Jan 24 2020
Industrials
Recent Research
Berkeley Group, Increases shareholder returns
Jan 22 2020
Mincon Group, Acquires Lehti Group Oy
Jan 20 2020
Meet your Industrials Research team
Saint-Gobain Group
Asbestos and activism
Saint-Gobain has moved to resolve its legacy asbestos issues once and for all. An affiliate of the group’s CertainTeed business has filed for Chapter 11 bankruptcy in an effort to...
Breedon Group
Cemex deal ticks all the right boxes
The more we look at the Cemex deal, the more we like it. The timing is ideal, taking advantage of both end-market weakness and an indebted competitor. There appears significant...
Forterra plc
Trading update as expected; likely weaker H1 suggests possible modest cut to 2020 estimates
Forterra’s trading statement indicates that the group’s pre-tax profits for 2019 will meet Board expectations (which had been lowered in October). As with Ibstock’s recent update,...
Berkeley Group
Increases shareholder returns
Berkeley Group has had the cash resources for this increase for some time and, to some extent, it was a matter of when rather than if it would increase the pay-out. The returns are...
Mincon Group
Acquires Lehti Group Oy
Mincon’s acquisition of Lehti gives the group control of the manufacturing of a large portion of the product range acquired with PPV. The price looks attractive from a Mincon...
Paper & packaging
Cash generation remains robust despite earnings revisions; buy SKG and MNDI
Despite a strong performance in 2019, the current valuation of the European packaging sector does not fully reflect the structural improvement in margins and returns achieved in...
Breedon Group
Acquisition of Cemex UK assets for £178m
Breedon’s acquisition of certain Cemex UK assets looks like a strong strategic fit, executed at an opportune time, without overly stretching the balance sheet. A couple of items...
Cairn Homes
Announces appointment of new CFO
Shane Doherty has been announced as the new Chief Financial Officer (CFO) of Cairn Homes and will bring a significant level of experience to the team upon his arrival in April.
CRH
Share buyback update
CRH has further extended its share buyback having returned c.€1.6bn to shareholders since the programme began in May 2018. With debt levels falling rapidly, the group is not short of...
Glenveagh Properties
Exceptional performance continued, volume target beat of 16%
Glenveagh has continued its strong performance operationally since IPO by beating its 2019 volume target by 16%. Revenue for the group is 3% ahead of our expectations and margins...
