Industrials

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Travis Perkins plc

Return of capital to shareholders to commence in October

Travis Perkins (TPK) has confirmed the imminent completion of the sale of its Plumbing & Heating (P&H) division. This will realise the group’s strategic ambition to streamline its...

Redrow plc

Ambitious 2024 targets complement strong results

Redrow’s full year results are well ahead of already-raised estimates, while the balance sheet is in excellent shape despite significant land purchases. Sales rates continue to moderate,...

European Building Materials

Davy Industrials Conference – roadshow feedback notes

Davy hosted its 13th Annual Industrials Conference last week, featuring many of the key names in the European buildings materials sector. These included CRH, Holcim, Kingspan,...

Holcim

To sell Brazilian business for $1.025bn

Holcim has, as expected, agreed to sell its Brazilian business with a price achieved of US$1.025bn. The disposal is in-line with the group’s strategy to divest non-core emerging market...

Cairn Homes

Upgrading estimates following interim results; raising price target by 2% to €1.52

On the back of strong results, we have increased our forecast EPS for Cairn Homes by c.5% in the FY21-24 period. This has driven a 2% increase in our price target to €1.52. With 33%...

Tyman

Spectrum deal shines a light on Tyman opportunity

ASSA ABLOY’s deal to acquire the Hardware and Home Improvement (HHI) division of Spectrum Brands shines a light on the potential true value of Tyman’s business. The takeout price of...

Cairn Homes

Another upgrade to guidance and increases in order book

Strong demand through the summer has seen Cairn Homes add 220 units to its order book since the start of July. The company will deliver an additional 50 units above its previous...

Grafton Group

Much more than just marginal gains

Having advanced over 75% in the past 12 months, there is the temptation to call time on the run in the Grafton share price. But we think it is still too early. Latest guidance appears...

Vistry Group

Increases guidance again for FY21

Vistry Group has seen a significant rebound in margins in H1 and this has led to another increase in guidance at a pre-tax level. The increase in consensus forecasts should be in the...

Watkin Jones

Further expansion in pipeline achieved

Watkin Jones has been active with forward sales over the summer, securing deals on five sites. The development pipeline has grown by three sites in the period, expanding the future...