Building & Construction

Building & Construction equity research

Explore the most viewed and latest equity research and media content for companies within the Building & Construction sector. Stocks in this sector provide goods such as construction materials and offer services from contractors.

Building & Construction equity research

10 Mar 19

THE MONTHLY March 2019

In the investment world, before MiFID II, essentially every institution talked to every broker, and the whole, professional market could see every research note and the forecasts in detail. This was the ‘Age of Consensus’. Everyone had the same information (well, everyone except retail investors), and this transparency helped share price formation and liquidity

Companies: OPM AVO AJB AGY ARBB AVCT CMH CSH DNL GTLY GDR KOOV MCL OXB RE/ REDX STX SCE SIXH TRX TON VAL VTA W7L

18 Mar 19

LIBERUM: Volution* - Improving growth and Reading resolved

Volution has reported PBT up 8% to £19.2m, 1% better than we expected. The highlights of these results are that the Reading facility is now producing at normal levels, UK public RMI is growing again and acquisition integration is progressing well.

Companies: Volution Group

31 Jan 19

Quarterly Research Outlook

The market has not faced quite so many conflicting challenges for a number of years, whether related to global geopolitics, trade wars, ongoing Eurozone issues or the “will they, won’t they” saga of Brexit. In our Best Ideas, we sought to highlight stocks that present investors with interesting opportunities following recent market moves. Those stocks, we believe, warrant investor attention, in many cases for uncorrelated or stockspecific reasons, regardless of the near-to-medium term market direction. These stocks, in general, represent attractive and well-managed businesses or assets, with share price catalysts and where valuations or recent stock performance provide investors with a good entry point.

Companies: 7DIG ABBY AMS ANX ARS ATYM AVON BLVN PIER CGS CAML CALL CSRT TIDE DTG DEMG ELM EMR FPO FST GTLY GENL GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KEYS KCT KGH LAM MACF MOD MKLW OXIG PCA PARK PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TWD TRAK TRI VNET VTC ZTF

13 Mar 19

Steady state

Britain’s second largest brick producer beat consensus and our estimates, buoyed by continuing growth in housebuilding. Management maintained its outlook for FY 2019E. We have trimmed our EBITDA forecast into line with consensus but nudged up EPS. Our belief that brick demand will continue to outstrip supply is supported by a slew of data indicating that housebuilding and home extensions are holding steady despite the Brexit furore.

Companies: Forterra

14 Jan 19

Opportunity knocks

We are introducing our Best Ideas for 2019 and also review the performance of last year’s picks. We suggest ten solidly financed stocks with good business dynamics that ought to be considered for core portfolio holdings and six UK domestically focused stocks that our analysts believe should perform strongly in the event that uncertainties unwind. We also introduce a new style of research from N+1 Singer which presents a Company’s dynamics and metrics in a clear and concise manner and concentrates on the pivotal issues affecting that Company and an investment decision.

Companies: BCA CLIN CLG CBP DNLM EAH FDL FCRM FUTR GTLY INS GLE NICL SDL SPR TRI

05 Feb 19

THE MONTHLY February 2019

This Investment Research Paper addresses the issue of renewable power generation in the UK and in mainland Europe, which – after the deep-seated financial crisis of 2008/09 and the ensuing recession – now has better prospects of achieving critical mass. It also considers investment perspectives.

Companies: OPM AVO AJB AGY ARBB AVCT DISH BUR CLIG CSH DNL DPP GTLY GDR HAYD KOOV MCL MUR NSF OXB PCA RE/ REDX STX SCE SIXH TRX TON VAL VTA W7L

11 Mar 19

LIBERUM: Kier Group* - Two issues drive higher net debt

Accounting error results in the restatement of £40m of net debt from assets held-for resale to underlying net debt. The Broadmoor contract results in a £25m non-underlying charge in H1 and a £25m reduction in future receipts.

Companies: Kier Group

06 Mar 19

LIBERUM: Costain* - Expect both divisions to achieve 4-5% margins in 2019

Costain’s FY 18 results are broadly in line with expectations, with strength in Natural Resources. Andrew Wyllie has retired as CEO and will be replaced by Alex Vaughan.

Companies: Costain Group

08 Mar 19

LIBERUM: Costain Group* - Strong order book and prospects

At the FY Costain delivered 16% FD EPS growth. The B/S remains strong, and we continue to expect sound EPS growth.

Companies: Costain Group

23 Apr 18

Value screen refresh and 10 focus stocks

We have completed another refresh of our value style screen, first established as of 12 May 2015. As usual the screen selected the 25 stocks exhibiting the most extreme value characteristics from our universe, and we have chosen 10 stocks to focus on. Since the last refresh, two days before the last general election, which resulted in a hung parliament, the screen has performed a little better than the small-cap index with our focus stocks outperforming by about 500bps. The weighting to UK consumer stocks noted last time detracted from performance, which came as little surprise given our cautious stance, much discussed in our other strategy work this year. One might have expected more consumer exposure in the refreshed screen given this year’s severe underperformance, but it appears forecasts have been similarly downgraded, keeping much of the sector outside our value criteria

Companies: AUG EHG GOAL MMH RTHM SDY TEF VANL

22 Aug 18

LIBERUM: Costain* - EPS up 16% and estimate increased 3%

H1 FD EPS up 16% with a shift away from large capital projects and particular strength in Natural Resources. New HE connected vehicle technology contract yesterday illustrates shift towards technology.

