Report
Sven Edelfelt

CRH : 2021, a year of growth and acquisitions

>2020: decent results given the pandemic - EBITDA came in at $ 4.6bn, up +3.4% (+5% l-f-l, consensus at $ 4.45bn). CRH posted a very good cash conversion rate and cash flow of $ 3.9bn in 2020, stable vs 2019. Net debt fell to $ 5.9bn vs $ 7.5bn in 2019 and the consensus of $ 6.1bn (net debt/EBITDA ratio of 1.3x) thanks to solid cash generation and the decline in capex. The dividend was up 25% to 115c and there is a new $ 0.3bn asset buyback programme out to end-June ...
Underlying
CRH Plc

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.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Sven Edelfelt

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