Table of contents
Investment thesis 3
Building sector is early cycle 5
What stage is the construction cycle at? 7
US construction—housing is key catalyst 9
Focus on companies with US and residential exposure 18
Valuation, ratings and target prices: factoring in a recovery 20
Revised target prices 23
Sector valuation 25
Balance sheet profiles and refinancing needs 26
Buzzi Unicem (BZU.MI) 27
CRH (CRH.I) 29
Holcim (HOLN.VX) 31
Italcementi (ITAI.MI) 33
Kingspan (KSP.I) 35
Lafarge (LAFP.PA) 37
Saint-Gobain (SGOB.PA) 39
Titan Cement (TTNr.AT) 41
Wienerberger (WBSV.VI) 43