Oct 1 2026
Industrials
Recent Research
Kingspan Group, BMC deal completed
Sep 28 2026
Vistry Group, Downgrades to FY26; CEO review
Sep 24 2026
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Vistry Group
CEO Review recap: new blueprint, same leverage concerns
The CEO Review set out a vision for a smaller, simplified Vistry. One that would trade with less leverage and operate with tighter controls. This is a positive first step. However, at the...
Cairn Homes
Increased estimates and accelerated returns drive price target to 296c
We upgrade our Cairn Homes EPS forecasts by 0.8% in FY26 and by c.2% in the FY26-28 period on the back of upgraded guidance and accelerated shareholder returns. These changes,...
CRH
Recent weakness provides attractive entry point
Headwinds from the US residential market and cost pressures are likely to impact CRH’s H2 results; however, the addition of Arcosa means we increase our FY27 adjusted EBITDA...
Kingspan Group
BMC deal completed
The closing of the BMC acquisition had been expected in Q4, but its completion ahead of the end of the quarter is welcome and supports current year estimates. There is no impact on...
Home construction
New Help to Buy scheme announced: a major positive catalyst for the sector
The new iteration of Help to Buy announced on Saturday (September 26th) is a significant additional policy support for the sector, one that will benefit each of the volume UK builders...
Vistry Group
Downgrades to FY26; CEO review
The group downgraded its FY 2026 adjusted profit before tax (PBT) guidance to £165m from £200m previously. The Chief Executive Officer (CEO) of the business concluded that it wants...
Barratt Redrow plc
Planning delays cause FY 2027 completions downgrade
Barratt Redrow lowered completion guidance for FY 2027, citing planning delays and, as a result, a lower level of average selling outlets expected throughout the year. The midpoint of...
Persimmon plc
Heading north: upgrading to ‘Outperform’
Persimmon will continue to achieve higher underlying house price growth than its peers, largely due to its geographic tilt away from London and towards the North of England and the...
Berkeley Group
Lowering PBT expectations for FY 2027
The company now expects £1.4bn of profit before tax (PBT) to be spread broadly evenly across the four years FY 2027 to FY 2030. When the £1.4bn PBT target was announced in April,...
Glenveagh Properties
Additional €50m buyback announced along with increased FY26 guidance
In what will be a H2-weighted year, as expected Glenveagh is very well set up to deliver strong volumes in the second half. A strong WIP position (€505m, up 46% year-on-year) along with...
