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Nov 26 2025, 12:30 GMT
Building Materials
Outlook for European construction continues to gradually improve
- 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 | SigmaRoc plc | Travis Perkins plc
Ratings
Ratings and price correct at time of issue
| Company | Rating | Date | Previous Rating | Date | Closing Price |
|---|---|---|---|---|---|
| Breedon Group | NEUTRAL | 05/06/25 | Outperform | 22/11/19 | 338p |
| Buzzi Unicem | OUTPERFORM | 04/04/16 | Neutral | 05/08/15 | 5285c |
| Howden Joinery | OUTPERFORM | 31/03/22 | Neutral | 26/09/19 | 834p |
| Holcim | NEUTRAL | 14/01/22 | Outperform | 20/04/20 | 7458chf |
| Forterra plc | NEUTRAL | 19/08/16 | N/A | N/A | 184p |
| Genuit Group | NEUTRAL | 05/11/21 | N/A | N/A | 327p |
| Travis Perkins plc | NEUTRAL | 28/05/20 | Underperform | 01/07/16 | 616p |
| Grafton Group | OUTPERFORM | 07/10/20 | Neutral | 21/05/20 | 911p |
| Heidelberg Materials | UNDERPERFORM | 30/05/24 | Neutral | 04/02/20 | 22160c |
| SigmaRoc plc | OUTPERFORM | 18/09/24 | N/A | N/A | 117p |
| Ibstock plc | NEUTRAL | 30/06/25 | Outperform | 02/07/24 | 135p |
| Kingspan Group | OUTPERFORM | 12/05/11 | Neutral | 30/06/09 | 7105c |
| Marshalls | NEUTRAL | 10/11/21 | N/A | N/A | 181p |
| Saint-Gobain Group | OUTPERFORM | 29/01/21 | Neutral | 02/11/20 | 8500c |
| Stelrad Group plc | OUTPERFORM | 11/05/23 | N/A | N/A | 145p |
| Volution | NEUTRAL | 23/10/24 | Outperform | 31/03/21 | 618p |
DAVY VIEW
The outlook for the European construction sector looks to be marginally better than what was envisaged mid-year. The latest Euroconstruct forecasts confirm that activity has stabilised this year with growth expected to accelerate in 2026. This is clearly encouraging, although volumes will still only be back at 2022 levels by the end of next year. This highlights how subdued construction activity has been in recent times, making it challenging for the quoted sector to make much headway.
