Table of Contents
Executive summary..................................................................4
Changes to EPS estimates ......................................................5
Changes to target prices .........................................................7
Key rating changes ..................................................................8
Sector stance..........................................................................10
Outlook for major markets.....................................................14
Other key issues.....................................................................26
Outlook by sub-sector ...........................................................32
Aggregates..............................................................................33
Cement ....................................................................................87
Gypsum.................................................................................179
Company Profiles.................................................................203
Buzzi Unicem....................................................................204
Cemex ...............................................................................221
Ciments Francais .............................................................240
CRH Plc.............................................................................257
Eagle Materials .................................................................276
Holcim Ltd.........................................................................292
Italcementi ........................................................................315
Lafarge ..............................................................................332
Martin Marietta Materials .................................................358
Saint-Gobain.....................................................................375
Titan...................................................................................392
Vulcan Materials...............................................................409
Appendices
Appendix I: Country Forecasts ...........................................426
Appendix II: Valuation..........................................................466