Dec 1 2020
Industrials
Recent Research
CRH, Onwards and upwards
Nov 27 2020
Breedon Group, New CFO appointed
Nov 24 2020
Meet your Industrials Research team
Grafton Group
StairBox to heaven?
The acquisition of StairBox looks an interesting and attractive bolt-on for Grafton. It deploys some of the group’s financial capacity and the acquisition will add circa 3% to pro-forma...
Smurfit Kappa Group
Investing for the future; but the present is not bad either!
Smurfit Kappa Group’s (SKG) latest investment plan looks set to capitalize on two exciting structural growth drivers: e-commerce and sustainability. It is doing so from a position of...
CRH
Onwards and upwards
We have once again upgraded our CRH forecasts following the group’s latest trading update. Based on our forecasts, profitability will have improved on a like-for-like (lfl) basis in 2020...
Breedon Group
New CFO appointed
Breedon Group has outperformed strongly over the past month on a good recovery in its underlying markets and easing Brexit concerns. The appointment of an experienced CFO removes...
Forterra plc
Decent upgrade to previous guidance as trading continues to improve
Forterra has revealed that trading has been better than expected since the group’s last update in September. Adjusted EBITDA for the year is now anticipated to be at least £34m....
CRH
Financial strength to the fore in solid trading update
CRH expects to deliver full year organic profits ahead of 2019 and its strongest balance sheet in years. This consistent focus on margins, cash and returns remains the backbone of...
Grafton Group
Model update – another earnings upgrade of substance
We are increasing our 2020 EPS forecast by 26% and next year’s estimate by 5%. The latter (56p) means the latest forecast is 24% higher than what was envisaged back in May. It is...
Kingfisher
Still in the sweet spot
Kingfisher’s revival continues. Like-for-like revenues rose 17.4% year-on-year between August and October (Kingfisher’s fiscal Q3), with no let-up in the pace of expansion given the...
Breedon Group
Guidance lifted as activity continues to improve
Breedon has raised its FY profit guidance as activity continues to improve in its end-market. That reflects like-for-like sales growth in September and October (we estimate c.7%) but...
CRH
Update to show margin strength and financial firepower
CRH will issue a trading update on Tuesday November 24th. We see upside risk to the group’s Q3 guidance (flat like-for-like EBITDA) given peer updates through earnings season. Those...
