Jul 26 2024
Industrials
Recent Research
Holcim, Margins continue to expand
Jul 26 2024
Howden Joinery, Remains on track
Jul 25 2024
Huhtamaki, Margin led 1% Q2 2024 EBIT beat
Jul 25 2024
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Holcim
Margins continue to expand
Against a difficult volume backdrop in many of its markets, Holcim has delivered credible margin improvements and maintains positive momentum in that respect. In our view, full-year...
IMI plc
Hitting the (growth) target
IMI has delivered interim results in line with our expectations. The 5% organic revenue growth hit its target rate and continues the recent trend of steady improvement. Full year...
Saint-Gobain Group
Maintaining a positive price-cost spread
The maintenance of positive price-cost spreads at Saint-Gobain is reflective of a favourable cost backdrop and a more commercially-minded entity. On top of this organic momentum, we...
discoverIE
Q1 tough, as expected, but improving orders are encouraging
Q1 has proved to be tough, as flagged at the prelims in June, and destocking at the largest OEM customers looks to be continuing into the summer. However, the book-to-bill returning to...
Howden Joinery
Remains on track
Howdens’ operating performance and results continue to highlight the group’s resilience in what remain very testing market conditions. However, the current challenges have not stopped...
Huhtamaki
Margin led 1% Q2 2024 EBIT beat
Finnish listed global food and beverage packaging specialist Huhtamaki reported a 1% fall in Q2 2024 comparable (organic) sales (pass-through of lower raw material costs to customers)....
Breedon Group
Full year expectations unchanged; active M&A pipeline
This is a solid, if unspectacular, statement from Breedon. While revenues and underlying EBIT are trending in-line with expectations for the full year, we are encouraged by the...
Volution
Another solid update to prompt a modest upward revision to earnings estimates
A characteristic of Volution’s recent performance has been steady growth in earnings despite the unfavourable operating backdrop. The group’s latest update confirms this positive...
Stora Enso
In-line Q2 2024, with unchanged outlook
Stora Enso’s €161m Q2 2024 operating EBIT is in-line with consensus, with an unchanged 2024E outlook. Divisionally, profit was ahead of consensus expectations in Packaging Materials and...
UPM
16% Q2 EBIT miss from 1) Energy and 2) Biofuels
UPM’s €182m Q2 2024 comparable EBIT is a 16% consensus miss from lower-than-expected 1) Energy (electricity) and 2) Other (biofuel) division performance. We expect modest (sub-5%)...
