Building Materials

Davy Industrials Conference – roadshow feedback notes

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


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
Heidelberg Materials 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 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.

Download full report with analyst certification and important disclosures

Sep 13 2021, 08:05 IST/BST