Oct 15 2026
Industrials
Recent Research
Volution, Another excellent financial year
Oct 8 2026
Breedon Group, CEO succession
Oct 1 2026
Meet your Industrials Research team
Mondi
Energy cost headwinds drive lower-than-expected result
Mondi reported weaker-than-expected adjusted Q3 EBITDA of £196m, driven by higher energy cost inflation. This was 6.2% lower than consensus Visible Alpha consensus.
Travis Perkins plc
Q3 continues modestly weak trend from H1
The focus for Travis Perkins (TPK) this year is on protecting its gross margin through robust cost/price management. Q3 like-for-like (LFL) revenues were down 1.3% year-on-year...
Mincon Group
Increasing price target to 112c on materially higher growth expectations
With Mincon’s recent Q3 results showing exceptionally strong growth on the back of good H1 momentum, we have increased FY26 revenue forecasts by c.13%. Good operating leverage drives...
Bellway plc
Difficult trading conditions continue
Current trading for Bellway remains challenged. The net private reservation rate per outlet per week fell 6% year-on-year (yoy) in the period from August 1st to October 5th. The...
Mincon Group
Exceptional growth achieved in Q3
Mincon’s first nine-month sales growth of 28% implies an exceptional period of growth in Q3, well ahead of our expectations. We expect consensus revenue forecasts to rise by over 10%...
Volution
Another excellent financial year
2026 was another memorable financial year for Volution with adjusted operating profit exceeding over £100m for the first time. Moreover, underlying operating profit growth rose at a...
Breedon Group
CEO succession
Breedon has announced that Rob Wood will be stepping down as CEO, effective January 1st 2027, after 12 years with the group, including almost six years as CEO. James Brotherton (CFO)...
Vistry Group
CEO Review recap: new blueprint, same leverage concerns
The CEO Review set out a vision for a smaller, simplified Vistry. One that would trade with less leverage and operate with tighter controls. This is a positive first step. However, at the...
Cairn Homes
Increased estimates and accelerated returns drive price target to 296c
We upgrade our Cairn Homes EPS forecasts by 0.8% in FY26 and by c.2% in the FY26-28 period on the back of upgraded guidance and accelerated shareholder returns. These changes,...
CRH
Recent weakness provides attractive entry point
Headwinds from the US residential market and cost pressures are likely to impact CRH’s H2 results; however, the addition of Arcosa means we increase our FY27 adjusted EBITDA...
