DAVY VIEW

CRH will update for Q3 trading on November 26th. We expect the group to guide to a result at least in-line with market expectations. The update should show a positive Q3 in the Americas with good progress in Europe ex-UK. The UK no doubt continued to prove difficult. Management will also update on development activity – both in terms of bolt-on acquisitions and disposals (possible comment on Philippines media speculation). That will include guidance on net debt, which could be close to €7bn by year-end. A progress update is also likely on the profit improvement plan and the share buyback. There is a conference call with management on November 26th at 08.30 (website registration required).