Profit Growth Exceeds Our Expectations; Acquisition Solidifies Exposure to Favorable End Markets

We commend CRH’s strategic repositioning toward being a one-stop shop for construction customers by integrating upstream and downstream activities. The group is the most defensive of our European construction materials coverage because of its exposure to publicly funded U.S. infrastructure activity, which will allow the group to better withstand an economic downturn than its Europe-concentrated peers. As the largest roadbuilder in North America, CRH is well positioned to benefit from recently signed legislative acts that will help support construction demand.