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Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 
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Beacon Roofing: Taking a Beating

Earnings Note: 07 Aug 2018, 9:47 PM ET - Weak residential roofing volumes prompted Beacon to lower Adj. EBITDA guidance for the 2nd consecutive quarter and revise lower revenues and Adj. EPS guidance as well.  The stock was off ~15% in after hours and is down ~33% YTD.   
Focused

Beacon Roofing: Cost Pressures

Earnings Note: 10 May 2018, 1:18 PM ET - BECN reported weak 2Q18 results which drove the stock down ~10% driven by margin pressures and flat organic sales growth. The credit story remains one focused on the Allied integration and delivering on synergy and deleveraging goals.

Tronox: EU Pauses Review of Cristal Merger

HY Note: 28 Feb 2018, 4:52 AM ET - The EU Commission paused its review of the Tronox/Cristal merger until it receives additional information from the two companies.  Although some may be alarmed, it is a fairly regular component of the EU Phase 2 process.

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 

2018 Outlook: European IG Building Materials

Sector Outlook: 05 Feb 2018, 10:22 PM ET - In this piece, the third of our Global Building Materials & Construction series, we review our outlook for the European Construction Aggregates sub-sector of the BAML High Grade Index. 

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 

US Constructn Outlook: Kingdom for an (Infra) Bill

Sector Outlook: 23 Jan 2018, 9:56 PM ET - In the second of our Global Building Materials and Construction Outlook series, we examine the prospects for the US Construction Market in 2018 after a year that promised much but delivered somewhat less.

2017 Euro Conference: Buildng Materials Transcript

Transcript: 12 Dec 2017, 4:04 PM ET - In this presentation to our Annual Conference last week, we outlined our preliminary thoughts on the Outlook for the European IG Building Materials sector in 2018.

October 2017 Company Coverage Initiated

Company Coverage Initiated: 31 Oct 2017, 9:47 PM ET - Our monthly report provides executive summaries for the twelve companies on which we launched coverage in the Americas and Europe during the month of October.
Focused

Beacon Roofing: $1.3 bn priced at 4.875%

HY Note: 11 Oct 2017, 9:18 PM ET - Beacon priced its $1.3 bn 8-year unsecured notes at 4.875% which is a strong print even in today's hot HY market and through where the existing $300 mn 2023 notes were trading. We assign a market perform at these levels.  
Focused

Beacon Roofing: Launch $1.3 bn of 2025 unsecureds

HY Note: 10 Oct 2017, 5:03 PM ET - Beacon to bring its bond deal to fund the Allied acquisition.  BECN is an infrequent issuer in a consolidating industry and offers a good operating story with a respectable free cash flow and margin profile to go with low capex intensity.
Focused

Beacon Roofing: Loan Details/Antitrust/Ratings

Worth Watching: 04 Oct 2017, 11:06 AM ET - Beacon Roofing announced this morning that the antirust waiting period expired under the Hart-Scott-Rodino act on Monday October 2nd which provides it the green light to proceed with the acquisition of Allied Building Products.  The transaction ..
Focused

Beacon Roofing Supply: Schedules Lender Call

Worth Watching: 28 Sep 2017, 12:10 PM ET - Beacon Roofing Supply is on the screen today with news of a bank lender call scheduled for Tuesday October 3rd at 1pm according to news outlets.  This has been on the shadow calendar since August when Beacon announced it was buying Allied Buildi ..
Focused

Beacon Roofing: Waiting for M&A Financing

Company Analysis: 28 Sep 2017, 2:52 AM ET - We take a detailed look at Beacon Roofing in anticipation of its eventual $1 bn+ unsecured bond deal to close the Allied acquisition. BECN shows a favorable history on M&A integration and a below-average business risk profile.

US IG Strategy Basic Industries: After the Storms

Sector Weightings: 14 Sep 2017, 4:44 AM ET - We present a review of Basic Industries returns, as well as some commentary around the impact of Harvey and Irma. 

Vulcan Matls vs Martin Marietta: Mid-Yr Peer Comp

Company Analysis: 30 Aug 2017, 9:50 AM ET - 2017 has been a mixed year thus far for our heavy-side US construction aggregates credits. 

IG Basic Industries: Mid-Year Review

Sector Weightings: 14 Jul 2017, 5:30 AM ET - We review 1H17 performance for Basics compared to our outlooks, and then set the course for the remainder of the year, including some key themes and sector picks.

US IG Sector Recs: A Very "In Line" April

Sector Weightings: 09 May 2017, 5:22 AM ET - After a weak March the IG index returned to positive territory, but most sectors reported excess return within +/- 5bp of the overall index. We discuss performance and update our sector recommendations. 

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