Jun 27 2024
Industrials
Recent Research
Holcim, Acquisition of Cand-Landi
Jun 24 2024
discoverIE, More to discover
Jun 21 2024
Irish economy, On the cusp of rapid growth
Jun 19 2024
Meet your Industrials Research team
Saint-Gobain Group
Acquisition of FOSROC for $1.025bn
Following the announcements of CSR (€1.9bn) and Bailey (€600m) in February and April of this year, Saint-Gobain continues to deploy capital at a solid pace and with strategic...
Holcim
Acquisition of Cand-Landi
Holcim’s acquisition of Cand-Landi does not ‘move the needle’, but it affirms that incremental capital deployment in Europe will be focussed on recycling and/or green operations. This...
DS Smith
Return to box growth but continued IP bid uncertainty
DS Smith’s £701m FY24 EBITA was in-line with consensus, with a positive FY25E box demand and pricing outlook. However, due to raw material and labour cost inflation, we reduce FY25E...
discoverIE
More to discover
discoverIE (DSCV) is a M&A-led growth compounder with an impressive 12-year track record. Compared with other companies with a compounding model in the industrials sector, such as...
DS Smith
In-line FY24 but expect IP bid focus at 09:00 call
DS Smith reported £701m FY24 EBITA (in-line with consensus), with a positive FY25E box demand and pricing outlook. However, due to cost pressures (labour, OCC etc.), we expect minimal...
Berkeley Group
FY25 upgraded, but medium- term outlook subdued
Berkeley Group upgraded its FY25 guidance by 5% this morning, while FY24 was broadly in line. Medium-term guidance is more subdued, with lower sales compounding planning and regulatory...
Irish economy
On the cusp of rapid growth
The Irish economy accelerated into 2024 and is on the cusp of rapid growth, helped by lower inflation. Foreign direct investment (FDI), high-skilled job creation and a rising population...
XP Power
No formal bid from Advanced Energy
Advanced Energy’s decision not to make a formal bid for XP Power (XPP) is initially disappointing, but it was always very opportunistic against a depressed XPP share price. We continue...
CRH
Adbri deal expected to close on July 1st
All conditions to CRH’s acquisition of Adbri have now been satisfied and the deal is expected to close on July 1st. CRH’s operational capabilities in Adbri’s core products and its...
Bellway plc
Confirms potential offer for Crest
In a move which would create further consolidation in the UK homebuilder sector, it has been confirmed that Bellway has made two different offers to acquire Crest Nicholson in recent...
