Industrials

Meet your Industrials Research team

SIG plc

New CEO, new strategy and a planned £150m equity raise

SIG has proved to be an immense challenge for a number of management teams over the last decade and longer. This challenge is now all the more daunting due to COVID-19 but the...

Travis Perkins plc

In from the cold

We are cutting Travis Perkins (TPK) forecasts but increasing our recommendation on the stock to ‘Neutral’. The lowering of estimates (a cut of 46% and 19% to trading profit...

Saint-Gobain Group

Sells its entire stake in Sika

The Saint-Gobain Sika saga has finally come to an end with Saint-Gobain (SGO) selling its entire 10.75% stake in the company. With the two-year lock-up recently expired, speculation had...

Mondi

New CFO with strong credentials; graphic paper demand remains weak

Mondi’s new CFO, Mike Powell, is joining at an interesting time. The outlook for the business (or any business for that matter) has rarely faced such uncertainty. However, Mondi’s...

CRH

Better signs – highway contracts and homecentres

The value of US highway contracts awarded by state departments of transportation (DOTs) rose 33% year-on-year (yoy) even as the US shut down. April’s contracts showed the largest...

Grafton Group

Taking the hit but will bounce back

We estimate the impact of COVID-19 will leave Grafton’s earnings by the end of next year over 25% lower than what was expected prior to the pandemic. Current circumstances are...

Buzzi Unicem

Cash is king – firepower leaves all options on the table

As restrictions begin to ease, Buzzi Unicem (BZU) finds itself in a relatively solid operating position. That may seem at odds with severe lockdowns in Italy but, crucially, two of its key...

HeidelbergCement AG

Strategic shift required

If you thought HeidelbergCement (HEI) was cheap before the downturn, take another look now. Down close to 40% year-to-date, the stock trades on just 8.2x our FY21 P/E forecast and...

Wienerberger

Scenario points to sharp fall in 2020 EBITDA

Wienerberger’s (WIE) Q1 results are largely uneventful given it had already disclosed headline results and removed full year guidance. The former indicated that the group had a...

Persimmon plc

Sales offices will reopen on May 15th

Persimmon has followed some peers yesterday (May 13th) in announcing a return to selling to customers on site. Sales offices will open on an appointment-only basis from tomorrow (May...