Sep 17 2025
Industrials
Recent Research
Hill & Smith, Model update
Sep 17 2025
Building materials, Updating forecasts
Sep 16 2025
Meet your Industrials Research team
Barratt Redrow plc
FY25 ahead; FY26 caution on volumes
FY25 results are marginally better than market expectations, with synergies the main driving factor. Synergy will continue to be a benefit in FY26, but caution has been introduced on...
Hill & Smith
Model update
We have revisited our Hill & Smith forecasts. We make minor adjustments that primarily reflect US dollar weakness and nudge our EPS forecasts lower by 1% each year. Despite macro...
Building materials
Updating forecasts
The European cement space (Buzzi Unicem, Heidelberg Materials and Holcim) has performed very well in the past 18 months. We favour Buzzi from here, see relative downside at Heidelberg...
Vistry Group
H1 in line; FY25 guidance reiterated
H1 results are in line with our expectations and Vistry has reiterated full year guidance for profits to increase compared to 2024. Government initiatives and the group’s new joint...
SigmaRoc plc
Synergies and cost management to the fore
SigmaRoc has delivered a solid set of H1 financials despite temporary customer shutdowns and a generally soft backdrop in construction and steel end-markets. Synergy delivery and cost...
Berkeley Group
Trading stable in the year to date
We see little scope for any changes to forecasts on the back of today’s statement from Berkeley Group, with FY26 and FY27 guidance reiterated. Tax and regulation will be key drivers...
Grafton Group
Good first half with strength of cash position prompting a further share buyback
Grafton has reported a solid set of first-half results with, as expected, the improvement (of 10%) in adjusted operating profit boosted by the initial contribution from Salvador Escoda....
Cairn Homes
FY25 and FY26 upgrades on the way
A strong gross margin result for Cairn Homes in H1 is the standout from a good set of H1 results. This has driven a FY25 operating profit guidance upgrade of 1-2%. New FY26 guidance...
Genuit Group
Monodraught acquisition
The acquisition of Monodraught is a welcome initiative and represents Genuit’s first deal of size in a number of years. Investment in the fast-growing ventilation category makes sense,...
Diploma plc
Upgrading forecasts and price target but moving to ‘Neutral’
Diploma’s operating performance continues to be excellent with strong top-line growth driving margin expansion. We upgrade our forecasts and now assume 19% EPS growth in FY2025. We...
