Dec 11 2019
Industrials
Recent Research
Abbey, Margins holding up well in H1
Dec 6 2019
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European building materials
US highway contract awards - better than they seem
Highway contract awards softened again in October in sharp contrast to outlook comments from the US aggregates sector. That disconnect has been difficult to explain. The American...
CRH
Upgrading forecasts following strong Q3
We have upgraded our FY20 EBITDA forecasts by c.4% following CRH’s Q3 update. That pointed to a strong acceleration in organic profit growth, driven by solid end-markets but, more...
Cairn Homes
Another PRS deal and a further land acquisition in Clonburris announced
Cairn Homes has announced another forward sale to the private rented sector (PRS). This provides enhanced visibility and certainty on future revenues. In addition, the group has...
CRH
Strong acceleration in Q3 trading
CRH’s trading update demonstrates continued progress under all of the company’s long-term targets: margins, cash generation, financial strength and disciplined capital allocation. Full...
Breedon Group
Forget Brexit – buy Breedon
We have sat on the sidelines on Breedon for long enough. Brexit concerns, forced selling by major holders and a large placing have left the shares close to three-year lows. In that...
Glenveagh Properties
Seeking permission to increase distributable reserves
The increase in distributable reserves at Glenveagh will provide considerable flexibility around possible capital returns in the future. However, the company is currently on a significant...
IPL Plastics Inc
Margin focus delivers despite top-line decline
IPL Plastics (IPLP) delivered Q3 profits ahead of our estimates despite a softer revenue environment. That result highlights the group’s continued focus on margin delivery. While the...
CRH
Media reports suggest sale of the Philippines business
Media speculation suggests that CRH is considering a sale of its Philippines cement business. That in itself is no great surprise given the group’s continued portfolio review and disposal...
Taylor Wimpey plc
On track despite tricky trading
Taylor Wimpey’s trading update shows the group on track to meet expectations despite difficult trading conditions. Sales rates and forward orders have held up, providing a solid...
Saint-Gobain Group
To acquire Continental Building Products for $1.4bn
Saint-Gobain (SGO) is to use disposal proceeds to acquire US plasterboard manufacturer Continental Building Products for $1.4bn. The deal sees the group expand its market share in the...
