Dec 4 2020
Industrials
Recent Research
Grafton Group, StairBox to heaven?
Dec 1 2020
CRH, Onwards and upwards
Nov 27 2020
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Berkeley Group
On track to hit FY guidance
Berkeley Group has seen a robust performance in H1 despite the disruption from the pandemic. The group is on track to deliver full year guidance, and the long-term 15% RoE target is...
Grafton Group
Another forecast upgrade following StairBox acquisition
Grafton has been an astute investor and the acquisition of StairBox should maintain this trend. The deal is at an attractive valuation (7.2x trailing operating profit), represents a...
European building materials and construction
Euroconstruct less pessimistic on 2020 but expects only a partial recovery next year
Euroconstruct’s updated estimates indicate that it is less pessimistic on European construction this year. Euroconstruct now expects activity to decline by 7.8% in 2020, having...
Grafton Group
StairBox to heaven?
The acquisition of StairBox looks an interesting and attractive bolt-on for Grafton. It deploys some of the group’s financial capacity and the acquisition will add circa 3% to pro-forma...
Smurfit Kappa Group
Investing for the future; but the present is not bad either!
Smurfit Kappa Group’s (SKG) latest investment plan looks set to capitalize on two exciting structural growth drivers: e-commerce and sustainability. It is doing so from a position of...
CRH
Onwards and upwards
We have once again upgraded our CRH forecasts following the group’s latest trading update. Based on our forecasts, profitability will have improved on a like-for-like (lfl) basis in 2020...
Breedon Group
New CFO appointed
Breedon Group has outperformed strongly over the past month on a good recovery in its underlying markets and easing Brexit concerns. The appointment of an experienced CFO removes...
Forterra plc
Decent upgrade to previous guidance as trading continues to improve
Forterra has revealed that trading has been better than expected since the group’s last update in September. Adjusted EBITDA for the year is now anticipated to be at least £34m....
CRH
Financial strength to the fore in solid trading update
CRH expects to deliver full year organic profits ahead of 2019 and its strongest balance sheet in years. This consistent focus on margins, cash and returns remains the backbone of...
Grafton Group
Model update – another earnings upgrade of substance
We are increasing our 2020 EPS forecast by 26% and next year’s estimate by 5%. The latter (56p) means the latest forecast is 24% higher than what was envisaged back in May. It is...
