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Jan 9 2019, 06:30 GMT
Ratings and price correct at time of issue
Company | Rating | Date | Previous Rating | Date | Closing Price |
---|---|---|---|---|---|
Buzzi Unicem | OUTPERFORM | 04/04/16 | Neutral | 05/08/15 | c |
CRH | OUTPERFORM | 23/05/12 | Neutral | 12/01/12 | c |
Geberit | NEUTRAL | 08/05/14 | Underperform | 09/11/12 | chf |
Grafton Group | OUTPERFORM | 15/12/15 | Neutral | 07/09/15 | p |
Heidelberg Materials | OUTPERFORM | 16/06/17 | Neutral | 05/02/14 | c |
Kingspan Group | OUTPERFORM | 12/05/11 | Neutral | 30/06/09 | c |
Holcim | NEUTRAL | 09/01/19 | Underperform | 17/11/15 | chf |
Saint-Gobain Group | NEUTRAL | 09/01/19 | Outperform | 07/09/15 | c |
SIG plc | NEUTRAL | 01/07/16 | Outperform | 15/12/15 | p |
Travis Perkins plc | UNDERPERFORM | 01/07/16 | Neutral | 20/10/14 | p |
Wienerberger | OUTPERFORM | 09/05/18 | Neutral | 09/01/17 | c |
Howden Joinery | OUTPERFORM | 29/01/15 | N/A | N/A | p |
Kingfisher | NEUTRAL | 20/08/18 | Outperform | 02/10/17 | p |
Ibstock plc | NEUTRAL | 04/08/17 | Outperform | 19/08/16 | p |
Forterra plc | NEUTRAL | 19/08/16 | N/A | N/A | p |
Breedon Group | NEUTRAL | 25/10/17 | Outperform | 06/03/17 | p |
Ferguson | NEUTRAL | 10/11/17 | N/A | N/A | p |
2018 was a year to forget as the European building materials sector returned its weakest performance in seven years. Sentiment towards the sector has rarely been worse. We are more optimistic, however, given lower expectations and easing cost headwinds. Balance sheets are in good shape, prompting cash returns, while internal measures can deliver margin gains. We think the group can surprise positively in 2019 following a severe de-rating. Our top picks include CRH, Grafton and Kingspan. Further out the risk spectrum, HeidelbergCement and Wienerberger offer large upside should market sentiment improve.
Jan 9 2019, 06:30 GMT