Crh Investors - CRH

Crh Investors - CRH

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Crh Plc CRH London Ordinary Share IE0001827041 ORD EUR 0.32 (CDI)
  Price Change Price Change % Stock Price Last Trade
76.00 2.15% 3,610.00 16:35:02
Open Price Low Price High Price Close Price Previous Close
3,584.00 3,553.00 3,612.00 3,610.00 3,534.00
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3rd eye: CRH........CRH PLC trading update yesterday bullish on second half. Good write up here......... One Footsie dividend growth stock I’d buy and one I’d sell today Rupert Hargreaves | Wednesday, 25th April, 2018 Building materials company CRH (LSE: CRH) might not look like a traditional income stock at first glance, but current City forecasts suggest this business is going to grow into one over the next few years. Indeed according to City figures, over the next two years CRH’s dividend payout to investors is expected to grow by around 10% to €0.75 per share by 2019. But to me, this looks like a conservative forecast given CRH’s management has always prioritised investor returns. For example, the firm announced today a €1bn share buyback to return additional capital, even though trading during the first quarter has been mixed. Thanks to “prolonged winter weather conditions and the timing of Easter holidays” first quarter like-for-like sales declined 2%. Group earnings before interest tax depreciation and amortisation (EBITDA) are expected to be in line with last year’s print. Nevertheless, after this minor setback, management is expecting EBITDA to be ahead of last year in the second half “in the absence of any major market dislocations,” according to its trading update issued today for the three months ended 31 March. Improving the portfolio CRH’s management is always on the lookout for ways to improve performance. Thanks to these efforts, earnings per share have more than doubled over the past six years. And it doesn’t look as if the enterprise is going to slow down anytime soon. During the first quarter, the company spent €150m on six bolt-on acquisitions and is planning €1.5bn-€2bn for further portfolio divestments over the “medium term” as the group tries to streamline its portfolio and improve overall returns. While some of this divestment cash will be returned to investors, I believe some will also be invested in new growth opportunities. Analysts have pencilled in earnings per share growth of 24% of 2018, followed by 15% for 2019. Based on these estimates, the shares are trading at a 2019 P/E of 12.6, which looks to me to be too cheap considering CRH’s historical growth and income potential. The shares currently support a dividend yield of 2.6%. ============================================================================= I agree with the tipster the stock looks very cheap given EPS growth going forward. Analysts have pencilled in earnings per share growth of 24% of 2018, followed by 15% for 2019 Never mind an income stock those figures equate to a ZULU stock under the late Jim Slaters formula.
wexboy: 2016 – The Great Irish Share Valuation Project (Part II): Company: CRH (CRH:ID) Last TGISVP Post: Here Market Cap: EUR 22,579 M Price: EUR 27.40 When Albert Manifold kicked off as CEO, it certainly looked like he was planning to right-size a rather stretched balance sheet (I even wondered whether he’d launch a rights issue). But it’s always hugely tempting for a new CEO (esp. the CEO of an Irish corporate icon like CRH), to make his mark as an empire-builder, so that resolve didn’t last long… Despite announcing a €1.5-2.0 billion multi-year disposal programme in late-2014, 2015 proved to be the year for mega-acquisitions – totaling almost €8 billion, primarily the Lafarge-Holcim & C.R. Laurence Co acquisitions. [OK, Manifold did a placing in the end, but only to fund about 25% of the LH deal]. While underlying organic growth’s now progressing at a very healthy clip (primarily driven by renewed US momentum), we haven’t reached a point where it’s easy to determine an appropriate P/E multiple – therefore, we’ll use a similar approach to my previous write-up. Noting CRH’s two big acquisitions closed in H2-2015, first we need to calculate a post-acquisition revenue run-rate: LH revenue’s €5.1 billion & the deal closed end-July, so that’s a €3.0 billion revenue bump for FY-2016. And CRL revenue’s $570 million & it closed end-Aug – an additional $380 million revenue bump. CRH’s FY-2015 EBIT margin was 5.6%, which compares to a peak 9.9% margin (back in 2007) – so relying on the company’s actual Op FCF margin (of 8.3%) seems appropriate here for valuation purposes & deserves a 0.75 P/S multiple. [Which seems fair for the incremental acquisition revenue also – LH & CRL earn much higher EBITDA margins than CRH, but since CRH’s Op FCF margin’s about 50% higher than its EBIT margin, it seems unwise to specifically adjust margin higher for these acquisitions]. And looking at average FY-2015 debt levels vs. year-end debt of €9.2 billion vs. underlying net interest costs, I estimate FY-2016 net interest cost will be around €366 million (vs. a prior €295 million), which is just over 16% of Op FCF – so a debt adjustment no longer seems necessary, bearing in mind CRH also has €2.5 billion cash on hand (also provides cover for a €0.6 billion pension deficit). [OK, props to Manifold…he217;s bloody well cashing his way out of a stretched balance sheet!]: (EUR 23.6 B Rev + 3.0 B LH + $0.4 B CRL / 1.1115 EUR/USD) * 0.75 P/S / 824 M Shares = EUR 24.53 CRH looks marginally over-valued at this point. But noting the underlying momentum of its US business, and likely cost savings to come from its two major acquisitions, we should hopefully see it grow into its current market cap over the next year. But investors should also be mindful of potential integration and/or (renewed) economic risks here, which could prove challenging for a company that’s relatively leveraged at this point. Price Target: EUR 24.53 Upside/(Downside): (10)% — For related links/graphs/files, and more TGISVP analyses/price targets: Google the Wexboy investment blog.
