Jun 9 2025
Industrials
Recent Research
Glenveagh Properties, Model update
May 23 2025
Hill & Smith, AGM statement
May 22 2025
Meet your Industrials Research team
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...
Glenveagh Properties
Strong start to FY25 continues; share buyback extended
Glenveagh Properties remains in an exceptionally strong position within a very attractive market, which is evidenced by good growth in the order book in the last two months. Full year...
Stelrad Group plc
Update confirms full year outlook
Stelrad’s trading update has indicated that the group has enjoyed a solid start to the year and that its full year outlook is unchanged. This confirms the resilience and robustness of...
Forterra plc
Year to date revenue gain suggests potential upside to estimates
A return to revenue growth and a reiteration of full year expectations has been a recent theme in UK building product trading statements. In this regard, Forterra’s update is no...
