Construction and Housebuilding

Key stock picks and sector themes for 2018

Ratings

Ratings and price correct at time of issue

Company Rating Date Previous Rating Date Closing Price
Abbey OUTPERFORM 30/06/09 N/A N/A 1460c
Barratt Developments plc NEUTRAL 24/03/14 Outperform 10/09/13 65780p
Berkeley Group UNDERPERFORM 10/09/13 Under Review 21/05/13 422500p
Bovis Homes plc OUTPERFORM 10/09/13 Under Review 21/05/13 119000p
Buzzi Unicem OUTPERFORM 04/04/16 Neutral 05/08/15 2386c
CRH OUTPERFORM 23/05/12 Neutral 12/01/12 3107c
Geberit NEUTRAL 08/05/14 Underperform 09/11/12 43670
Grafton Group OUTPERFORM 15/12/15 Neutral 07/09/15 80500p
HeidelbergCement AG OUTPERFORM 16/06/17 Neutral 05/02/14 9250c
Kingspan Group OUTPERFORM 12/05/11 Neutral 30/06/09 3888c
LafargeHolcim UNDERPERFORM 17/11/15 Neutral 29/07/15 5800
Persimmon plc UNDERPERFORM 10/09/13 Under Review 21/05/13 277800p
Redrow plc NEUTRAL 10/09/13 Under Review 21/05/13 66450p
Saint-Gobain Group OUTPERFORM 07/09/15 Neutral 03/09/14 4777c
SIG plc NEUTRAL 01/07/16 Outperform 15/12/15 17450p
Taylor Wimpey plc OUTPERFORM 10/09/13 Under Review 21/05/13 21120p
Travis Perkins plc UNDERPERFORM 01/07/16 Neutral 20/10/14 158750p
Wienerberger NEUTRAL 09/01/17 Outperform 17/02/16 2082c
Howden Joinery OUTPERFORM 29/01/15 N/A N/A 46710p
Kingfisher OUTPERFORM 02/10/17 Neutral 01/07/16 33960p
Cairn Homes OUTPERFORM 26/08/15 N/A N/A 192c
Ibstock plc NEUTRAL 04/08/17 Outperform 19/08/16 26500p
Forterra plc NEUTRAL 19/08/16 N/A N/A 29550p
Breedon Group NEUTRAL 25/10/17 Outperform 06/03/17 8580p
Glenveagh Properties OUTPERFORM 10/11/17 N/A N/A 119c
Ferguson NEUTRAL 10/11/17 N/A N/A 7365p

DAVY VIEW

This report examines the themes we expect to dominate the European building materials and construction sector in 2018. Our stock-picking criteria remain focused on quality (cash generation, proven management, earnings momentum) and company-specific opportunities (strategic initiatives, structural growth). Our key picks include Kingspan, CRH, Kingfisher and Glenveagh Properties.

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Jan 9 2018, 06:30 GMT

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