CRH: still BarCap's 'top pick' building stock
(CercleFinance.com) - Barclays Capital maintains its "overweight" rating on shares of Irish building materials group CRH and keeps the stock as its top pick in the European construction sector.
In a sent note to clients entitled "on track despite disruptions," the broker writes that CRH combines one of the best geographical mixes in the sector (Europe/US representing over 95% of earnings, limited emerging markets' exposure) and excellent capital allocation (asset rotation, share buybacks).
"Despite peer de-rating, European assets still implicitly trade at a 60% discount to peers," BarCap said in the note.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
In a sent note to clients entitled "on track despite disruptions," the broker writes that CRH combines one of the best geographical mixes in the sector (Europe/US representing over 95% of earnings, limited emerging markets' exposure) and excellent capital allocation (asset rotation, share buybacks).
"Despite peer de-rating, European assets still implicitly trade at a 60% discount to peers," BarCap said in the note.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.