Industrials

Meet your Industrials Research team

CRH

Sector deal activity gaining pace

Acquisition activity is picking up at pace in the Building Materials and Products sector. Vulcan Materials yesterday (June 7th) announced that it will acquire US Concrete, while Nucor will...

Kingspan Group

Nu(cor) competition in the North American insulated panels market as Cornerstone exits

Kingspan will face new competition in North America with the acquisition of Cornerstone’s insulated panels business by Nucor. The deal, both in its pricing (3x revenues) and industrial...

Saint-Gobain Group

Pricing key to strong trading update

Saint-Gobain (SGO) has issued an unexpected trading update ahead of its AGM later today. Sales momentum has continued to show good trends, led by renovation in Europe (France) and...

CRH

Finance Director transition; infrastructure talks continue

CRH has confirmed that Jim Mintern has succeeded Senan Murphy as Group Finance Director. That transition was well-flagged to allow for a smooth handover, and we see little change to...

Kingspan Group

Aligns Planet Passionate strategy with financing structure

Kingspan’s new €700m Planet Passionate Revolving Credit Facility neatly pulls together two of the attractive themes of the investment case. One is yet another confirmation of what is...

Breedon Group

Small strategic bolt-on

Breedon has announced a small strategic bolt-on to its existing mini mix business. The acquisition will in-fill the group’s footprint in the North of England and Scotland and, as a small...

Glenveagh Properties

Key metrics improving; increasing price target to €1.36

The share buyback announced last week has both increased the amount and accelerated the timing of expected shareholder returns at Glenveagh. Combined with a better return on equity...

HeidelbergCement AG

Management changes – new CFO appointed

HeidelbergCement (HEI) has announced a number of management changes, including the appointment of a new Chief Financial Officer (Dr Nager’s retirement had been well-flagged). The new...

Glenveagh Properties

Sold out for 2021; new RoE target ahead of expectations and €75m buyback announced

Evidence of the strong housing market in Ireland can be seen in the order book for Glenveagh Properties, which is now full for all of 2021. The company’s growth ambitions are as strong...

HeidelbergCement AG

Agrees to divest its US West business for $2.3bn

HeidelbergCement (HEI) has agreed to sell its US West business to Martin Marietta for US$2.3bn. The deal was previously flagged in media reports but should be well received given the...