May 9 2025
Industrials
Recent Research
Mondi, Solid update and stronger order books
May 8 2025
Grafton Group, Good start to the year
May 8 2025
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CRH
Key value drivers point to significant upside
Although it was a less seasonally significant quarter, CRH’s Q1 financials nonetheless demonstrated that key value drivers for the stock – above-market growth through its...
Travis Perkins plc
Gavin Slark to join as CEO
The news that Gavin Slark is to join Travis Perkins (TPK) as CEO should be well received. He will bring vast industry and capital markets experience to the group and is known for a...
Cairn Homes
Increasing medium-term forecasts
While a good start to the year has increased confidence in FY25 forecasts, the better-than-expected build cost inflation guidance leads us to increase our margin trajectory into...
Mondi
Solid update and stronger order books
Mondi’s solid Q1 update notes stronger order books, increased demand for sustainable packaging products and paper price increases to largely recover the declines suffered in late...
Heidelberg Materials
Strong Q1; full-year guide maintained
While Heidelberg Materials has retained its full-year 2025 guide, the market will assume upside risk based on Q1 results and the momentum that it implies for summer 2025. The share price,...
Grafton Group
Good start to the year
We expect no change to current year underlying forecast assumptions following Grafton’s trading update. This may not come as a surprise but is a decent outcome at the present time...
Cairn Homes
Continued strong trading; medium-term outlook positive
Good trading through spring means the business can reiterate FY25 guidance with increased levels of confidence. There is likely to be upside to FY26 and FY27 forecasts, driven mainly...
CRH
Positive momentum underpins reaffirmed guidance
The reaffirmation of CRH’s full-year guidance – amidst macro uncertainty – will be well received and reflects the group’s differentiated strategy, pricing progress and contributions...
Smurfit Westrock
Actively optimising the asset base
While the demand backdrop may be uncertain through 2025, Smurfit Westrock’s credibility in and commitment to delivering meaningful synergy and commercial/operational improvements is...
Travis Perkins plc
Steps away from Staircraft
The sale of Staircraft by Travis Perkins is a logical move as it was clearly a non-core operation. The cash (£24m) from the disposal will be useful, but equally important is that it will...
