Jan 30 2026
Industrials
Recent Research
Forterra plc, Solid 2025 delivery confirmed
Jan 22 2026
Ibstock plc, Model update
Jan 20 2026
Ibstock plc, Outlook remains downbeat into 2026
Jan 20 2026
Meet your Industrials Research team
Stelrad Group plc
Operational excellence ensures a commendable performance in 2025
That Stelrad has confirmed further adjusted operating profit growth last year, with an improvement in its underlying operating margin while lowering net debt, is impressive. It...
Weir Group plc
Moving to ‘Neutral’ on changing risk profile
The strong rally in Weir’s share price aligns with our expectations. The angle of appreciation is steepening. We remain very positive on the long-term outlook for its end markets and...
Forterra plc
Solid 2025 delivery confirmed
In what was a difficult year for the UK construction sector, Forterra’s performance was highly creditable. Adjusted EBITDA rose significantly last year, albeit compared to what was a...
Glenveagh Properties
Higher earnings and cashflow drive 3% increase in price target
We are increasing our Glenveagh Properties price target by c.3% (15% upside) today, mainly on the back of higher EPS and cashflow forecasts. The business enters 2026 in a strong...
Ibstock plc
Model update
Our revised Ibstock forecasts reflect what is likely to be another difficult year for the group. We now forecast that adjusted EBITDA for this year will be only modestly higher than...
Ibstock plc
Outlook remains downbeat into 2026
2025 is not a year that Ibstock will remember fondly. At least the group’s trading update has confirmed expectations that were reduced for a second time in October. Unfortunately, it...
Cairn Homes
Strong FY25 numbers on the back of ‘extraordinary’ demand
Cairn Homes’ FY25 results are above guidance and will be c.2.4% ahead of our expectations at an operating level. FY26 guidance has been reiterated, while increased capacity suggests...
Marshalls
2025 in-line with expectations as Simon Bourne confirmed as new CEO
Marshalls will be hoping that a new year will bring a new beginning. 2025 was difficult and overshadowed by a material profit warning in July. A starting point for this year, therefore, will...
SigmaRoc plc
A strong finish to 2025 after a well-executed year
SigmaRoc’s (SRC) year-end 2025 trading update confirms another strong year for the group, with execution again the key differentiator. Management continues to deliver on synergies...
Taylor Wimpey plc
FY26 downgrades on the way
FY25 is modestly behind current consensus forecasts, while FY26 is likely to see material downgrades due to falling margins year-on-year (current expectations are for a modest...
