DAVY VIEW

Martin Marietta (MLM) yesterday (February 11th) guided to double-digit EBITDA growth in 2020, backed by strength in public infrastructure spending. That funding picture could be significantly better again based on the US president’s budget proposal. That set out a ten-year, $810bn programme with $190bn in additional infrastructure investments. The US remains CRH’s largest end-market, leaving the group ideally placed to benefit. CRH’s second- largest end-market is the UK, where the infrastructure outlook likewise improved with the approval of HS2 and additional projects aimed at improving the country’s transport network.