Sep 21 2020
Industrials
Recent Research
Meet your Industrials Research team
LafargeHolcim
Impressive 2030 targets outline CO2 goals
LafargeHolcim (LHN) has revealed new carbon reduction goals, which will reduce its emissions footprint by more than 20% by 2030. The targets are validated by the Science Based Targets...
Home construction
Davy Industrials Conference - roadshow feedback notes
In a year where volumes will be significantly curtailed by lockdowns, the home building sector has cause for cautious optimism. Demand has recovered to a reasonable level and, with...
European building materials
Davy Industrials Conference - roadshow feedback notes
Davy hosted its 12th Annual Industrials Conference last week, featuring the key names in the European buildings materials sector. These included CRH, LafargeHolcim, HeidelbergCement,...
Paper & packaging
Price increases likely as demand continues to improve
Davy hosted its 12th Annual Industrials Conference on September 17th. One of the key take-outs from the discussion with the three packaging companies – DS Smith, Mondi Group and...
Breedon Group
Encouraging rebound in activity in July and August
Breedon’s trading update shows end-markets rebounding strongly through July and August. Sales in the two months combined were up year-on-year (yoy), albeit they included an initial...
Paper & packaging
Positive US dynamics will support European pricing efforts
Corrugated demand in both Europe and the US has proved much more resilient through the pandemic. We believe structural growth drivers have contributed to this; in particular, the...
HeidelbergCement AG
Ambitious targets map out the road ahead
Yesterday (September 16th), HeidelbergCement (HEI) outlined an ambitious set of new targets as part of its “Beyond 2020” Capital Markets update. The group is aiming to improve EBITDA...
Redrow plc
Misses FY numbers on weaker margins, London impairment
Redrow had flagged the reorganisation of its London operations previously, but the impairment combined with weaker margins from COVID have driven a big miss relative to our estimates....
Kingspan Group
Announces €750m Green Private Placement
The news that Kingspan has agreed terms on a €750m Green Private Placement brings together two of the attractive dynamics central to the investment case. These are the group’s...
DS Smith
Adjusting forecasts to reflect better volumes; dividend to resume on better outlook
The announcement by DS Smith earlier this week that volume growth had turned positive in August justifies a slight upgrade to forecasts. This follows similar upgrades for Smurfit Kappa...
