Nov 21 2024
Industrials
Recent Research
Hill & Smith, Strong US trading
Nov 20 2024
Diploma plc, Delivering to the model
Nov 19 2024
Meet your Industrials Research team
Breedon Group
Solid trading statement ahead of strategy update
Breedon’s trading update confirms the resilience of the group in the context of a difficult backdrop. Looking forward, it will be increasingly focused on growing its North American...
Hill & Smith
Strong US trading
Hill & Smith has delivered another period of strong trading, especially in the US infrastructure focused businesses. Full year guidance remains unchanged, so we expect only minor moves...
Volex
Small upgrades plus a look at the TT Electronics offer
Volex delivered a solid set of interims on November 15th, with revenues +9.7% organic (+30.4% in total) and the EBITA margin comfortably within the targeted 9-10% range. As a result, we...
Marshalls
New strategy highlights the medium-term growth opportunity
Marshalls has updated its strategy and has revealed new financial targets ahead of its Capital Markets Event (CME). The new strategy, ‘Transform and Grow’, will look to leverage the...
Diploma plc
Delivering to the model
Diploma’s (DPLM) FY24 results have come in a nudge ahead of expectations and in line with the financial model – in this case, a very impressive result in our view. Although the...
Genuit Group
Trading conditions remain subdued as cost pressures increase
Genuit’s trading update suggests it has delivered a relatively resilient performance since July even as trading conditions remain subdued. Downside risk to current year adjusted...
DS Smith
Final package before International Paper exit
DS Smith will release H1 FY25E results for six months to October 2024 on December 5th. While modelling 1.5% H1 FY25E box volume growth, due to OCC and containerboard raw material cost...
Volex
Solid H1 plus a proposed offer for TT Electronics
Volex has delivered a very robust first half, with organic revenues up 9.7% and operating margins well within the target range. More eye-catching this morning, however, is the proposed...
CRH
Proving itself as a unique growth stock
In addition to CRH’s existing credentials as a growth stock – consistent, double-digit earnings growth, organic and inorganic drivers, strong cash generation underpinning redeployment –...
Stelrad Group plc
Challenging targets set the scene for future growth; full-year expectations maintained
As part of its Capital Markets Event (CME), Stelrad has set out a number of medium-term financial targets. We believe that these cover several key areas for the group – its ambitions...
