Feb 19 2026
Industrials
Recent Research
Saint-Gobain Group, Ready to take the next step
Feb 19 2026
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Mondi
Falls short of consensus expectations
Mondi’s full-year results revealed basic EPS of 56.5c, below Visible Alpha consensus of 70c (c.-19%). This was driven by a weak performance in the enlarged Corrugated Packaging division,...
CRH
Record results, 12th consecutive year of margin expansion
A strong Q4 (adjusted EBITDA c.4% ahead of our forecast) has helped drive a drive a record result and another year of double-digit adjusted EBITDA growth at CRH. Margin has also...
Saint-Gobain Group
Ready to take the next step
Saint-Gobain has made a successful transition from an unwieldly conglomerate into a more-nimble, locally managed business focused on light and sustainable construction. Most notably,...
Travis Perkins plc
Cutting 2026 forecasts as outlook remains subdued
2025 was something of a year of transition for Travis Perkins, but our downward revision of current year estimates underlines how trading conditions remain unaccommodating. The stock...
Kingspan Group
Robust results expected for 2025 and attractive set-up for this year
Kingspan should report another year of robust earnings growth for 2025. This will set it apart from a building products sector that has struggled with generally unhelpful trading...
Smurfit Westrock
Detailed 2030 targets set; soft start to 2026
Smurfit Westrock management has laid out a comprehensive, strong set of targets for 2030 (given these targets assume no price increases in paper in North America over the period)....
Barratt Redrow plc
FY26 volume guidance reiterated
Any changes to forecasts following interim results are likely to be modest, with Barratt reiterating FY26 volume guidance and pointing to a full-year pre-tax profit result within the...
Bellway plc
Better environment emerging in 2026
Bellway has seen a decent improvement in sales rates in early calendar 2026, providing relief following the softness seen in the industry in the run-up to the Budget last November. FY26...
Cairn Homes
Increasing price target to 243c
A clear beat of FY25 guidance has driven a circa 3% upgrade to our Cairn Homes’ FY25 operating profit forecast, with FY27 also moving up by circa 4% (2026 is broadly unchanged)....
CRH
FY25 results to confirm another year of double-digit profit growth
FY25 will provide confirmation that CRH continues to generate strong growth in revenue and adjusted EBITDA. 2026 is likely to see further delivery against this track record of growth,...