Companies: Costain Group

31 Aug 18

LIBERUM: Costain Group - Improving mix should drive margins

H1 FD EPS growth of 16% was ahead, with a better-than-expected performance from Natural Resources (NR), but weaker revenues in Infrastructure. FY18 FD EPS increased by 3% at the results due to lower pension interest.

Companies: Costain Group

23 Oct 18

Quarterly Research Outlook

The June IPO of Knights Group Holdings, a Top-100 regional law firm, marked the fifth entrant to the burgeoning UK-listed legal sector. Following recent expansion of our coverage across all five listed legal firms, complemented by coverage of three broader support services peers with exposure to the sector, we revisit and build upon our views on this rapidly evolving sector.

Companies: ARS GTLY GENL KEYS KGH MNO RBGP TWD 7DIG ABBY AMS AMER ANX ARS ATYM AVON BLVN PIER CGS CAML CALL CSRT TIDE DTG DEMG ELM EMR FPM FPO FST GTLY GENL GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KEYS KGH LAM MACF MNO MKLW NAH OXIG PCA PARK CAKE PDG RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TWD TRAK TRI VNET VTC ZTF

03 Dec 18

LIBERUM: Costain Group* - Seminar highlights technology opportunities

Costain’s markets are regulated and predictable. Management is pleased with the regional investment programme, which should be worth £1.5bn to Costain.

Companies: Costain Group

19 Dec 18

Accsys Technologies - Moving to EBITDA positive

Accsys continues to make positive progress and is now generating revenue from its latest investment at Arnhem. We expect the new, under-construction Tricoya facility to follow suit within the next year, at which point annual group revenue potential will be around €150m according to management. In the near term, we expect to see an EBITDA positive outturn in FY19.

Companies: Accsys Technologies

06 Mar 19

Breedon Group - Full-Year Results 2018 Interview

24 Aug 18

Henry Boot - Interim Results 2018

05 Sep 18

Breedon Group - Half year results 2018 interview

13 Jun 18

Norcros plc - Preliminary Results, Year Ended 31st March 2018

10 Dec 18

T Clarke (CTO) Presentation at MELLO London November 2018

30 Nov 17

Capital Network's Ed Stacey on Norcros PLC

07 Mar 18

Breedon Group - Full-Year Results 2017 Interview

16 Nov 17

Norcros PLC - Half year results for the six months to 30 September 2017

08 Mar 17

Breedon Group Plc - Full year results 2016 interview

29 Aug 17

Henry Boot - Analyst interview, WH Ireland

17 Nov 16

Norcros - Half year results

14 Jun 17

Norcros PLC - Executive interview with CEO Nick Kelsall

06 Dec 18

Executive Interview - Delignit

17 May 17

finnCap - Henry Boot, The ultimate scarce resource - land

Premium

15 Nov 18

Norcros plc - Half year results for the six months to 30 September 2018

Latest Content

Volution Group

LIBERUM: Volution* - Improving growth and Reading resolved

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18 Mar 19
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Forterra

Steady state

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13 Mar 19
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Kier Group

LIBERUM: Kier Group* - Two issues drive higher net debt

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11 Mar 19
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JAN WJG NKTN GROW OPG ORR NTBR MOGP CORO SCH

Small Cap Feast

Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Diaceutics, a data analytics and implementation services company which services the global pharmaceutical industry, is looking to join AIM late March, offer TBC.

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11 Mar 19
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OPM AVO AJB AGY ARBB AVCT CMH CSH DNL GTLY GDR KOOV MCL OXB RE/ REDX STX SCE SIXH TRX TON VAL VTA W7L

THE MONTHLY March 2019

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10 Mar 19
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Costain Group

LIBERUM: Costain Group* - Strong order book and prospects

At the FY Costain delivered 16% FD EPS growth. The B/S remains strong, and we continue to expect sound EPS growth.

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08 Mar 19
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Koninklijke Boskalis Westminster

FY18: worrisome guidance for FY19

The most important fact from this earnings result is that management expects that it will be difficult to exceed the FY18 net operating profit in FY19. Overall, we expect to decrease our target price but to keep a positive recommendation.

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08 Mar 19
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Lafargeholcim

FY18: 2019 should be fundamentally a better year

Q4 sales missed the lowest estimate, but the company registered an over-proportional increase in profitability in the last quarter. Indeed, Q4 recurring EBITDA was in line with expectations. Overall, we believe that the key financial indicators are in line with the market expectations. Hence, we expect to keep our recommendation unchanged.

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07 Mar 19
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Breedon Group

Breedon Group - Full-Year Results 2018 Interview

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06 Mar 19

Costain Group

LIBERUM: Costain* - Expect both divisions to achieve 4-5% margins in 2019

Costain’s FY 18 results are broadly in line with expectations, with strength in Natural Resources. Andrew Wyllie has retired as CEO and will be replaced by Alex Vaughan.

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