Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Transaction: Holcim completed the spin-off of its North American business, Amrize, on June 23, 2025; shares listed on SIX and NYSE under ticker AMRZ.</li>
<li>Rationale: Enables Holcim to focus on global sustainable construction, while Amrize targets high-growth U.S. infrastructure and housing markets.</li>
<li>At a $30B EV, Amrize would list near $54.43/share, implying Holcim should trade at CHF 68.20 post-spin.</li>
</ul>


Transaction: Holcim completed the spin-off of its North American business, Amrize, on June 23, 2025; shares listed on SIX and NYSE under ticker AMRZ.
Rationale: Enables Holcim to focus on global sustainable construction, while Amrize targets high-growth U.S. infrastructure and housing markets.
At a $30B EV, Amrize would list near $54.43/share, implying Holcim should trade at CHF 68.20 post-spin.


Holcim (HOLN.SW) / Amrize (AMRZ): North America Spin-Off Unlocks Strategic and Valuation Upside

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Richard Howe

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<ul><li>Holcim will spin off its construction materials and solutions business into a standalone company, to be named Amrize on Friday, June 20th.</li><li>The first day of trading will be Monday, June 23, 2025.</li><li>Holcim plans to spin off Amrize, distributing one Amrize share for each Holcim share held.</li></ul>

Holcim will spin off its construction materials and solutions business into a standalone company, to be named Amrize on Friday, June 20th.The first day of trading will be Monday, June 23, 2025.Holcim plans to spin off Amrize, distributing one Amrize share for each Holcim share held.

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Pranav Rao

Director, Head of Research

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VanEck Gold Miners ETF/USA / Index Rebalance

<ul>
<li>Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ insights published over the past two weeks on Smartkarma</li>
<li>In this cut, we spotlight building materials corporate actions, gold miners’ benchmark shifts, and semaglutide’s prospects in India and Japan</li>
<li>Want to dig deeper? Comment or message on the themes you think should be highlighted next</li>
</ul>


Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ insights published over the past two weeks on Smartkarma
In this cut, we spotlight building materials corporate actions, gold miners’ benchmark shifts, and semaglutide’s prospects in India and Japan
Want to dig deeper? Comment or message on the themes you think should be highlighted next


Curator's Cut: Building Materials Moves, Benchmarking Gold Miners & Semaglutide in India and Japan

<ul>
<li>
<a href="https://www.smartkarma.com/entities/holcim-ltd-7f60ceaa-51af-4f85-ac5f-114595eb04f3" target="_blank" data-smartkarma-citation="entities:27916" rel="noopener">Holcim (HOLN SW)</a> spun off its construction materials and solutions business into a standalone company on Friday, June 20th.</li>
<li>The new company is called <a href="https://www.smartkarma.com/entities/amrize-ltd" target="_blank" data-smartkarma-citation="entities:45209" rel="noopener">Amrize (AMRZ US)</a>. </li>
<li>The first day of trading will be Monday, June 23, 2025.</li>
</ul>



Holcim (HOLN SW) spun off its construction materials and solutions business into a standalone company on Friday, June 20th.
The new company is called Amrize (AMRZ US). 
The first day of trading will be Monday, June 23, 2025.


<ul><li>Warner Bros. Discovery (WBD) announced on June 9, 2025, its plan to split into two independent, publicly traded companies by mid-2026.</li><li>Global Networks will be the entity that is spun-off. It will consist of legacy cable TV and digital networks, such as: CNN, TBS, TNT (including TNT Sports)...</li><li>CFO Gunnar Wiedenfels will become CEO of this spun‑off entity.<figure class="editor-figure mceNonEditable"></figure></li></ul>

Warner Bros. Discovery (WBD) announced on June 9, 2025, its plan to split into two independent, publicly traded companies by mid-2026.Global Networks will be the entity that is spun-off. It will consist of legacy cable TV and digital networks, such as: CNN, TBS, TNT (including TNT Sports)...CFO Gunnar Wiedenfels will become CEO of this spun‑off entity.

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Amrize (AMRZ US)

Holcim (HOLN.SW) / Amrize (AMRZ): North America Spin-Off Unlocks Strategic and Valuation Upside

Holcim completes spin-off of North American business Amrize to focus on global sustainable construction, while Amrize targets U.S. infrastructure...

Rahul Jain

Holcim Spin-off (Amrize) Deep Dive

Holcim will spin off its construction materials and solutions business into a standalone company, to be named Amrize on Friday, June 20th.

Richard Howe

Curator's Cut: Building Materials Moves, Benchmarking Gold Miners & Semaglutide in India and Japan

This Curator's Cut profiles moves in building materials companies, gold miners' changing benchmark and semaglutide's prospects in India and Japan...

Pranav Rao

Weekly Update (AMRZ, LION, FTV)

The AMRZ spin-off aims to capitalize on the higher valuation multiples of US building supply companies compared to their European counterparts.

Richard Howe

Weekly Update (WBD, STRZ, MODG)

Warner Bros. Discovery (WBD) announced on June 9, 2025, its plan to split into two independent, publicly traded companies by mid-2026.

Richard Howe

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Holcim (HOLN.SW) / Amrize (AMRZ): North America Spin-Off Unlocks Strategic and Valuation Upside

​Holcim completes spin-off of North American business Amrize to focus on global sustainable construction, while Amrize targets U.S. infrastructure...

Rahul Jain

Holcim Spin-off (Amrize) Deep Dive

Holcim will spin off its construction materials and solutions business into a standalone company, to be named Amrize on Friday, June 20th.

Richard Howe

Curator's Cut: Building Materials Moves, Benchmarking Gold Miners & Semaglutide in India and Japan

​This Curator's Cut profiles moves in building materials companies, gold miners' changing benchmark and semaglutide's prospects in India and Japan...

Pranav Rao

Weekly Update (AMRZ, LION, FTV)

The AMRZ spin-off aims to capitalize on the higher valuation multiples of US building supply companies compared to their European counterparts.

Richard Howe

Weekly Update (WBD, STRZ, MODG)

Warner Bros. Discovery (WBD) announced on June 9, 2025, its plan to split into two independent, publicly traded companies by mid-2026.

Richard Howe

Holcim completes spin-off of North American business Amrize to focus on global sustainable construction, while Amrize targets U.S. infrastructure...

This Curator's Cut profiles moves in building materials companies, gold miners' changing benchmark and semaglutide's prospects in India and Japan...