Jun 15 2026
Industrials
Recent Research
Grafton Group, Ambitious 2030 targets set
Jun 11 2026
Forterra plc, CFO to leave the group
Jun 11 2026
Breedon Group, Third acquisition in the US
Jun 9 2026
Meet your Industrials Research team
Saint-Gobain Group
Announces sale of Dahl for €1.52bn
We believe Saint-Gobain’s (SGO) decision to sell its Dahl specialist distribution business is consistent with the group’s strategy and continues a theme of active portfolio management....
Grafton Group
Worth travelling down the Grafton Way
Grafton’s Capital Markets Event provided good detail and insights into the group and the outlook for the business over the remainder of the decade. The depth of the management team...
Grafton Group
Ambitious 2030 targets set
Grafton’s Capital Markets Event (CME) will make the case for a business that is financially robust, highly cash generative, operationally diversified and strategically set up for growth...
Forterra plc
CFO to leave the group
After 20 years at Forterra, Ben Guyatt will leave the business in October 2026, allowing time for an orderly transition to a successor. The search for this successor has already...
Breedon Group
Third acquisition in the US
Breedon continues to expand its US platform, with Falling Springs Quarry marking its third acquisition in three years. The asset represents a high-quality aggregates bolt-on,...
Bellway plc
Demand moderates in April and May
Demand softened in April and May, with Bellway picking out higher mortgage rates as one of the main drivers. The company notes that it is on track to achieve underlying operating...
European Building Materials
Growth still forecast for European construction in 2026 but at a slower pace
Euroconstruct is now forecasting that construction volumes in its 19-country network will rise 2% this year, down from the 2.4% growth that had been anticipated. We believe the...
Glenveagh Properties
Buybacks drive upward momentum in forecasts
As part of our model update, we reflect on the significant work done by Glenveagh Properties to return profits and capital to shareholders through buybacks. The company has reduced...
Grafton Group
A new era
A new era for Grafton is underway. Recent acquisitions represent judicious deployment of the group’s considerable financial capacity, and we believe a possible multi-year earnings...
Howden Joinery
Expands proposition with £390m DIY Kitchens acquisition
Howdens had previously never undertaken an acquisition of note, but this is no longer the case with the £390m purchase of DIY Kitchens. While surprising, on first look it appears a...
