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Nov 28 2025, 07:00 GMT
Building products
Foundations in place but recovery still on hold
- Sectors : Building products
- Companies : Forterra plc | Marshalls | Stelrad Group plc | Ibstock plc | Grafton Group | Genuit Group | Volution | Travis Perkins plc | Howden Joinery
Ratings
Ratings and price correct at time of issue
| Company | Rating | Date | Previous Rating | Date | Closing Price |
|---|---|---|---|---|---|
| Forterra plc | NEUTRAL | 19/08/16 | N/A | N/A | 186p |
| Travis Perkins plc | NEUTRAL | 28/05/20 | Underperform | 01/07/16 | 626p |
| Genuit Group | NEUTRAL | 05/11/21 | N/A | N/A | 331p |
| Grafton Group | OUTPERFORM | 07/10/20 | Neutral | 21/05/20 | 938p |
| Howden Joinery | OUTPERFORM | 31/03/22 | Neutral | 26/09/19 | 840p |
| Ibstock plc | NEUTRAL | 30/06/25 | Outperform | 02/07/24 | 135p |
| Marshalls | NEUTRAL | 10/11/21 | N/A | N/A | 180p |
| Stelrad Group plc | OUTPERFORM | 11/05/23 | N/A | N/A | 140p |
| Volution | NEUTRAL | 23/10/24 | Outperform | 31/03/21 | 629p |
DAVY VIEW
It has been a bruising 2025 for our UK-listed building distribution and products coverage list. Another year of earnings disappointment has, not surprisingly, impacted sentiment. Looking to 2026, the outlook for UK construction remains muted, and profitability will remain depressed in a historic context. Our top pick at present is Grafton, with its investment case supported by a diverse end-market exposure, a cash-rich balance sheet and an undemanding valuation.
