Industrials

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Saint-Gobain Group

Asbestos and activism

Saint-Gobain has moved to resolve its legacy asbestos issues once and for all. An affiliate of the group’s CertainTeed business has filed for Chapter 11 bankruptcy in an effort to...

Breedon Group

Cemex deal ticks all the right boxes

The more we look at the Cemex deal, the more we like it. The timing is ideal, taking advantage of both end-market weakness and an indebted competitor. There appears significant...

Forterra plc

Trading update as expected; likely weaker H1 suggests possible modest cut to 2020 estimates

Forterra’s trading statement indicates that the group’s pre-tax profits for 2019 will meet Board expectations (which had been lowered in October). As with Ibstock’s recent update,...

Berkeley Group

Increases shareholder returns

Berkeley Group has had the cash resources for this increase for some time and, to some extent, it was a matter of when rather than if it would increase the pay-out. The returns are...

Mincon Group

Acquires Lehti Group Oy

Mincon’s acquisition of Lehti gives the group control of the manufacturing of a large portion of the product range acquired with PPV. The price looks attractive from a Mincon...

Paper & packaging

Cash generation remains robust despite earnings revisions; buy SKG and MNDI

Despite a strong performance in 2019, the current valuation of the European packaging sector does not fully reflect the structural improvement in margins and returns achieved in...

Breedon Group

Acquisition of Cemex UK assets for £178m

Breedon’s acquisition of certain Cemex UK assets looks like a strong strategic fit, executed at an opportune time, without overly stretching the balance sheet. A couple of items...

Cairn Homes

Announces appointment of new CFO

Shane Doherty has been announced as the new Chief Financial Officer (CFO) of Cairn Homes and will bring a significant level of experience to the team upon his arrival in April.

CRH

Share buyback update

CRH has further extended its share buyback having returned c.€1.6bn to shareholders since the programme began in May 2018. With debt levels falling rapidly, the group is not short of...

Glenveagh Properties

Exceptional performance continued, volume target beat of 16%

Glenveagh has continued its strong performance operationally since IPO by beating its 2019 volume target by 16%. Revenue for the group is 3% ahead of our expectations and margins...