jeffcranbounre: CRH is featured in today's ADVFN podcast To listen click here> In today's podcast: - City Investor and financial write Chris Oil will be chatting about a small cap oil stock that city analysts reckon could be a ten bagger. Chris on Twitter is @ChrisOil - And the micro and macro news including: Tesco #TSCO Quindell #QPP Ted Baker #TED Standard Chartered #STAN Spirent Communications #SPT Howden Joinery #HWDN Marks and Spencer #MKS CRH #CRH Hays #HAS Talk Talk #TALK British Land #BLND Grafton #GFTU Dunelm Group #DNLM Samsung SQS Software #SQS Renishaw #RSW Zoopla #ZPLA #BOO Foxtons Group #FOXT Every Tuesday is Ten Bagger Tuesday on the podcast. If you know of a stock, whose share price has the potential to increase ten fold, just click the link below. Ten Bagger Tuesday (All it involves is filling out a form that will take you around 5 minutes and you don't personally appear on the podcast). Once a week, on a Friday, I feature a tip from a listener to this podcast, if you'd like to suggest a stock click the link below: Suggest a stock (Again all it involves is filling out a form that will take you around 5 minutes and you don't personally appear on the podcast). You can subscribe to this podcast in iTunes by clicking HERE To follow me on Twitter click HERE As a listener to the ADVFN podcast you can take advantage of some exclusive first year discounts on popular subscriptions: Bronze - £50 (normally £73.82/year) Silver - £145 (normally £173.71/year) Level 2 - £350 (normally £472.94/year) Call 0207 0700 961 and ask for the ADVFN Podcast discount to take advantage of these reduced rates or just CLICK HERE for more information. Please DO NOT buy any stock recommended in this podcast basely solely on what you hear. The opinions in this podcasts are just that, opinions. Please do you own research before investing. Justin    
wexboy: Company: CRH Prior Post(s): 2012 & 2013 Ticker: CRH:ID Price: EUR 20.98 2013 wasn't a great year for CRH – the new CEO, Albert Manifold, has inherited an uphill task (& a stretched balance sheet) from veteran Myles Lee. Total revenue fell marginally – again, weak trading in Europe was the culprit, but it's notable CRH's (2012) US momentum has mostly dissipated (with revenue up just 2%). Europe had a more pronounced (negative) impact on profitability, with CRH's underlying operating profit margin falling to just 4.0%. [This performance also prompted a 2013 portfolio review, resulting in a EUR 0.6 billion write-down & a plan to divest 45 (primarily European) business units]. Fortunately, this kind of stagnation often benefits the cash flow statement – something we can reasonably expect again in 2014 – for 2013, this resulted in a 5.6% operating free cash flow (Op FCF) margin. For valuation purposes, I'll still assume we'll see an eventual convergence towards CRH's long-term margins of almost 10% – so let's utilize an average 7.8% margin here. However, it's worth highlighting fresh anxieties over Chinese/emerging market growth mean the timing of this convergence has become that much more uncertain... On the other hand, CRH is still the Irish blue chip for domestic & international investors (well, even though it's not very Irish...) – so I'll continue to assign a 0.7 P/S multiple. But leverage remains a big problem – EUR 255 million of net interest expense is a whopping 35% of adjusted operating profit. But let's be generous here & focus on CRH's Op FCF of just over EUR 1.0 B instead...unfortunately, net interest's still over 25% of this figure. I calculate total debt (of 5.5 B) would need to be reduced by about 39%, to limit net interest to 15% of Op FCF – therefore, we'll include a 2.1 B (negative) debt adjustment in our valuation, plus a 336 M adjustment for the net pension deficit. However, cash has now accumulated to a rather ridiculous 2.5 B – I suspect management will opt for ample liquidity, but it seems reasonable to assume 50% of this cash will be used to offset debt balances/maturities. Put all this together & we have: (EUR 18.0 B Revenue * 0.7 P/S + 2.5 B Cash * 50% – 2.1 B Debt Adjustment – 0.3 B Net Pension Deficit) / 735 M Shares = EUR 15.53 CRH remains pretty over-valued. I suspect there's a potential takeover premium embedded in the price – considering the Holcim-Lafarge merger news, we may be on the verge of a new wave of consolidation. If that's the case, CRH is a mere morsel – shareholders often seem to presume it's a global player, but in reality it barely cracks the top 40 largest cement companies. Meanwhile, shareholders probably face another tough year...and it might prove tempting for the new CEO to indulge in another kitchen-sink job this year, or to even consider a rights issue. Price Target: EUR 15.53 Upside/(Downside): (26)%
