Dec 3 2024
Industrials
Recent Research
Grafton Group, Taking the next step forward
Nov 27 2024
XP Power, Poised for recovery in 2025
Nov 26 2024
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Interims in line; on track for FY adjusted earnings expectations
Trading remains fairly lacklustre and the timing of recovery is still difficult to determine, but the H1 margin performance has come in comfortably ahead of expectations. This year has...
Holcim
Sale of Nigerian business further reduces emerging markets exposure
Thematically, the sale of the Nigerian business further pivots Holcim towards mature markets and away from earnings volatility. In that regard, it is similar to the sales of India, Brazil,...
Watkin Jones
New affordable homes scheme announced in St. Helens
With volatility in rates markets sill high, getting today’s announced deal done with the prevailing backdrop (and at stated margin targets) is a very good result for the business.
Heidelberg Materials
Acquisition of Giant Cement Holdings
The addition of Giant Cement Holdings to Heidelberg Materials should yield synergies given that cement and circularity are Heidelberg Materials’ specialties; it will plug into an existing...
Kingspan Group
No let-up in investments; clear disconnect between valuation and outlook
The global nature of Kingspan’s operating horizon and ambition has been underlined by its latest investments. These include entry into the insulated panels market in Chile as well as the...
Grafton Group
Taking the next step forward
Grafton’s acquisition of Salvador Escoda looks a judicious use of a portion of the group’s ample capital resources. The deal augments the group’s existing portfolio and also provides a...
Stelrad Group plc
Investment case continues to heat up
Stelrad’s Capital Markets Event (CME) struck a very positive tone, highlighting the structural growth drivers that lay ahead for the group, particularly in premiumisation and...
XP Power
Poised for recovery in 2025
XP Power’s (XPP) share price has been struggling to gain traction post a steady Q3 update (October 8th) and against share price volatility in the global semi-conductor sector. The...
Breedon Group
Putting definition on an M&A-led growth strategy
The clearest message from Breedon’s Capital Markets Event is that the company will pursue and prioritise growth opportunities in the coming years. While this may not jump out as unique...
Breedon Group
Solid trading statement ahead of strategy update
Breedon’s trading update confirms the resilience of the group in the context of a difficult backdrop. Looking forward, it will be increasingly focused on growing its North American...
