May 29 2020
Industrials
Recent Research
Travis Perkins plc, In from the cold
May 28 2020
Meet your Industrials Research team
SIG plc
New CEO, new strategy and a planned £150m equity raise
SIG has proved to be an immense challenge for a number of management teams over the last decade and longer. This challenge is now all the more daunting due to COVID-19 but the...
Travis Perkins plc
In from the cold
We are cutting Travis Perkins (TPK) forecasts but increasing our recommendation on the stock to ‘Neutral’. The lowering of estimates (a cut of 46% and 19% to trading profit...
Saint-Gobain Group
Sells its entire stake in Sika
The Saint-Gobain Sika saga has finally come to an end with Saint-Gobain (SGO) selling its entire 10.75% stake in the company. With the two-year lock-up recently expired, speculation had...
Mondi
New CFO with strong credentials; graphic paper demand remains weak
Mondi’s new CFO, Mike Powell, is joining at an interesting time. The outlook for the business (or any business for that matter) has rarely faced such uncertainty. However, Mondi’s...
CRH
Better signs – highway contracts and homecentres
The value of US highway contracts awarded by state departments of transportation (DOTs) rose 33% year-on-year (yoy) even as the US shut down. April’s contracts showed the largest...
Grafton Group
Taking the hit but will bounce back
We estimate the impact of COVID-19 will leave Grafton’s earnings by the end of next year over 25% lower than what was expected prior to the pandemic. Current circumstances are...
Buzzi Unicem
Cash is king – firepower leaves all options on the table
As restrictions begin to ease, Buzzi Unicem (BZU) finds itself in a relatively solid operating position. That may seem at odds with severe lockdowns in Italy but, crucially, two of its key...
HeidelbergCement AG
Strategic shift required
If you thought HeidelbergCement (HEI) was cheap before the downturn, take another look now. Down close to 40% year-to-date, the stock trades on just 8.2x our FY21 P/E forecast and...
Wienerberger
Scenario points to sharp fall in 2020 EBITDA
Wienerberger’s (WIE) Q1 results are largely uneventful given it had already disclosed headline results and removed full year guidance. The former indicated that the group had a...
Persimmon plc
Sales offices will reopen on May 15th
Persimmon has followed some peers yesterday (May 13th) in announcing a return to selling to customers on site. Sales offices will open on an appointment-only basis from tomorrow (May...
