Industrials

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Paper & packaging

Pricing discipline and steady volumes key take-outs from conference

The management of Smurfit Kappa Group (SKG) and DS Smith presented at our annual Industrial Conference in New York this week. From a sector perspective, there were two significant...

SIG plc

Cost efforts delivering a margin benefit despite uncooperative end-markets

First-half results confirm that SIG is benefiting from the hard work it has undertaken in relation to its cost structure. This has helped protect the group’s profits as end-markets...

Cairn Homes

Interim results due Thursday 12th

Against a backdrop of high political uncertainty, particularly around Brexit, we expect solid results from Cairn Homes next week. The initiation of a dividend will provide valuation support...

European building materials

Cement roadshow notes – CRH, Cemex, HeidelbergCement and LafargeHolcim

Davy hosted its Annual Industrials Conference in New York on Thursday September 5th. Companies attending included CRH, Cemex, HeidelbergCement and LafargeHolcim. Updates were generally...

Barratt Developments plc

Still sees growth in FY2020

Barratt has made a decent start to FY2020, albeit with the private order book somewhat weaker than last year. Despite uncertainty over the UK political landscape, the company is still...

Mincon Group

Adjusting numbers on weaker H1 growth; all eyes on Greenhammer into year-end

Despite a slowdown in consumables demand over the course of H1, we remain upbeat on Mincon’s prospects into the end of the year, particularly in relation to the Greenhammer...

Ferguson

Demerging UK business; CEO to step down

The demerger of UK operations will further the simplification of Ferguson’s group. We expect the group to now chase a US listing, with the Wolseley UK business likely becoming a target...

Cairn Homes

Citywest PRS deal announced

The deal announced this morning shows the strong potential for Cairn Homes to sell into the private rented sector (PRS) as well as the home owner market. Such a strong forward sold...

CRH

H1 in-line – cash delivery drives new buyback

CRH continues to deliver on its strategy of improving margins, returns and cashflow. Record H1 profits (despite adverse weather and UK weakness) confirm on-going momentum in its main...

Persimmon plc

H1 broadly in line with expectations

Persimmon’s results this morning are more or less in line with expectations. Margin has retreated somewhat from H2 last year but matches company guidance. The outlook remains very...