来自路演的反馈

Glynis Johnson * | Equity Analyst44 (0) 20 7029 8677 | glynis.johnson@jefferies.comPriyal Woolf * | Equity Analyst44 (0) 20 7029 8183 | pwoolf@jefferies.comGraham Hunt, CFA * | Equity Analyst44 (0)20 7548 4251 | ghunt@jefferies.comLaura Ojeil * | Equity Analyst+44 (0)20 7029 8220 | lojeil@jefferies.comGonzalo Riera Ripoll * | Equity Associate+44 (0)20 7548 4690 | grieraripoll@jefferies.com Sector coverage: ratings, price targets and valuationsExhibit 2 - SECTOR COVERAGE: ratings, price targets and valuations (in local currencies).2025E2026EUK HOUSEBUILDERS17%15.910.9Barratt RedrowGlynis JohnsonBuy4696,69857222%19.112.1BellwayGlynis JohnsonBuy2,7123,3253,73238%13.710.8Berkeley GroupGlynis JohnsonHold4,2524,6394,126-3%12.814.0Crest NicholsonGlynis JohnsonBuy18647521717%19.311.9PersimmonGlynis JohnsonBuy1,3664,3601,87637%13.210.4Taylor WimpeyGlynis JohnsonBuy1204,24517747%13.511.1Vistry GroupGlynis JohnsonHold6022,083571-5%12.3Watkin JonesGlynis JohnsonHold38.610133.5-13%23.3IRISH HOUSEBUILDERSGlenveaghGlynis JohnsonBuy1.721,0152.2631%8.8PAN-EUROPEAN BUILDING DISTRIBUTORS7%10.68.0Howden JoineryPriyal WoolfHold8484,6458541%18.217.3SIGPriyal WoolfHold14.817013.5-9%-4.2Travis PerkinsPriyal WoolfHold6231,31280830%17.912.1PAN-EUROPEAN BUILDING PRODUCTS/MATERIALS15%20.317.8CRHGlynis JohnsonBuy9568,82811117%18.116.2ForterraPriyal WoolfBuy1903932068%18.213.1GeberitPriyal WoolfBuy60820,40971017%34.5GenuitPriyal WoolfBuy39397452634%14.413.2Heidelberg MaterialsGlynis JohnsonBuy182.433,951203.712%13.512.1HolcimGlynis JohnsonHold96.154,50597.72%17.816.5IbstockPriyal WoolfBuy1947622098%24.617.7KingspanPriyal WoolfHold76.113,82469.5-9%19.618.6Saint-GobainGlynis JohnsonBuy10050,83014141%14.112.7SikaPriyal WoolfBuy22034,30027826%29.227.3VolutionDavid FarrellBuy6221,22670013%19.318.1CONCESSIONS/CONTRACTORS8%20.116.9ACSGraham HuntHold6016,70449-18%21.018.9AD PortsGraham HuntBuy4.020,1486.462%13.710.5Balfour BeattyGraham HuntBuy5022,84157815%11.210.0EiffageGraham HuntBuy12412,1421359%11.8FerrovialGraham HuntBuy46.633,96646-2%53.7HochtiefGraham HuntHold16712,521153-8%17.615.4SkanskaGraham HuntHold23898,358235-1%16.412.9VinciGraham HuntBuy12974,3541419%15.013.1Upside/DownsideCal P/EAnalystRatingShareprice (lc)Mkt capPricetargetSource: Jefferies, FactSet; Prices and market cap in local currencies; ^Upside/downside includes dividend yieldPlease see important disclosure information on pages 3 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company Valuation/RisksFor Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300.Analyst Certification:I, Glynis Johnson, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Priyal Woolf, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Graham Hunt, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Laura Ojeil, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Gonzalo Riera Ripoll, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendationsor views expressed in this research report.Registration of non-US analysts:Glynis Johnson is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US