Jan 26 2022
Industrials
Recent Research
Ibstock plc, Good end to 2021
Jan 20 2022
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Forterra plc
No let-up in cost pressures, but net cash prompts launch of share buyback
Forterra’s trading update indicates that 2021 results will be in line with its expectations. The salient trend is that better revenues were offset by higher costs with margins squeezed....
Ibstock plc
Good end to 2021
Ibstock’s trading update indicates that adjusted EBITDA for 2021 will be modestly better than its previous expectations after a good end to the year. 2021 presented its challenges,...
Marshalls
Robust H2 trading sees FY result slightly ahead
Marshalls delivered a strong trading performance in H2 2021 and now expects the full year out-turn to be slightly ahead of its previous expectations (c.1-2% better). That result was...
Watkin Jones
FY21 ahead of forecasts; record pipeline also reported
FY21 results are c.4% ahead of our estimates this morning. Coupled with this, Watkin Jones has again increased its pipeline, reaching a record level of £1.85bn in the Build to Rent (BtR)...
Taylor Wimpey plc
FY results in-line; share buyback flagged
Taylor Wimpey expects to deliver FY21 operating profit of c.£820m, in-line with its previous guidance. That includes delivering 14,087 homes (including joint ventures) with selling prices up...
European Building Materials
Themes, trends and top picks for 2022 and beyond
2021 was a good year to own the construction sector as the E300 Construction & Building Materials index gained 35%. Our view for 2022 is to “stick with the winners”. We have greatest...
Holcim
Shift to products continues with PRB acquisition
Holcim’s pivot to solutions and products continues with its deal to acquire PRB Group in France. As an existing business partner and with obvious product and market overlap, PRB...
Glenveagh Properties
Strong order book heading into 2022
Full year results at Glenveagh are likely to be in line with our forecasts. Further progress has been made by the company with the flagging of two new pre-fund transactions adding...
Grafton Group
Great Britain disposal completed
With the completion of its Traditional Merchanting business in Great Britain, Grafton can now concentrate on deploying the disposal proceeds. With the consideration of £520m augmenting...
Holcim
Acquisition of Malarkey Roofing for US$1.35bn
Holcim’s acquisition of Malarkey Roofing Products further expands its Solutions and Products business, which aims to reach 30% of net sales by 2025. Malarkey is described as having...
