Mar 19 2026
Industrials
Recent Research
Cairn Homes, Increasing price target to 271c
Mar 19 2026
SigmaRoc plc, Another year of delivery expected
Mar 16 2026
Berkeley Group, Reaffirmed FY 2026 guidance
Mar 13 2026
Meet your Industrials Research team
Grafton Group
Expands Iberian presence with attractive Mercaluz acquisition
Grafton has followed up on the recent Cygnum acquisition with another deal. This time it is acquiring the Spanish-based Mercaluz for up to €175m at an attractive valuation of around 8x...
Cairn Homes
Increasing price target to 271c
Operating profit forecasts are c.5% higher across the investment horizon in our new estimates this morning. This increase, combined with a higher level of returns, has driven a 12%...
Travis Perkins plc
Debt reduction the highlight in 2025
Travis Perkins’s 2025 results are meaningful in that they are the first numbers under the leadership of Gavin Slark, who started as CEO at the beginning of the year. The results...
Marshalls
Strategy update highlights emphasis on operational delivery
There are no surprises in Marshalls’ results for 2025, and all attention is on the road ahead. Without supportive end-markets, the objective for Marshalls this year will be to deliver on...
SigmaRoc plc
Another year of delivery expected
Consistent execution remains SigmaRoc’s (SRC) hallmark, with strong FY25 results despite mixed markets. Structural tailwinds offer upside into 2026, while the group’s wellproven model of...
Berkeley Group
Reaffirmed FY 2026 guidance
Management reaffirmed its FY 2026 guidance while noting that the trading environment over the period (November 2025 – February 2026) remained constrained by consumer confidence.
Stelrad Group plc
Delivers once again
Stelrad has announced impressive results for 2025 with growth delivered in underlying operating profits despite further market-led volume weakness. The results are consistent with...
Glenveagh Properties
€1.3bn order book gives comfort on a reiterated FY26 guidance
Headlines for 2025 were already known, but Glenveagh’s results demonstrate a business which is well placed for the long term, with a well-positioned and attractive landbank, and a...
Volution
Continues to power ahead
The Volution machine powers on with the group reporting adjusted operating profit growth of 22% for the six months to end-January. The group’s consistent outperformance can be...
Mincon Group
Material upgrades follow FY25 results; target price moving to 82c
2025 was a successful year of growth and self-help initiatives at Mincon. The business has maintained momentum into FY26 and we are increasing our forecasts to reflect higher sales...
