Building Materials

Davy Industrials Conference – roadshow feedback notes

  • Sectors : Building Materials
  • Companies : Holcim | Tyman | CRH | HeidelbergCement AG | Kingspan Group | Saint-Gobain Group

Ratings

Ratings and price correct at time of issue

Company Rating Date Previous Rating Date Closing Price
CRH OUTPERFORM 23/05/12 Neutral 12/01/12 5088c
HeidelbergCement AG NEUTRAL 04/02/20 Outperform 16/06/17 6870c
Holcim OUTPERFORM 20/04/20 Neutral 09/01/19 4776chf
Kingspan Group OUTPERFORM 12/05/11 Neutral 30/06/09 9600c
Saint-Gobain Group OUTPERFORM 29/01/21 Neutral 02/11/20 6117c
Tyman OUTPERFORM 24/03/21 N/A N/A 441p

DAVY VIEW

Davy hosted its 13th Annual Industrials Conference last week, featuring many of the key names in the European buildings materials sector. These included CRH, Holcim, Kingspan, HeidelbergCement, Saint-Gobain and Tyman. The key take-outs were: (1) demand trends remain strong with backlogs in good shape, although poor weather has been unhelpful in the US; (2) cost inflation and supply chain disruption remain a challenge, albeit manageable for the moment; (3) pricing remains robust, with second and third increases pushed through in many markets and companies laying the groundwork for further increases in 2022; (4) deal risk appetite is improving and with balance sheets in good order, companies plan to grow but not at any price; (5) sustainability remains key, with management keen to reinforce commitments to achieving ambitious carbon reduction targets.

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Sep 13 2021, 08:05 IST/BST

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