Industrials

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Travis Perkins plc

Tooling up for growth

A Toolstation UK-themed investor day was timely as the business is pivotal to the medium-term growth aspirations of Travis Perkins. Achieving its 2027 target for Toolstation would...

CRH

Beckoning a new dawn

CRH’s primary listing will move to the US on Monday, September 25th. This is a significant event for the share, but the underlying business has no such destination in sight. Its journey...

Building products and distribution

Challenges set to last into 2024

Recent results revealed that 2023 is proving every bit as challenging as was feared for our lightside building materials coverage list. Moreover, the latest signals suggest any rebound...

Glenveagh Properties

Comfortable with FY24 forecasts

The significant progress made on the order book and planning permissions by Glenveagh year-to-date mean that the company can confidently reaffirm guidance of 7.5-8.0c in EPS in FY23...

Kingspan Group

Increased stake triggers mandatory offer for Nordic Waterproofing

It always seemed inevitable that once Kingspan took a stake in Nordic Waterproofing that it would ultimately seek to take full ownership of the business. This prospect has now...

Smurfit Kappa Group

Building the global packaging leader

The proposed Smurfit Kappa Group (SKG) and WestRock merger creates the clear global packaging leader. We believe SKG’s experienced management team can deliver initial $400m+ year one...

Smurfit Kappa Group

WestRock merger terms

WestRock holders will receive one Smurfit Kappa Group share and US$5/share cash for each WestRock share, equivalent to $43.51/share. The merger is targeting $400m-plus run-rate...

Vistry Group

To focus on Partnerships

Vistry Group will move to being a Partnerships-focused builder in the coming years as a result of its strategic review. The business will concentrate on the capital-light, high-returns...

Smurfit Kappa Group

Possible merger with WestRock

European packaging leader Smurfit Kappa Group is in discussions with US-listed packaging group WestRock regarding a possible merger. The proposed merged Smurfit WestRock group would...

Cairn Homes

FY23 guidance upgraded on higher volume output

Carin will be delivering more homes than expected in FY23, driven by strong demand and good progress on construction. Guidance has been increased, and we expect there to be c.5%...