Breedon Group (BREE.L, BREE LN)
Breedon is a 100% UK-exposed heavyside company with operations in England, Scotland and Wales. We estimate the group is the fifth-largest player in the UK heavyside market and the largest independent UK operator with a market share of 6-15% across aggregates, cement, ready-mix concrete and asphalt. We forecast 2017 revenues of £669.3m and EBITDA of £115.5m (17.3% margin). Breedon is AIM-listed with a market cap of c.£1bn.
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