Jun 22 2022
Industrials
Recent Research
Bellway plc, Guidance reiterated
Jun 14 2022
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Berkeley Group
FY22 marginally ahead of forecasts; guidance reiterated
The London new homes market, like the rest of the UK, appears to be holding up for now despite significant macro headwinds. Berkeley’s FY results are marginally ahead on a pre-tax...
Kingspan Group
Record H1 likely but significant slowdown seen in May/June
H1 results will be very strong at Kingspan, with trading profits 7% ahead of our expectations. However, recent trading has seen evidence of a significant slowdown in the company’s end...
Bellway plc
Guidance reiterated
Bellway is still seeing a good demand environment in the UK new housing market, albeit at somewhat slower rates. Financial guidance has been reiterated and we are not expecting any...
CRH
$1.9bn Barrette acquisition to significantly enhance outdoor living solutions offering
The acquisition of Barrette for $1.9bn will significantly enhance CRH’s growing Architectural Products business within the outdoor solutions space. The 10x EBITDA multiple – with scope to...
Glenveagh Properties
Buyback to commence today
Glenveagh has made significant progress in improving balance sheet efficiency in the last two years, which has driven a material improvement in cash flow generation. This has resulted in ...
Irish banks and housebuilders
Housing: rate rises less impactful to Ireland
Lending for house purchase in Ireland is likely to perform significantly better than other European countries as mortgage rates rise due to the conservative macroprudential rules in...
Saint-Gobain Group
Acquiring Kaycan for $928m
The acquisition of Kaycan strengthens Saint-Gobain’s position in light and sustainable construction in North America, is EPS-accretive from year one and has a very limited impact on...
Taylor Wimpey plc
More potential
Evolution, not revolution, was very much the message from new Taylor Wimpey (TW) CEO Jennie Daly. The company will strive towards greater efficiency as it enters a phase of significant...
Volution
Forecast update
Forecasts for Volution have been upgraded following the group’s positive trading update. Our earnings estimate for the year to end-July has been increased by 3%, reflecting...
Volution
Guiding full year earnings will be towards the upper end of market expectations
Volution’s ad-hoc trading update has indicated that the group expects full year earnings to be at the upper end of market expectations. Our initial take is that this signals a circa 4%...
