Mar 5 2026
Industrials
Recent Research
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Ibstock plc
Results close out a difficult year with near-term challenges set to continue
Ibstock will be glad to see the back of 2025. Two profit warnings dashed hopes that earnings would recover, and expectations for this year were also significantly downgraded....
Taylor Wimpey plc
Small downgrade to 2026 outlook
From the start of the year to the week ending March 1st, Taylor Wimpey’s net private sales rate declined slightly compared to the same period last year. Management has updated its...
Grafton Group
Continuing impressive free cash flow generation prompts another share buyback
Grafton has announced a typically solid set of results, characterised by its continuing impressive cash flow generation and financial strength. This has prompted the announcement of...
Weir Group plc
FY2025 results in line with forecasts
Weir has reported FY2025 results that are in line with our expectations with adjusted EPS growth of 3% to 123.8p. The outlook is upbeat, and the business is well positioned to...
Vistry Group
Increased incentives to push down margins in 2026
An increase in the use of incentives by Vistry Group is now guided to push margins lower in 2026. This comes after a year of margin expansion in 2025, a trend consensus had expected...
Cairn Homes
Increases to FY26 and FY27 expectations
While Cairn Homes’ FY25 results are in line with expectations, FY26 forecasts are likely to be increased modestly and FY27 estimates will increase materially. These upgrades will be...
Holcim
FY26 guidance broadly in line with expectations
Holcim’s Q4 recurring EBIT is c.3% ahead of consensus expectations, and guidance for 2026 is broadly in line with market forecasts. We do not expect material changes to forecasts from...
Saint-Gobain Group
2025 results in-line but uncertain environment limits scope for pick-up this year
Saint-Gobain’s 2025 results were in-line with expectations as the group delivered a decent performance despite a fourth consecutive year in which volumes contracted. As things stand,...
Howden Joinery
Reliable as always with new £100m share buyback announced
Howdens’ full year results are typically solid, especially considering the operating backdrop remained challenging. Once again, Howdens’ underlying level of cash generation excelled and...
Heidelberg Materials
FY26 guidance below consensus
We expect low-to-mid single-digit downgrades to profit expectations at Heidelberg Materials for FY26 following today’s announcement. From already historically high valuation multiples,...
