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CRH

Operating in 32 nations, CRH is the second largest global producer and distributor of building materials, behind St Gobain. It is the largest player in the North America region. CRH is organised into 6 segments. The Europe Heavyside division (27% of 2017 sales) includes the vertically integrated production of cement, aggregates, asphalt and concrete. Europe Lightside (6%) focuses on high value-added products in three sub-divisions: construction accessories, shutters & awnings and perimeter protection & network access products. Finally European Distribution (16%) supplies builders' merchants and DIY stores. Americas Materials (32% of sales) produces aggregates, asphalt and RMC. CRH is the largest in NA aggregates and asphalt and second in RMC. Americas Products (17%) makes architectural concrete products, precast concrete, and glass & glazing systems. Asia (2%) was added in 2015, after the purchase of LHN's Philippines assets. By end use, sales are spread across: Res (40%), Non-Res (30%) & Infra (30%). New build is 50%, as is RMI (50%). The sale of Americas Distribution was completed in Jan-18 for $2.6 bn. (24 Apr 2018)

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2018 Euro IG Conference: Basic Industries

Transcript: 11 Dec 2018, 9:03 PM ET - In this article, we transcribe our presentation on European Basics from CreditSights' recent European Investment Grade / Crossover Conference

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.
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CRH: A Defensive Pick in Turbulent Times

Earnings Note: 21 Nov 2018, 9:22 PM ET - CRH reported solid 9M18 trading and is predicting leverage to return to its low two times corridor by year end (after the spate of 2018 acquisitions).

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

HY Construction: Update on ASTIM, CMCRAV, IPGIM

Sector Analysis: 11 Oct 2018, 10:30 PM ET - In a sector that has been beset with volatility and turmoil in the last five weeks, we are publishing this note to again update investors on our thinking on the Italian High Yield Construction space.

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. 

Euro HY Construction: Carnage Gives Way to Chaos

Sector Analysis: 19 Sep 2018, 11:52 PM ET - After a week of chaos, we publish this piece to briefly update investors of our thought process on the single B / triple C European High Yield Construction names. 

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 

Euro HY Conference 2018: European Construction

Transcript: 20 Jun 2018, 10:48 PM ET - In this article, we transcribe our presentation from CreditSights' European High Yield Conference on the Rise & Fall of European HY Construction. 

Italy Assessing the Risks: Part 2 - Non-Financials

Sector Analysis: 31 May 2018, 10:24 PM ET - In the second part of our series on the impact of Italian political uncertainty on the country's investment grade and high yield credits we take a look at non-financial corporates.

Saint Gobain: Finally, a resolution on Sika

Worth Watching: 11 May 2018, 11:44 AM ET - Saint Gobain (BBB/Baa2/BBB) issued a press release this morning to inform the markets that an agreement has been reached to end the long-lasting Sika takeover saga (Saint Gobain Spotlight: M&A Watch & Funding Update). The company also held a C ..
Focused

CRH: 1Q18 Trading Update

Worth Watching: 25 Apr 2018, 10:01 PM ET - CRH (BBB+/Baa1/BBB) published a trading statement for 1Q18, which saw the announcement of a €1 bn share buyback programme in addition to more details on its asset churning strategy. The Irish domiciled credit reported a 2% drop in LFL sales at ..

Basic Industries: 1Q18 In Review and a Look Ahead

Sector Analysis: 17 Apr 2018, 4:12 AM ET - We review the performance of the Basic Industries sector  YTD, comparing themes in our outlook with actual developments. We also talk about unexpected developments, and what we think will shape the balance of the year. 
Focused

CRH: New 10s /30s Solid Entry into Strong Credit

IG Note: 27 Mar 2018, 11:02 AM ET - CRH is in the market with a benchmark dollar-denominated bond with a ten and thirty year tranche
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CRH vs SGO – 2017 Peer Comp and RelVal Assessment

Company Analysis: 06 Mar 2018, 10:06 PM ET - In the wake of our detailed analysis of 2017 financials and 2018 outlook, we are rolling our Outperform Recommendation on CRH and Underperform on Saint Gobain.

February 2018 Europe Company Recommendation Change

Euro Recommendation Changes: 28 Feb 2018, 11:31 PM ET - Our monthly report provides executive summaries for the twenty-one companies recommendation changes made on European companies during the month of February.

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. 

Euro IG Strategy: Picks and Pans (February 2018)

Strategy Analysis: 04 Feb 2018, 10:28 PM ET - In this piece we summarise our sector recommendations, and provide a few names within each sector that our sector analysts like and dislike, their picks and pans. 

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