Apr 1 2026
Industrials
Recent Research
Buzzi Spa, Solid FY25 results
Mar 31 2026
Cairn Homes, Increasing price target to 271c
Mar 19 2026
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Berkeley Group
Significant reduction in expectations
Berkeley Group management is now significantly reducing medium-term expectations due, it says, to the current conflict in the Middle East and weakening consumer confidence. The London...
Glenveagh Properties
Accelerating cash returns; increasing price target to €2.49
In this report, we illustrate the significant medium-term cashflow potential for Glenveagh Properties. Over €400m in free cashflow (FCF) is likely to be generated in the next three...
Buzzi Spa
Solid FY25 results
FY25 results are in line with expectations on an EBITDA level but well ahead of forecasts at a net profit level (driven mainly by finance costs). FY26 guidance implies modest downgrades...
Bellway plc
FY 2026 on track with risks on the horizon
Operating profit estimates for FY26 are likely to be largely unchanged for Bellway, although with a higher number of completions and a lower margin. The Middle East conflict has...
Smurfit Westrock
Focus on material margin expansion
Smurfit Westrock set out an ambitious, and we argue credible, set of 2030 targets at its FY 2025 results. At the heart of the plan is to bring the adjusted EBITDA margin in its North...
Grafton Group
Expands Iberian presence with attractive Mercaluz acquisition
Grafton has followed up on the recent Cygnum acquisition with another deal. This time it is acquiring the Spanish-based Mercaluz for up to €175m at an attractive valuation of around 8x...
Cairn Homes
Increasing price target to 271c
Operating profit forecasts are c.5% higher across the investment horizon in our new estimates this morning. This increase, combined with a higher level of returns, has driven a 12%...
Travis Perkins plc
Debt reduction the highlight in 2025
Travis Perkins’s 2025 results are meaningful in that they are the first numbers under the leadership of Gavin Slark, who started as CEO at the beginning of the year. The results...
Marshalls
Strategy update highlights emphasis on operational delivery
There are no surprises in Marshalls’ results for 2025, and all attention is on the road ahead. Without supportive end-markets, the objective for Marshalls this year will be to deliver on...
SigmaRoc plc
Another year of delivery expected
Consistent execution remains SigmaRoc’s (SRC) hallmark, with strong FY25 results despite mixed markets. Structural tailwinds offer upside into 2026, while the group’s wellproven model of...
