forward, given that we expect global construction activity to decline over the medium…