Mar 22 2023
Industrials
Recent Research
Marshalls, Marley a welcome contributor
Mar 15 2023
Mincon Group, Year of opportunity ahead
Mar 13 2023
Berkeley Group, Guidance reiterated
Mar 10 2023
Meet your Industrials Research team
Volution
Fans will be cheering as forecasts are upgraded
Forecast upgrades are quite uncommon at present in the wider construction and building materials sector. Hence our 4% upgrade to the underlying operating profit forecast for the...
Cairn Homes
Moving price target to €1.74; modest changes to estimates
Our forecasts on Cairn Homes move modestly lower on the back of new guidance from full-year results. Across FY23-25, our operating profit forecasts are cut by c.4%, but our price...
Berkeley Group
Guidance reiterated
Both short-term (FY23 pre-tax profit of £600m) and medium-term (FY24/25 pre-tax profit of £1.05bn combined) guidance has been reiterated this morning. Berkeley Group is continuing to...
Glenveagh Properties
Moving price target to €1.62; significant re-rating potential in 2023
We increase our price target on Glenveagh Properties by 11% to €1.62, driven mainly by significant accretion from recent buybacks. At a close to 10% discount to trailing book value, the...
CRH
In pole position entering 2023
Further evidence of the effectiveness and execution of the integrated solutions strategy, a strong balance sheet and positive growth potential in US infrastructure and heavy...
DS Smith
Subdued demand but improving margins
DS Smith’s Q3 update indicates (1) subdued box demand but (2) resilient box prices, with (3) easing raw material costs leading to (4) improving DS Smith profit margins. We expect...
Volution
H1 results an excellent platform for another fine year
Volution has announced a very solid set of interim results which are likely to provide the platform for a modest upgrade to full-year forecasts. This is a clear stand out in a peer...
DS Smith
Positive Q3 trading update
DS Smith’s Q3 trading update indicates (1) subdued box demand but (2) resilient box prices, with (3) easing raw material costs leading to (4) improving DS Smith profit margins. Expect...
DS Smith
Expect positive update on March 9th
Despite subdued box demand, with resilient box prices, easing raw material costs and a FX tailwind, we expect a positive DS Smith Q3 FY23E trading update on March 9th. We see upside...
Holcim
Margins to expand in 2023
Holcim has delivered a margin-led Q4 beat and, in guiding for ‘over-proportional’ growth in recurring EBIT, is implying that margins are set to expand in 2023. We do not envisage the...
