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Jun 10 2025, 07:13 IST/BST
Building Materials
Outlook for European construction market slowly improving
- Sectors : Building Materials
- Companies : Breedon Group | Forterra plc | Marshalls | Howden Joinery | Saint-Gobain Group | Ibstock plc | Grafton Group | Holcim | Genuit Group | Volution | Heidelberg Materials | Stelrad Group plc | Kingspan Group | Buzzi Unicem | Travis Perkins plc
Ratings
Ratings and price correct at time of issue
| Company | Rating | Date | Previous Rating | Date | Closing Price |
|---|---|---|---|---|---|
| Buzzi Unicem | OUTPERFORM | 04/04/16 | Neutral | 05/08/15 | 4680c |
| Howden Joinery | OUTPERFORM | 31/03/22 | Neutral | 26/09/19 | 860p |
| Holcim | NEUTRAL | 14/01/22 | Outperform | 20/04/20 | 9464chf |
| Grafton Group | OUTPERFORM | 07/10/20 | Neutral | 21/05/20 | 1012p |
| Heidelberg Materials | UNDERPERFORM | 30/05/24 | Neutral | 04/02/20 | 18045c |
| Kingspan Group | OUTPERFORM | 12/05/11 | Neutral | 30/06/09 | 7575c |
| Saint-Gobain Group | OUTPERFORM | 29/01/21 | Neutral | 02/11/20 | 9920c |
| Genuit Group | NEUTRAL | 05/11/21 | N/A | N/A | 396p |
| Travis Perkins plc | NEUTRAL | 28/05/20 | Underperform | 01/07/16 | 618p |
| Ibstock plc | OUTPERFORM | 02/07/24 | Neutral | 04/08/17 | 191p |
| Forterra plc | NEUTRAL | 19/08/16 | N/A | N/A | 196p |
| Breedon Group | NEUTRAL | 05/06/25 | Outperform | 22/11/19 | 451p |
| Marshalls | NEUTRAL | 10/11/21 | N/A | N/A | 272p |
| Volution | NEUTRAL | 23/10/24 | Outperform | 31/03/21 | 610p |
| Stelrad Group plc | OUTPERFORM | 11/05/23 | N/A | N/A | 146p |
DAVY VIEW
Construction volumes in Europe fell by more than 3% over the course of 2023 and 2024 but only a modest (0.3%) recovery is expected this year, according to the latest set of Euroconstruct estimates. This is broadly consistent with earlier expectations and tallies with recent corporate commentary. It is no surprise that the immediate outlook for European construction activity remains subdued, although the outlook for 2026 and 2027 is more promising with growth of 2% and 2.3% respectively envisaged.
