Download full report with analyst certification and important disclosures
Nov 22 2022, 07:00 GMT
Building Materials
Euroconstruct forecasts suggest dull near-term outlook for European construction
- Sectors : Building Materials
- Companies : Travis Perkins plc | Breedon Group | Forterra plc | Marshalls | Howden Joinery | Saint-Gobain Group | Ibstock plc | Grafton Group | Holcim | Tyman | Genuit Group | Volution | Heidelberg Materials | Kingspan Group | Buzzi Unicem | CRH
Ratings
Ratings and price correct at time of issue
| Company | Rating | Date | Previous Rating | Date | Closing Price |
|---|---|---|---|---|---|
| Breedon Group | OUTPERFORM | 22/11/19 | Neutral | 25/10/17 | 55.8p |
| Buzzi Unicem | OUTPERFORM | 04/04/16 | Neutral | 05/08/15 | 1735c |
| CRH | OUTPERFORM | 23/05/12 | Neutral | 12/01/12 | 3935c |
| Forterra plc | NEUTRAL | 19/08/16 | N/A | N/A | 220p |
| Genuit Group | NEUTRAL | 05/11/21 | N/A | N/A | 312p |
| Grafton Group | OUTPERFORM | 07/10/20 | Neutral | 21/05/20 | 788p |
| Heidelberg Materials | NEUTRAL | 04/02/20 | Outperform | 16/06/17 | 5152c |
| Holcim | NEUTRAL | 14/01/22 | Outperform | 20/04/20 | 4826chf |
| Howden Joinery | OUTPERFORM | 31/03/22 | Neutral | 26/09/19 | 595p |
| Ibstock plc | NEUTRAL | 04/08/17 | Outperform | 19/08/16 | 163p |
| Kingspan Group | OUTPERFORM | 12/05/11 | Neutral | 30/06/09 | 5682c |
| Marshalls | NEUTRAL | 10/11/21 | N/A | N/A | 290p |
| Saint-Gobain Group | OUTPERFORM | 29/01/21 | Neutral | 02/11/20 | 4416c |
| Travis Perkins plc | NEUTRAL | 28/05/20 | Underperform | 01/07/16 | 952p |
| Tyman | OUTPERFORM | 24/03/21 | N/A | N/A | 215p |
| Volution | OUTPERFORM | 31/03/21 | N/A | N/A | 350p |
DAVY VIEW
The latest Euroconstruct forecasts for European construction activity are consistent with recent industry indicator trends and corporate commentary. They signal a modest upgrade to estimates for this year but a more significant downward adjustment to forecasts for 2023. While subject to revision, the latest Euroconstruct forecasts point to a very sluggish European construction sector over the next two years.
