Aug 20 2025
Industrials
Recent Research
Mincon Group, Model update
Aug 13 2025
Genuit Group, Holding steady
Aug 12 2025
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Marshalls
Still to find the cycle low as forecasts cut
We are formally revising forecasts for Marshalls after its recent profit warning and interim results. The circa 20% reduction in adjusted pre-tax profits for this year and next...
CRH
Growth at a very reasonable price; upgrading price target
CRH has a proven strategy – unmatched scale, unique connected portfolio and focus on operational efficiency – and established growth credentials. The model is clearly delivering, and we...
Kingspan Group
Model update: relative operational outperformance; valuation discount
Kingspan retains an enduring ability to deliver consistent earnings growth, even during a deep cyclical downturn. Admittedly, the pace of earnings growth this year may lag what has...
Persimmon plc
Weaker margin trajectory persists into FY26
Notwithstanding a good start to trading in H2, activity has been soft generally through the year, and there is likely downward pressure on FY25 but more pronounced on FY26 forecasts...
Mincon Group
Model update
Excluding a largely non-cash FX loss from interim results, our profit forecasts are broadly unchanged following a solid H1. Shares are cheap, and new technologies should provide upside –...
Watkin Jones
Announces new development partnership deal in Bristol
In a subdued investment environment, a new development partnership deal will provide some welcome relief to the order book at Watkin Jones.
Genuit Group
Holding steady
Genuit’s headline H1 results are consistent with expectations and the group anticipates that full year underlying operating profit will be in line with consensus. This is a solid outcome in...
Bellway plc
FY25 to be ahead with a good end to the year; FY26 reiterated
The FY25 results at Bellway will be ahead of expectations, driven by small beats on both volume and average selling prices. The company has seen a better summer period (June/July) than...
Marshalls
No surprise as recently cut guidance reiterated
The first half results announcement from Marshalls has unsurprisingly been overshadowed by its recent profit warning. Management’s task now is to rebuild the group’s operating...
Kingspan Group
€650m share buyback announced
There is quite a lot to digest in Kingspan’s half-time report. The group’s performance remains resilient, but operating conditions are clearly demanding. Full year trading profit guidance...
