CRH : What’s not to like
>Feedback on FY 2021 figures - EBITDA came in at $ 5.35bn (+11% on l-f-l and 16% in real terms), 2% ahead of our expectations and the consensus. CRH reported an EBITDA margin improvement of 50bp to 17.1%, in line with 9M 2021. The geographic/business mix accounts, in our view, for the better price effect than for its competitors. Net debt came to $ 6.3bn vs $ 5.9bn at end-December 2020. The group spent $ 1.5bn on acquisitions at an EBITDA multiple of ~7.0x ($ 100m mor...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.
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.
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