Jun 11 2025
Industrials
Recent Research
Bellway plc, Modest upgrades to FY25 on the way
Jun 10 2025
Meet your Industrials Research team
Ibstock plc
Costs and competition driving lower FY25 expectations
While a sustained recovery is underway in Ibstock’s main markets, adding capacity has held back profit growth in H1. Competition is also restricting margins at this stage, and full year...
Bellway plc
Modest upgrades to FY25 on the way
Bellway issued a solid update this morning, showing spring sales in reasonable shape. A small upgrade to FY25 is likely from a marginally better volume and average selling price (ASP)...
Building materials
Outlook for European construction market slowly improving
Construction volumes in Europe fell by more than 3% over the course of 2023 and 2024 but only a modest (0.3%) recovery is expected this year, according to the latest set of...
Hill & Smith
Nothing to fear but fear itself
Hill & Smith has an excellent track record of growing EPS through periods of macro weakness. Another such period may be approaching. However, history has shown that investor concerns...
Kingspan Group
No ceiling to roofing ambitions
Kingspan is to increase its investment commitment to the US roofing market from $750m to $1bn over the next five years. This is clearly a significant statement of intent and we believe...
Breedon Group
Attractive fundamentals but lacking catalysts
Breedon has a clear strategy, credible management team, proven resilience and positive organic growth prospects in 2025/26. It has also performed well as a stock, up 50% over the past...
Heidelberg Materials
Coherent plan and firm targets but stock has run hard
Heidelberg Materials (HEI) has shared a coherent and thorough plan (growth, returns and cash conversion all covered) for its progress in the 2025-30 period. With the stock having...
Watkin Jones
Robust balance sheet in challenging markets
In a challenging environment, Watkin Jones has maintained good management of cash and costs. H1 is in line with guidance and a pickup in transactional activity will be required to meet full...
Glenveagh Properties
Model update
The increased buyback announced this week is accretive to both our book value (+3.1% in FY25) and EPS (+2.2% in FY26) forecasts. The stock remains cheap at just over 1.1x book value,...
Hill & Smith
AGM statement
Hill & Smith has published a trading update for the first four months of the year ahead of its AGM later today. The business is performing in line with expectations. The company...