miata: The Board is recommending a final dividend of 44c per share, in line with the final dividend for 2010. This gives a total dividend of 62.5c for the year, maintained at last year's level. It is proposed to pay the final dividend on 14 May 2012 to shareholders registered at the close of business on 9 March 2012. S&P said the share price looked "stretched" relative to CRH's peers, given the absence of a significant sales recovery in its main markets of the US and Europe. Shares in CRH, which moved its primary listing to London from Dublin last year to broaden its investor base, closed down 26p at £13.42.
bongo bwana: mY THANKS TO A WONDERFUL CONTRIBUTER OVER AT WCC - Enjoy. "HKDaily, 8th Nov. (good news but not urgent, Re: China's new open welcoming policies to lure/attract global foreign investments to enter Central West China directly) Edit: done, HKDaily is pure Chinese readership, this report in detail is not found in other Dailies.... 中國341;資趨勢導521;中西部 CHINA IS TO LEAD (INT'L) INVESTMENT FUNDS (LIKE IN MISSILE-GUIDING) SCHEME INCLINING AND AIMING TOWARDS CENTRAL WEST CHINA 【新577;訊】國家332;改委副主219;張曉強日069;表示,中283;在改革開918;30年໵1;,累計吸ং1;外資超過1Œ36;億美元。Ĉ10;來將引導ä06;資更多投×21;高新技術z89;先進製造z89;節能環保z89;新能源和Ĩ94;代服務業Ļ61;領域,並Ɨ23;勵外資投Ũ39;中西部。 [HsinPao or HKDaily News] Mr. Zhang, Hsiao-Chiang, vice Chairman of China Development said for the 30 years of revolutionary developmental changes in China, there has been an absorption of 10,000 Billion worth of US$ inflowing into China. In the future, there will be guiding programmes to lead/direct foreign currencies funds to invest (in China) towards the following areas: New and High Technologies Advanced Production Methodologies Enviromental Energy Conservation New Energy Sources Modern Managerial Skills and Services Also, there is active encouragement (and guiding) these foreign interests to invest direct directly into Central West China. (Shaanxi is considered central West China) 外商452;接投資逾!836;億美元 FOREIGN NAT'L MERCHANTS DIRECT CAPITAL INVESTMENTS EXCEEDS 10,000 BILLION US$ 張曉375;在「第四622;中外跨國844;司CEOÞ91;桌會議」Ç78;表示,對ä06;改革開放304180;,中;國累5336;吸收;外商0452;接投;資約1.06萬億2654;元,;利用6024;款3,400億美ࠠ3;。張曉強࿨3;勵外資向ߑ3;西部地區๔1;移和增加৛7;資,鼓勵ࣨ6;商設立研௙2;中心,營๩6;更加開放௚0;創新環境ᦁ2;並且以參೜9;、併購等ਬ1;式,參與ࣙ9;內企業的ࠦ0;併重組。 在對806;投資方面A292;張曉強介 057;,在過去74180;中國;對外5237;資存;量增1152;了7.4493;,投資額 004;2,500億2654;元;;2009年中;國非7329;融類;對外5237;資額;近480億美元A292;佔全球的5%,居௙2;展中國家ߔ3;首。中國ळ9;會健全外ࢇ0;投資的法঍9;法規,加অ5;規劃和引ऴ6;,建立各༼6;相關機構ᦁ2;幫助企業ฤ8;出去。 中國037;業和信息270;部部長李589;中亦強調A292;中國將繼 396;改善投資872;境,減持152;有在華註874;的外資企989;在自主創032;、市場准837;、政府採$092;、知識產402;等方面平561;享受與中$039;企業一樣340;國民待遇 290; Mr. Zhang, Hsiao-Chiang expressed during the conference of 'The Round Table of China and Foreign CEOs', that during the 30 yrs of outwardly addressed revolutionary and reformed policies, it has been tabulated that foreign investmnts stood at 1.06 Billion US$, exploitable funds was 3,400 Billion US$. Mr. Zhang encouraged foreign investors to change focus and aim directly at Central West China and to increase their amount of capital funds. Also. foreign companies are encouraged to start/set up their own Research and Development research and monitoring programmes so as to create an even freer and more open environ. The methods such as investment capital for buy shares imputs, or a combination of both activities are most welcome and seriously considered by Inland realm's enterprises (while under re-organization) for mergers and acquisitions purposes. On the front of China's investments into foreign realms, Mr. Zhang introduced that in 7 years China has increasd 7.4 folds funds which reached a total of 2,500 Billion US$; On funds which are non-financial (cos and instruments) oriented in 2009, the sums were (premier within China) 480 Billion US$, occupying 5% of global total. China plans to follow not only by lawful means, but with a view to make healthy and strong all foreign investmnts by giving guiding/aiding and planning systems to start all necessary structural and related organisations to help with this and to assist/expand enterptises to the point of "walking tall". 