Industrials

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Kingspan Group

Another double-digit increase in earnings expected in H1 2019

H1 2019 was a relatively quiet one for Kingspan but interim results (August 23rd) should reveal further impressive progress. We expect another double-digit advance in earnings, which...

Paper & packaging

Positive fundamentals to continue in H2; valuations remain attractive

Recent results from the European packaging sector confirmed on-going strength in corrugated demand and stabilisation in containerboard pricing. Our full year EBITDA forecasts for the...

Buzzi Unicem

Playing catch-up after strong results

Buzzi Unicem (BZU) reported a strong H1 with results well ahead of expectations. Unfortunately, those results coincided with the markets falling out of bed and the stock finished down...

CRH

Balance sheet, buybacks and bolt-ons (BBB+)

CRH’s balance sheet strength is a key differentiator in the building materials sector. That strength is reflected in the ratings upgrade from Fitch, the share buyback programme and...

Bellway plc

FY profit to be in line with expectations; further volume growth expected in FY 2019/20

In the full year, Bellway has been able to more than offset the effect of margins being past-peak with good revenue growth. Results in October should be in line with expectations and...

Mondi

Numbers unchanged despite more cautious outlook

Mondi’s H1 performance was ahead of our forecasts, boosted by a better-than-expected forestry fair value gain. Higher prices of key products (corrugated, kraft papers, uncoated...

Travis Perkins plc

Many moving parts but moving in the right direction

Travis Perkins is at a very interesting juncture. An outsider, Nick Roberts, has just started as CEO and a significant strategic reboot is underway. The Plumbing & Heating division will...

Ibstock plc

Another supplementary dividend and a bolt-on deal announced

Ibstock has reported a solid looking set of H1 results, announced a bolt-on acquisition and indicated that its full year expectations are “broadly unchanged”. The announcement of a...

Taylor Wimpey plc

H1 margins weak but full year to be in line with expectations

While margins have taken more of a hit in H1 than many would have expected, some of this is due to mix. There should be less impact in the seasonally stronger H2 period, and thus the...

Smurfit Kappa Group

Solid H1 results and 10% dividend increase highlight re-rating opportunity

Smurfit Kappa Group’s 10% increase in its interim dividend is significant. Not only does it signal management’s confidence in the sustainability of profits and cash flow, it may also point...