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Narrow-Moat CRH Reports Solid Start to the First Quarter; Shares Are Fairly Valued

Matthew Donen, CFA Equity Analyst

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.

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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 United States.

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