Industrials

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Volution

Fans will be cheering as forecasts are upgraded

Forecast upgrades are quite uncommon at present in the wider construction and building materials sector. Hence our 4% upgrade to the underlying operating profit forecast for the...

Cairn Homes

Moving price target to €1.74; modest changes to estimates

Our forecasts on Cairn Homes move modestly lower on the back of new guidance from full-year results. Across FY23-25, our operating profit forecasts are cut by c.4%, but our price...

Berkeley Group

Guidance reiterated

Both short-term (FY23 pre-tax profit of £600m) and medium-term (FY24/25 pre-tax profit of £1.05bn combined) guidance has been reiterated this morning. Berkeley Group is continuing to...

Glenveagh Properties

Moving price target to €1.62; significant re-rating potential in 2023

We increase our price target on Glenveagh Properties by 11% to €1.62, driven mainly by significant accretion from recent buybacks. At a close to 10% discount to trailing book value, the...

CRH

In pole position entering 2023

Further evidence of the effectiveness and execution of the integrated solutions strategy, a strong balance sheet and positive growth potential in US infrastructure and heavy...

DS Smith

Subdued demand but improving margins

DS Smith’s Q3 update indicates (1) subdued box demand but (2) resilient box prices, with (3) easing raw material costs leading to (4) improving DS Smith profit margins. We expect...

Volution

H1 results an excellent platform for another fine year

Volution has announced a very solid set of interim results which are likely to provide the platform for a modest upgrade to full-year forecasts. This is a clear stand out in a peer...

DS Smith

Positive Q3 trading update

DS Smith’s Q3 trading update indicates (1) subdued box demand but (2) resilient box prices, with (3) easing raw material costs leading to (4) improving DS Smith profit margins. Expect...

DS Smith

Expect positive update on March 9th

Despite subdued box demand, with resilient box prices, easing raw material costs and a FX tailwind, we expect a positive DS Smith Q3 FY23E trading update on March 9th. We see upside...

Holcim

Margins to expand in 2023

Holcim has delivered a margin-led Q4 beat and, in guiding for ‘over-proportional’ growth in recurring EBIT, is implying that margins are set to expand in 2023. We do not envisage the...