Mar 18 2024
Industrials
Recent Research
Berkeley Group, Medium-term guidance reaffirmed
Mar 15 2024
Hill & Smith, Consistent delivery
Mar 15 2024
Hill & Smith, Strong FY23, more upgrades
Mar 12 2024
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Volution
Another impressive half as margin performance remains the stand-out
Volution has announced another impressive set of results. The results, which cover the six months to end-January, are likely to provide the platform for another modest upgrade to full...
Berkeley Group
Medium-term guidance reaffirmed
Sales rates have remained compressed through the second half of the year for Berkeley. However, guidance has been maintained, both for FY24 and for the FY24-26 period.
Hill & Smith
Consistent delivery
Hill & Smith (HILS) remains one of our top picks for 2024. The tailwinds of US infrastructure investment, self-help from organic investment in its existing higher growth/higher margin...
Vistry Group
FY24 guidance somewhat better; new £100m buyback announced
Vistry Group has reported FY 23 numbers in line with expectations. There will be some upward pressure on forecasts following new volume guidance, which will see the company deliver...
Hill & Smith
Strong FY23, more upgrades
Hill & Smith (HILS) has delivered another strong set of results, ahead of our and consensus expectations at revenue, profits and EPS. Strong cash generation is funding M&A (another...
Genuit Group
Margin progress despite weak end-markets
Self-help measures and benefits from strategic initiatives helped Genuit limit the impact of challenging end-markets last year. That earnings expectations held firm was encouraging and...
Persimmon plc
Modest downgrades to FY24 likely
FY23 is as expected and in line with company guidance. The business will ramp up outlets for an anticipated recovery during 2024, which will mean higher finance charges in FY24,...
Mincon Group
FY23 modestly ahead, FY24 forecasts to be modestly lower
FY23 is modestly ahead of our forecasts on an EBITDA level for Mincon and the net debt has materially outperformed our expectations. The early part of FY24 has remained subdued and...
CRH
Performing like a growth stock but not priced like one
We believe that CRH’s credentials as a growth stock are compelling and, in our view, are materially underappreciated by the market. We anticipate organic EBITDA growth remaining strong...
M&A update
An early look at Barratt Redrow
In this report we examine what a combined Barratt Redrow business will look like. We think the market has reacted too negatively to the proposed combination and make Barratt...