Analyst Note| Matthew Donen, CFA |
Narrow-moat CRH’s revenue is tracking in line with our expectations after reporting 3% like-for-like sales growth in the first quarter. We attribute weaker top-line growth than LafargeHolcim to CRH’s lower concentration in emerging markets, which have outperformed. Typically, the first quarter is a quiet season for the group, and we believe our expectation of 5% sales growth for the full year remains achievable. We retain our GBP 30 fair value estimate, with shares currently fairly valued.