Download full report with analyst certification and important disclosures
Dec 11 2019, 14:45 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 | 2192c |
CRH | OUTPERFORM | 23/05/12 | Neutral | 12/01/12 | 3483c |
Heidelberg Materials | OUTPERFORM | 16/06/17 | Neutral | 05/02/14 | 6680c |
Holcim | NEUTRAL | 09/01/19 | Underperform | 17/11/15 | 5182chf |
Highway contract awards softened again in October in sharp contrast to outlook comments from the US aggregates sector. That disconnect has been difficult to explain. The American Road and Transportation Builders Association (ARTBA) series tends to be lumpy, reflecting the size and timing of large contract awards. In many cases, these projects are awarded in a single month while the actual work takes place over several months or even years. In an effort to reflect that impact, we have adjusted the series to assume outsized projects take 12-36 months to complete. This paints a very different picture and tallies with expectations of mid-single-digit growth in 2020.
Dec 11 2019, 14:45 GMT