Jun 9 2026
Industrials
Recent Research
Grafton Group, A new era
Jun 4 2026
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Breedon Group
Third acquisition in the US
Breedon continues to expand its US platform, with Falling Springs Quarry marking its third acquisition in three years. The asset represents a high-quality aggregates bolt-on,...
Bellway plc
Demand moderates in April and May
Demand softened in April and May, with Bellway picking out higher mortgage rates as one of the main drivers. The company notes that it is on track to achieve underlying operating...
European Building Materials
Growth still forecast for European construction in 2026 but at a slower pace
Euroconstruct is now forecasting that construction volumes in its 19-country network will rise 2% this year, down from the 2.4% growth that had been anticipated. We believe the...
Glenveagh Properties
Buybacks drive upward momentum in forecasts
As part of our model update, we reflect on the significant work done by Glenveagh Properties to return profits and capital to shareholders through buybacks. The company has reduced...
Grafton Group
A new era
A new era for Grafton is underway. Recent acquisitions represent judicious deployment of the group’s considerable financial capacity, and we believe a possible multi-year earnings...
Howden Joinery
Expands proposition with £390m DIY Kitchens acquisition
Howdens had previously never undertaken an acquisition of note, but this is no longer the case with the £390m purchase of DIY Kitchens. While surprising, on first look it appears a...
Breedon Group
Solid foundations, awaiting the turn
Breedon continues to execute well, building a more diversified and resilient business that has held up well versus other construction related, UK focused names (EBIT CAGR >17% since...
UK housebuilders
Concrete problems
This was a difficult earnings season for the UK housebuilders, dominated by discussions of increased build cost inflation (BCI), lacklustre net private sales rates and, in some cases, the...
Watkin Jones
Market headwinds put pressure on 2026 expectations
External factors, including higher interest rates, market uncertainty and an increase in the pace of build cost inflation (BCI), have put pressure on the FY 2026 outlook for Watkin...
Mondi
Re-initiation: turning the page
After a period of investment for growth and significant shareholder returns, Mondi is now focused on delivery against existing assets and reduction of net debt (net debt to adjusted...
