Nov 12 2026
Industrials
Recent Research
Kingspan Group, Sets out 2030 targets
Nov 10 2026
Meet your Industrials Research team
Persimmon plc
Standout sales rate; FY26 guidance held
Persimmon reported a strong set of results with its open market net private reservation rate at 0.65 per outlet per week, up 3% year-on-year (yoy). In what have been difficult open...
Glenveagh Properties
Current value and potential upsides provide compelling entry point
We are increasing our Glenveagh Properties EPS forecasts by 3.5%, driven primarily by a lower share count. This has increased our price target to €2.84, representing 16% upside to...
Kingspan Group
Sets out 2030 targets
Kingspan’s growth ambitions out to 2030 capture a business that is targeting double-digit annual profit growth over the remainder of the decade. An indication that the group will have...
Travis Perkins plc
Disposal of Toolstation Benelux
The disposal of the struggling Toolstation Benelux business has been expected for some time and, to that extent, will provide some relief, particularly removing its loss from continuing...
Buzzi Spa
FY26 guidance reiterated
Buzzi’s Q3 update points to mixed trading across key markets, with underlying revenue broadly stable. Management has maintained FY26 EBITDA guidance at €1.1-1.2bn, in line with consensus...
Vistry Group
Average daily net debt to be higher in H2 than targeted
Average daily net debt is now expected to be £800m in H2 — this is £50m incrementally negative to what was previously guided. Current open market conditions remain difficult. The...
Howden Joinery
Solid update with full year expectations unchanged
Howdens remains on track to meet underlying pre-tax profit consensus expectations for this year. This is encouraging and a further example of the resilience of its best-in-class...
Barratt Redrow plc
FY27 guidance held; bulk sales helping reservation rate
Barratt Redrow reported its total reservation rate was up 3.5% year-on-year (yoy) in the period June 29th 2026 to October 25th 2026. This was helped by bulk sales. Excluding bulk...
Heidelberg Materials
Solid Q3; FY26 guidance reiterated
With Q3 results c.3% ahead of expectations, Heidelberg Materials has comfortably reiterated FY26 guidance. It also announced an additional €300m cost programme for FY27/28.
Vistry Group
Data show no private sales rate recovery; moving to ‘Underperform’
Data gleaned from Vistry Group’s public-facing websites indicate that its net private reservation rate has not improved since the summer low of 0.3 and that incentive use has stayed...
