Feb 24 2021
Industrials
Recent Research
Breedon Group, Rebounds, speed bumps and tunnels
Feb 15 2021
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CRH
Strong FY results to highlight CRH’s rude health
We expect a robust update when CRH reports full year results on March 4th. Despite the impact of the pandemic, organic profits will likely have grown in 2020 with debt metrics reduced...
HeidelbergCement AG
Delivering to plan — market uncertainties remain for 2021
HeidelbergCement (HEI) more than met its COVID-adjusted targets for 2020 by delivering major cost savings, growing EBITDA and significantly lowering debt. To its credit, the group has...
Kingspan Group
Super end to 2020; well positioned for this year
Kingspan’s financial performance in 2020 was once again most impressive. Despite the obstacles related to the pandemic, the group increased trading profits for an 11th successive year...
Ardagh Group
Great end to 2020 and upbeat on prospects for this year
Ardagh successfully negotiated the unexpected and sudden challenges that emerged last year. Fourth-quarter results were better than expected with organic revenue growth picking up...
CRH
US big picture looks good – big infrastructure next?
Sector updates paint a reassuring picture of CRH’s largest US end-market in 2021. The group’s main aggregates peers, Martin Marietta (MLM) and Vulcan Materials (VMC), have both...
Saint-Gobain Group
More disposals ahead of results; costs and outlook in focus
Saint-Gobain (SGO) has announced further disposals from its European Distribution network, this time in Spain and Italy. We estimate the group has now sold businesses representing c.20%...
Breedon Group
Rebounds, speed bumps and tunnels
With Brexit in the rear-view mirror, it’s going to be an interesting year ahead for Breedon. Government restrictions (Ireland) and poor weather (Scotland) will likely make for a slow...
Kingspan Group
Rockwool cautious on 2021 operating margin
The Rockwool share price fell almost 5% after the group published its 2020 results. The results themselves were generally along expected lines but cautious margin guidance for this year...
Kingspan Group
No doubts about 2020 resilience but other issues to address
Kingspan has been in the spotlight recently and upcoming results provide a platform to address issues that have emerged. The results themselves should be highly impressive in demanding...
Buzzi Unicem
FY20 well ahead – time to step-up share buybacks
Buzzi Unicem (BZU) has once again confounded expectations, with a strong finish delivering earnings well ahead of estimates. While weather and lower costs were a help, the group has...
