CRH: H1 2018 EBITDA in line with expectations
CRH: (BUY-TOP PICKS, Fair Value EUR38 (+31%))H1 2018 EBITDA in line with expectations
CRH has reported interim figures in line with expectations, with revenues up 2% lfl at EUR11.9bn and EBITDA up 1% at EUR1130m, with a positive trend in Americas but continuing negative one in Asia. Outlook is roughly unchanged, in line with previous guidance. Europe performance should improve in H1 while Americas shoud continue to benefit from a favorable US Construction market. Asia woes will continue though. Although H1 figures were in line, the group benefits from a positive momentum, with an active portolio management policy (EUR2.9bn divestment, EUR3.4bn acquisitions), the completion of the 1st phase a a share buy-back program). Conference call at 9h30.
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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