Feb 11 2026
Industrials
Recent Research
Bellway plc, Better environment emerging in 2026
Feb 10 2026
Cairn Homes, Increasing price target to 243c
Feb 10 2026
Meet your Industrials Research team
Smurfit Westrock
Detailed 2030 targets set; soft start to 2026
Smurfit Westrock management has laid out a comprehensive, strong set of targets for 2030 (given these targets assume no price increases in paper in North America over the period)....
Barratt Redrow plc
FY26 volume guidance reiterated
Any changes to forecasts following interim results are likely to be modest, with Barratt reiterating FY26 volume guidance and pointing to a full-year pre-tax profit result within the...
Bellway plc
Better environment emerging in 2026
Bellway has seen a decent improvement in sales rates in early calendar 2026, providing relief following the softness seen in the industry in the run-up to the Budget last November. FY26...
Cairn Homes
Increasing price target to 243c
A clear beat of FY25 guidance has driven a circa 3% upgrade to our Cairn Homes’ FY25 operating profit forecast, with FY27 also moving up by circa 4% (2026 is broadly unchanged)....
CRH
FY25 results to confirm another year of double-digit profit growth
FY25 will provide confirmation that CRH continues to generate strong growth in revenue and adjusted EBITDA. 2026 is likely to see further delivery against this track record of growth,...
Buzzi Unicem
FY profits to be ahead of expectations
For Buzzi Unicem, profits at an EBITDA level (€1.23bn) are likely to be c.3% ahead of our FY25 estimates. As revenues (€4.52bn) are likely to be in line to slightly behind our forecast, a...
Stelrad Group plc
Operational excellence ensures a commendable performance in 2025
That Stelrad has confirmed further adjusted operating profit growth last year, with an improvement in its underlying operating margin while lowering net debt, is impressive. It...
Weir Group plc
Moving to ‘Neutral’ on changing risk profile
The strong rally in Weir’s share price aligns with our expectations. The angle of appreciation is steepening. We remain very positive on the long-term outlook for its end markets and...
Forterra plc
Solid 2025 delivery confirmed
In what was a difficult year for the UK construction sector, Forterra’s performance was highly creditable. Adjusted EBITDA rose significantly last year, albeit compared to what was a...
Glenveagh Properties
Higher earnings and cashflow drive 3% increase in price target
We are increasing our Glenveagh Properties price target by c.3% (15% upside) today, mainly on the back of higher EPS and cashflow forecasts. The business enters 2026 in a strong...
