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    Cedar Ekblom

    Research Analyst at Morgan Stanley

    Cedar Ekblom is an Equity Research Analyst at Morgan Stanley, specializing in coverage of the European building and construction sector with a particular focus on companies such as CRH PLC and AP Moller Maersk. Ekblom has maintained an Overweight rating on CRH, consistently updating price targets and offering in-depth industry insights, achieving a recent success rate of 50% and an average return of 12.07%, ranking #2,548 out of 4,778 analysts. Cedar began their professional analyst career at Morgan Stanley and actively contributes to the firm’s sustainability and decarbonization research initiatives within real estate and building materials. Ekblom is registered with FINRA and holds the necessary securities licenses for research and analysis in public equities.

    Cedar Ekblom's questions to Amrize (AMRZ) leadership

    Cedar Ekblom's questions to Amrize (AMRZ) leadership • Q2 2025

    Question

    Cedar Ekblom from Morgan Stanley inquired about the M&A capital allocation between Europe and LatAm, given the higher number of deals in Europe. She also asked about the strategy and potential for larger, transformational M&A deals.

    Answer

    CEO Miljan Gutovic explained that M&A decisions are based on strict strategic and financial discipline, not geography, and that the pipeline is equally healthy in all regions. He noted the bolt-on focus in LatAm is more recent but gaining momentum. For larger deals, he confirmed Holcim is constantly screening for attractive regional champions in areas like walling, flooring, and roofing that would fit the NextGen Growth strategy.

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    Cedar Ekblom's questions to HOLN leadership

    Cedar Ekblom's questions to HOLN leadership • Q2 2025

    Question

    Cedar Ekblom from Morgan Stanley inquired about the M&A capital allocation between Europe and LatAm and the potential for larger deals given the current market landscape.

    Answer

    CEO Miljan Gutovic emphasized a disciplined M&A approach based on strategic and financial fit, not geography, noting a healthy pipeline in all regions. He confirmed they are actively screening for larger, value-accretive deals with regional champions that fit their NextGen Growth strategy.

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    Cedar Ekblom's questions to HOLN leadership • H1 2025

    Question

    Cedar Ekblom from Morgan Stanley asked about the M&A focus, noting more deals in Europe than LatAm, and inquired about the potential for larger M&A deals given the current portfolio structure.

    Answer

    CEO Miljan Gutovic emphasized a disciplined M&A approach based on strategic fit and financial sense, not geography. He explained that the bolt-on focus in LatAm is more recent but has a healthy pipeline. For larger deals, he confirmed Holcim is constantly screening for regional champions in solutions like roofing and flooring that would fit its NextGen Growth strategy.

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    Cedar Ekblom's questions to AMKBY leadership

    Cedar Ekblom's questions to AMKBY leadership • Q3 2024

    Question

    Asked for more detail on Maersk's M&A strategy, inquiring about the characteristics of an ideal acquisition target in terms of geography, business segment (e.g., warehousing vs. road), and strategic value.

    Answer

    The CEO outlined three lenses for evaluating M&A targets: 1) Regionally, strengthening their European presence is a priority. 2) Vertically, they aim to expand into industrial verticals beyond their current focus on consumer-facing sectors. 3) Capabilities, they may acquire specific product lines or skills they currently lack, similar to past e-commerce acquisitions.

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    Cedar Ekblom's questions to COMPAGNIE DE SAINT GOBAIN (CODYY) leadership

    Cedar Ekblom's questions to COMPAGNIE DE SAINT GOBAIN (CODYY) leadership • Q3 2021

    Question

    Cedar Ekblom of Morgan Stanley requested clarification on the Q3 negative calendar effect for Southern Europe. She also asked for a quantification of the potential cost inflation in 2022 if current spot prices were to hold, to better model the required pricing actions to defend margins.

    Answer

    CFO Sreedhar N. confirmed the negative working day impact for Southern Europe in Q3 was between 1.5% and 2%. Regarding 2022 inflation, he declined to give a spot-based forecast but emphasized that the company is operating as if current inflation will persist and remains confident in its proven ability to pass on costs. COO, CEO & Director Benoit Bazin added that achieving a double-digit margin is a key focus for all managers.

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