CRH: Clouds are gradually parting away
CRH: (BUY, Fair Value EUR38 vs. EUR37 (+23%))Clouds are gradually parting away
Last week, the Irish building material group finally received the green light from the FTC for the Ash Grove acquisition, with limited divestments requested. This positive news, combined with better macro data – e.g. USD/EUR and the recent oil prices trends, is an opportunity for us to reiterate our positive stance on the stock, on the back of a clear strategy. Besides, contrary to LafargeHolcim, HeidelbergCement or even Saint-Gobain, the group is barely exposed to the EM.
CRH is a diversified international building materials company. Co. is engaged in the manufacture and distribution of a range of building materials products from the fundamentals of heavy materials and elements to construct the frame, through value-added products that complete the building envelope, to distribution channels which service construction fit-out and renewal. Co. operates seven operating segments: Europe Heavyside, Europe Lightside, Europe Distribution, Americas Materials, Americas Products, Americas Distribution and Asia.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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