Industrials

Meet your Industrials Research team

Ibstock plc

Costs and competition driving lower FY25 expectations

While a sustained recovery is underway in Ibstock’s main markets, adding capacity has held back profit growth in H1. Competition is also restricting margins at this stage, and full year...

Bellway plc

Modest upgrades to FY25 on the way

Bellway issued a solid update this morning, showing spring sales in reasonable shape. A small upgrade to FY25 is likely from a marginally better volume and average selling price (ASP)...

Building materials

Outlook for European construction market slowly improving

Construction volumes in Europe fell by more than 3% over the course of 2023 and 2024 but only a modest (0.3%) recovery is expected this year, according to the latest set of...

Hill & Smith

Nothing to fear but fear itself

Hill & Smith has an excellent track record of growing EPS through periods of macro weakness. Another such period may be approaching. However, history has shown that investor concerns...

Kingspan Group

No ceiling to roofing ambitions

Kingspan is to increase its investment commitment to the US roofing market from $750m to $1bn over the next five years. This is clearly a significant statement of intent and we believe...

Breedon Group

Attractive fundamentals but lacking catalysts

Breedon has a clear strategy, credible management team, proven resilience and positive organic growth prospects in 2025/26. It has also performed well as a stock, up 50% over the past...

Heidelberg Materials

Coherent plan and firm targets but stock has run hard

Heidelberg Materials (HEI) has shared a coherent and thorough plan (growth, returns and cash conversion all covered) for its progress in the 2025-30 period. With the stock having...

Watkin Jones

Robust balance sheet in challenging markets

In a challenging environment, Watkin Jones has maintained good management of cash and costs. H1 is in line with guidance and a pickup in transactional activity will be required to meet full...

Glenveagh Properties

Model update

The increased buyback announced this week is accretive to both our book value (+3.1% in FY25) and EPS (+2.2% in FY26) forecasts. The stock remains cheap at just over 1.1x book value,...

Hill & Smith

AGM statement

Hill & Smith has published a trading update for the first four months of the year ahead of its AGM later today. The business is performing in line with expectations. The company...