'China Industries and Trusts' vice Chairman Mr. Li, Yi-Tsung also stressed that China will continue to make better her investments environ. The measures taken for this improvement will be to reduce restrictions on: Foreign concerns registered in China --more freedom to create self determination Entry into markets National Governments' explorations and purchasing into Knowledge (and) on producing rights -- will enjoy equal status/rights as with Nat'l Chines enterprises. -------------------------------------------------------------- Time to buy more WCC for long term because foreign cos can now make a move on it and help China develop the Western Frontier!"
lbo: JUST what is going on at CRH? Eighteen months after Myles Lee took over as chief executive and 16 months after it raised €1.24bn from its shareholders in a monster rights issue, Ireland's largest industrial company shocked investors with what was effectively a profits warning. Investors responded by savagely marking the CRH share price down by over eight per cent to €15.70. Since Lee took over as boss, the CRH share price has under-performed the index of Irish non-financial shares by 31pc. Even if one only goes back to March 2009, when the new CRH shares started trading, CRH has under-performed the market by 26 per cent. Many companies wouldn't last a minute with investment 'Dragons' It is much the same problem with CRH (too many products, too many markets); C&C (they seem to sell half the company every two years to buy new toys); SiteServe (what do they do again?) and even poor old Boundary Capital, the latest company to exit ignominiously from the stock exchange leaving the rest of us wondering why they were allowed to linger on for such a long time.
lbo: Over the last couple of months we have argued that it is hard to see growth returning for CRH until 2011. This is based on the following: (i) CRH's relatively large exposure to the late cycle non-residential sector in the US (40% of regional EBITDA); (ii) It's more cyclical orientation in Europe (only 11% of EBITDA is infrastructure) and the fact that acquisitions are unlikely to play a major role over the next 12 months as EBITDA interest cover is already close to comfort levels (i.e. 6x). A return to growth will also be impacted by the weak US$ (note there is a strong correlation between the US $ and the relative performance of CRH's share price versus the European building materials sector). Based on these fundamentals we derived a price target of 1800c, which used historical peak PE multiples on trough earnings, mid-cycle earnings in 2014 and a DCF (WACC of 8% and TV of 2%). If we push these metrics to a historical PE peak multiple of 25x (not 20x), mid-cycle earnings is achieved a year earlier and a TV growth rate of 3% is used in the DCF, a fair value of circa 2170c is derived. This represents only 5% upside from current levels. Therefore, we reiterate our view that at current levels CRH does not offer an attractive risk-reward for investors.
bongo bwana: LBO, Always appreciate your work here and elsewhere. One should balance that contribution with a statement that its reasonable to expect positive growth prospects in the US and the EU, now that the first signs of recovery force their way into economists and investors conciousness. Even some analysts seem to agree. Nice technical situation here too, for the moment. If consolodation began to occur in this sector like its has in the mining and food sectors then CRH, with its wonderful balanced portfolio of businesses across the planet, would have to be an attractive acquisition. Its also a decent play on the "emerging" market that is the ISEQ.
lbo: Sounds like some expect a dividend cut at CRH! Investors hang on CRH dividends
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