Aug 16 2019
Industrials
Recent Research
CRH, Interim results due on August 22nd
Aug 13 2019
Mincon Group, Weak demand seen in H1
Aug 12 2019
Meet your Industrials Research team
Kingspan Group
Another double-digit increase in earnings expected in H1 2019
H1 2019 was a relatively quiet one for Kingspan but interim results (August 23rd) should reveal further impressive progress. We expect another double-digit advance in earnings, which...
Paper & packaging
Positive fundamentals to continue in H2; valuations remain attractive
Recent results from the European packaging sector confirmed on-going strength in corrugated demand and stabilisation in containerboard pricing. Our full year EBITDA forecasts for the...
Buzzi Unicem
Playing catch-up after strong results
Buzzi Unicem (BZU) reported a strong H1 with results well ahead of expectations. Unfortunately, those results coincided with the markets falling out of bed and the stock finished down...
CRH
Balance sheet, buybacks and bolt-ons (BBB+)
CRH’s balance sheet strength is a key differentiator in the building materials sector. That strength is reflected in the ratings upgrade from Fitch, the share buyback programme and...
Bellway plc
FY profit to be in line with expectations; further volume growth expected in FY 2019/20
In the full year, Bellway has been able to more than offset the effect of margins being past-peak with good revenue growth. Results in October should be in line with expectations and...
Mondi
Numbers unchanged despite more cautious outlook
Mondi’s H1 performance was ahead of our forecasts, boosted by a better-than-expected forestry fair value gain. Higher prices of key products (corrugated, kraft papers, uncoated...
Travis Perkins plc
Many moving parts but moving in the right direction
Travis Perkins is at a very interesting juncture. An outsider, Nick Roberts, has just started as CEO and a significant strategic reboot is underway. The Plumbing & Heating division will...
Ibstock plc
Another supplementary dividend and a bolt-on deal announced
Ibstock has reported a solid looking set of H1 results, announced a bolt-on acquisition and indicated that its full year expectations are “broadly unchanged”. The announcement of a...
Taylor Wimpey plc
H1 margins weak but full year to be in line with expectations
While margins have taken more of a hit in H1 than many would have expected, some of this is due to mix. There should be less impact in the seasonally stronger H2 period, and thus the...
Smurfit Kappa Group
Solid H1 results and 10% dividend increase highlight re-rating opportunity
Smurfit Kappa Group’s 10% increase in its interim dividend is significant. Not only does it signal management’s confidence in the sustainability of profits and cash flow, it may also point...
