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Wienerberger

WIE is a medium sized, Austrian building materials manufacturer that combines traditional clay products (bricks and roofing tiles) with a pipes business across 30 countries. WIE is the world's largest producer of bricks and is number one in the European clay roof tiles market. WIE primarily serves the Residential end-use segment, in both New Construction and RMI markets. Clay Building Materials Europe (57% of consolidated sales, 78% of EBITDA) - manufactures facing bricks (used to cover the facade of a building), clay blocks (used for inner walls) and clay roof tiles (used to protect the roof of a residential building) Pipes & Pavers (33%, 17%) - produces Plastic Pipes, Ceramic Pipes and Concrete Pavers. Plastic pipes are used in buildings, drinking water supply, irrigation, waste water and rainwater management, drainage, energy supply & data transfer. Ceramic pipes are used in modern municipal waste water disposal in sewerage networks. North America (10%, 8%) - is the holding company for WIE's regional operations and supplies Facing Bricks, Plastic Pipes, and Concrete Products. (09 Jul 2018)

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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.

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. 
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Euro HY Conference 2018: Hybrids - BB or Not BB

Transcript: 19 Jun 2018, 10:54 PM ET - At our Euro HY conference in London and Zurich last week we looked at whether BB investors should be looking at BB rated hybrids.

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.
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Wienerberger – Price Talk On New €250 mn 6 yr

HY Note: 23 Apr 2018, 8:06 AM ET - IPT has emerged on Wienerberger's €250 mn six year bond at 2.375%, with revised guidance in the 2.125%/2.25% range.
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Wienerberger: New Issue Report: €250 mn Six Year

Company Spotlight: 22 Apr 2018, 10:43 PM ET - Wienerberger AG (WIE) is expected to be in the market this week with a €250 mn six year bond, having roadshowed last week.

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. 

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.

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.

EU HY Construction Outlook: Pt I - Fundamentals

Sector Outlook: 11 Jan 2018, 9:58 PM ET - In the first of two part article on the Outlook for our Euro High Yield Construction Coverage, we examine the economic backdrop for the Continent and underline our expectations for construction spending in 2018. 

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.

2017 Euro Conference: High Yield Construction

Transcript: 11 Dec 2017, 8:46 PM ET - In this article, we transcribe our presentation to CreditSights 2017 Outlook Conference on the Construction sector.
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Wienerberger CMD: Good Credit But Not Enough Juice

Company Spotlight: 05 Oct 2017, 10:27 PM ET - In this article we discuss the key takeaways from our attendance at the Wienerberger (WIE) Capital Markets Day which was held in Gothenburg in September. 
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Wienerberger 1H17: Solid Period But Too Tight

Earnings Note: 22 Aug 2017, 5:14 AM ET - 1H17 was a solid trading period for Wienerberger with a five per cent rise in like-for-like revenues and EBITDA, and a confirmed full year 2017 EBITDA forecast, although there was a small rise in leverage.

European Construction: Mid-Year Outlook 2017

Sector Outlook: 24 Jul 2017, 6:17 PM ET - The latest set of Euroconstruct forecasts are more supportive of growth in European Construction than previously envisaged. 

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