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CRH Remains on Track to Deliver Record Profit in 2021 After Strong Q3; We Moderately Raise Our FVE

Matthew Donen, CFA Equity Analyst

Analyst Note

| Matthew Donen, CFA |

Narrow-moat CRH delivered a strong third quarter against a tough comparative, reporting organic revenue and EBITDA growth of 4%. Performance for the full year is tracking in line with our expectations, which we expect will deliver full-year EBITDA growth of approximately 15%. We raise our fair value estimate to GBX 3,550 from GBX 3,250, which is attributable to an increase in our medium-term forecasts following the $1.2 trillion infrastructure bill and beneficial exchange-rate translation. CRH has the most attractive earnings outlook out of our European construction materials coverage, however the market is correctly assigning a premium multiple to the business, which sees the stock trading close to our revised fair value estimate.

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Company Profile

Business Description

CRH is a global manufacturer of a range of building products used in construction projects, operating via a vertically integrated business model. The past decade has seen CRH transform into a leading building materials business, with increasing exposure to upstream building activities such as aggregates and cement. CRH’s geographic footprint is mostly across developed markets. North America is CRH’s largest market and accounts for 59% of sales. The company is the largest producer of aggregates and asphalt in the U.S.

Stonemason’s Way, Rathfarnham
Dublin, D16 KH51, Ireland
T +353 14041000
Sector Basic Materials
Industry Building Materials
Most Recent Earnings Jun 30, 2008
Fiscal Year End Dec 31, 2021
Stock Type
Employees 77,100