Apr 26 2024
Industrials
Recent Research
Kingspan Group, Still on track
Apr 26 2024
UPM, Q1 2024 27% consensus EBIT beat
Apr 25 2024
Holcim, Q1 6% ahead; guidance reiterated
Apr 25 2024
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SCA
Q124 EBIT consensus miss of 3.5% but improving pricing outlook
Lower prices (in wood, pulp and containerboard) saw Swedish forest owner SCA’s Q1 2024 operating profit fall 33% year-on-year (yoy) to SEK1,077m, a 3.5% consensus miss, principally due...
Saint-Gobain Group
Solid Q1 update; full-year guidance confirmed
Saint-Gobain has had a positive 2024 so far – it has achieved a small sequential improvement in volumes, pricing continues to capture a positive price-cost spread and M&A activity has...
Kingspan Group
Still on track
Kingspan’s trading update suggests the group’s performance remains solid despite an unfavourable pricing backdrop. The latter should ease as a headwind in H2, and Kingspan overall...
UPM
Q1 2024 27% consensus EBIT beat
UPM’s Q1 2024 comparable EBIT of €333m represents a 27% consensus beat due to higher-than-expected profit in its (1) Fibre (pulp making) and (2) Energy divisions. Reassuringly, post...
Holcim
Q1 6% ahead; guidance reiterated
In the seasonally less important Q1, Holcim achieved a 6% beat relative to consensus on recurring EBIT. That the full-year guide – especially organic revenue growth of >4% and...
Ibstock plc
Conditions remain challenging but lead indicators provide encouragement
Ibstock’s trading update is uneventful, which is a satisfactory outcome in the current circumstances. Even though Q1 volumes were below its expectations, EBITDA was in line and the...
Persimmon plc
Guidance reiterated as Q1 meets expectations
Sales rates have shown a seasonal uptick for Persimmon since the full year results, although sales rate in Q1 are still only modestly higher than last year. Volume and margin guidance...
Travis Perkins plc
No new developments of note
A very concise update from Travis Perkins has indicated that like-for-like revenues fell 3.7% year-on-year in Q1. It is no surprise that this confirms that trading conditions remain...
Stora Enso
Expect relief rally post Q1 beat
Stora Enso’s Q1 2024 operational EBIT of €156m represents a 75% Vara consensus beat, principally due to Packaging Materials’ return to profit (improving demand/pricing). Additionally,...
Taylor Wimpey plc
Modest seasonal spring rebound as company reiterates guidance
Taylor Wimpey has seen a typical uptick in sales rates in the spring selling season compared to early 2024, although rates remain very subdued overall. Volume guidance has been...
