CRH public limited company Equity Research & Stock Reports

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21 Nov 23

9m 23: Price surge for short-term gain, acquisitions for long-term growth

CRH’s 9-month performance met our projections. Sales soared by 8%, accompanied by a 14% increase in EBITDA, leading to a 100bp rise in the EBITDA margin. Strong demand and robust pricing, notably in the American markets, buoyed this performance, countering the weaker conditions in Europe. CRH has marginally lifted its EBITDA forecast to $6.3 billion.

Companies: CRH public limited company

AlphaValue

28 Aug 23

H1: pursuing the American dream

CRH delivered strong half-year figures which beat consensus expectations, achieving a 90bp EBITDA margin increase, and presenting a positive outlook for FY23. Sales and EBITDA were up 8% yoy and 14% yoy, respectively, mainly supported by a consistent price increase and operational efficiency that was able to offset inflation and unfavourable weather conditions. The company also continued its share buy-back programme amounting to $1bn in H1, together with an interim dividend increase proposal o

Companies: CRH public limited company

AlphaValue

03 Mar 23

FY22: All eyes on the US

CRH announced a good set of FY22 results in line with the market and our estimates. EBITDA was up by 13% with a margin improvement of 10bp despite lower sales volumes and headwinds from cost inflation and currency effects. The cash conversion ratio was maintained at a high level of 80%, accompanied by a low net debt/EBITDA ratio of 0.9x. The company has proposed a total dividend of $1.27 (+5% yoy) and a $3bn share buyback over the next 12 months.

Companies: CRH public limited company

AlphaValue

22 Nov 22

9m 22: Resilient performance overall despite FX headwinds

CRH’s 9-month results were in line with our expectations. Sales were up by 13% to $24.4bn and EBITDA up by 14% to $4.2bn despite FX headwinds. The EBITDA margin was up by 10bps. This performance was supported by resilient demand and good pricing power particularly in America Materials and Building Products which offset the softness in Europe Materials. The company re-iterated its guidance for FY22 EBITDA.

Companies: CRH public limited company

AlphaValue

26 Aug 22

H1 22: margin improvement against all odds

CRH has reported H1 results beating the market consensus. Sales were up +14% yoy, supported by strong demand as well as price progression. This growth was accompanied by a 90bp increment in the EBITDA margin, driven by strict cost management. Management expects the good momentum to continue despite cost headwinds and has guided the FY22 lfl EBITDA to be around $5.5bn (+9% vs our current estimate). Hence, we will upgrade our estimates following this result.

Companies: CRH public limited company

AlphaValue

03 Mar 22

FY21: entering 2022 with deep pockets

CRH announced a good set of FY21 results. EBITDA was up by 16% with a margin improvement of 50bp despite headwinds from cost inflation (energy cost inflation of 25% over the year). The cash conversion ratio was maintained at a high level of 80%, accompanied by a low net debt/EBITDA ratio of 1.2x. The company has proposed a total dividend of $1.21 (+5% yoy).

Companies: CRH public limited company

AlphaValue

08 Dec 21

Potential sale of Oldcastle Building Envelope

It is rumoured that CRH is planning the sale of its Oldcastle Building Envelope unit for more than $3bn. This implies that the business is valued at at least 11x EV/EBITDA which is just slightly above our estimate and, hence, it will have a limited positive impact on the NAV. This deal would drive CRH’s portfolio more towards heavy-side materials. Proceeds from the deal may be used for further acquisitions in the Americas Materials segment or for higher shareholder remuneration.

Companies: CRH public limited company

AlphaValue

23 Nov 21

9m 21: faring better on the costs front

Overall, a good operating performance with 9m sales and EBITDA up by 11% and 15% respectively. It was able to manage its margins better than some of its peers as it is a solutions rather than just products provider which allows it to have flexible pricing. Management expects FY21 EBITDA at €5.25bn which is 7% above our current estimate. Hence, we will revise our estimates upwards which will lead to a positive revision to our target price.

Companies: CRH public limited company

AlphaValue

26 Aug 21

H1 21: significant inorganic growth expected in the short term

CRH has reported +15% growth in H1, supported by good demand momentum and price progression across all divisions, which is expected to continue in H2 as well. The group has demonstrated excellent cash generation and has lowered its net debt by $1.8bn. Due to a favourable market backdrop and its good liquidity, we expect high inorganic growth in the short term.

Companies: CRH public limited company

AlphaValue

30 Apr 21

Q1 21: favourable growth momentum for the full year

CRH has reported +3% lfl growth in Q1, which was largely driven by the Building Materials segment. We expect the full year to be supported by favourable organic growth against a strong macro-economic backdrop (particularly in the US), backed by active M&A with a possibility of a big acquisition given CRH’s firepower.

Companies: CRH public limited company

AlphaValue

05 Mar 21

FY20: focusing on shareholder remuneration

CRH announced a good set of FY20 results. EBITDA was up by 5% lfl with a margin improvement of 120bp despite a 2% decline in sales. Net income was impacted by an impairment of €800m, mostly related to the assets in the UK. It saw high cash generation which further strengthened its balance sheet. CRH has proposed a total dividend of $1.15 (+25% yoy) and is recommencing its share buy-back programme.

Companies: CRH public limited company

AlphaValue

24 Nov 20

9m 20: financial strength boosted by weak M&A game

Overall, a good operating performance with 9m lfl EBITDA 2% ahead of 9m 19. Management expects EBITDA to be above $4.4bn, and other items to be largely in line with last year, with the P&L mainly impacted by $0.8bn of non-cash impairment. In view of these results, we expect a slight increase in our target price. We intend to keep our Add recommendation.

Companies: CRG CRH CRH CRH

AlphaValue

21 Aug 20

H1 20: robust result; proposed interim dividend at last year’s level

CRH has reported H1 results better than consensus expectations. Sales were down by only 3% lfl. On the EBITDA side, Americas Materials’ EBITDA was up by 20% and Building Products’ EBITDA was up by 11% due to solid pricing, good cost control and lower energy costs. Europe Materials’ EBITDA was 28% below primarily due to severe lockdowns in western Europe. Management has not communicated guidance for FY20.

Companies: CRH public limited company

AlphaValue

23 Apr 20

Q1 20: favourable performance in North America

CRH has reported +3% lfl growth in Q1 which has been largely driven by Americas Materials (+8%). Building Products observed 3% lfl growth, while the sales in Europe Materials remained flat. The company is currently seeing about an 80% activity level in the USA and Eastern & Central Europe, while, in the Western Europe, it is only about 20-40%. In the absence of 2020 guidance, and with no significant changes to our 2020 assumptions, we stick to our current ADD recommendation.

Companies: CRH public limited company

AlphaValue

28 Feb 20

FY19: another good year with market consolidation at its core

The company performed better than other cement companies in our universe due to its limited geographical footprint, especially in MEA. Sales were up 6% (3% lfl). All its major markets performed well except for the UK which suffered from uncertainties around Brexit. EBITDA increased by 7% lfl. CRH strengthened its balance sheet by performing numerous acquisitions and divestments including the Indian JV. 2020 continues to look favourable for the company and it has proposed a dividend of €0.83.

Companies: CRH public limited company

AlphaValue