Feb 26 2026
Industrials
Recent Research
Kingspan Group, Ready for lift off
Feb 20 2026
Mondi, Falls short of consensus expectations
Feb 19 2026
Saint-Gobain Group, Ready to take the next step
Feb 19 2026
Meet your Industrials Research team
Howden Joinery
Reliable as always with new £100m share buyback announced
Howdens’ full year results are typically solid, especially considering the operating backdrop remained challenging. Once again, Howdens’ underlying level of cash generation excelled and...
Heidelberg Materials
FY26 guidance below consensus
We expect low-to-mid single-digit downgrades to profit expectations at Heidelberg Materials for FY26 following today’s announcement. From already historically high valuation multiples,...
Kingspan Group
Ready for lift off
Kingspan results for 2025 represent yet another year of healthy earnings growth with trading profits a little above what we expected. More importantly, there is an unambiguously...
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...
