Oct 17 2019
Industrials
Recent Research
LafargeHolcim, Media report BASF deal is dead
Oct 10 2019
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Grafton Group
Weaker sentiment hits recent trading
Weaker consumer sentiment in September and October has hit trading at Grafton’s businesses in the UK and Ireland. In the UK, activity has slowed as political events have ramped up,...
Grafton Group
Selco still underappreciated; a closer look highlights upside to overall equity value
Selco is no longer hiding in plain sight, yet its worth to Grafton arguably remains underappreciated. Our analysis suggests that Selco is easily worth £500m and delivery on its potential...
Barratt Developments plc
Good start to FY 2020; reiterates FY volume guidance
Sales rates at Barratt Developments have been solid since the beginning of the financial year. Growth in active sites should give comfort around full year volume guidance and the...
Bellway plc
FY 2019 numbers in line; caution around FY 2020
Bellway’s FY 2019 results this morning are slightly ahead of expectations. However, there is caution around the outlook, driven by Brexit and, despite a good start to the year, some...
Mondi
Reducing 2020 forecasts by 7% to reflect weaker pricing environment
Mondi’s Q3 trading update highlighted greater-than-expected price weakness across a number of grades, notably graphic paper and sack kraft. More positively, containerboard pricing has...
Home construction
Help-to-Buy extended by two years; Glenveagh secures East Road planning
The extension of the Help-to-Buy scheme for a further two years in its current form is a significant positive for both Glenveagh Properties and Carin Homes, particularly on the back...
European building materials
Q3 trading mixed – stick with CRH and Buzzi Unicem
Ahead of Q3 sector updates, we have cut estimates for HeidelbergCement (HEI) and LafargeHolcim (LHN). Both face stiffer foreign exchange headwinds and more mixed markets – not just...
Irish economy
Brexit extension should benefit Irish government bonds and equities
The strong performance of Ireland’s economy and Irish asset prices (banks, homebuilders, government bonds) have diverged in 2019, reflecting Brexit fears. This provides an opportunity...
Ferguson
Full year results ahead, aided by tight cost control
Ferguson’s results were slightly ahead of our estimates as management’s execution on cost delivered a strong margin performance. Trading remains subdued with organic sales up just...
Cairn Homes
Slower ex-Dublin asking prices lower our forecasts
The Davy/MyHome report published this morning reveals a significant slowdown in asking price inflation in Q3 outside Dublin. These data have led us to lower our house price inflation (HPI)...
