Sep 18 2019
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...
