业绩的基石

1 week1 month-2.0%2.6%-0.2%5.7%3.0%17.0%4.5%10.1%-0.6%4.0%-0.9%4.9%Travis Perkins 20.8%Vistry Group -1.2%WednesdayThursday4-JunUK Build Mats PricesSaint-Gobain AGMConstruction PMI11-Jun12-JunABC ConstructionIndexCrest Nicholson 1H25ONS ConstructionOutputRICS Survey 3 months11.0%9.2%12.7%20.1%-0.5%-1.5%Forterra 30.1%CRH -10.3%Friday5-Jun6-JunHalifax House Price13-JunUS PPI 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 3 - SECTOR COVERAGE: ratings, price targets and valuations (in local currencies).2025E2026EUK HOUSEBUILDERS20%15.510.7Barratt RedrowGlynis JohnsonBuy4576,53157225%18.711.8BellwayGlynis JohnsonBuy2,6903,2983,73239%13.610.7Berkeley GroupGlynis JohnsonHold4,1804,5604,126-1%12.613.7Crest NicholsonGlynis JohnsonBuy18346821719%19.011.7PersimmonGlynis JohnsonBuy1,3154,1971,87643%12.710.0Taylor WimpeyGlynis JohnsonBuy1184,15717750%13.210.9Vistry GroupGlynis JohnsonHold6252,163571-9%12.8Watkin JonesGlynis JohnsonHold35.89333.5-6%21.6IRISH HOUSEBUILDERSGlenveaghGlynis JohnsonBuy1.801,0612.2625%9.2PAN-EUROPEAN BUILDING DISTRIBUTORS4%10.98.2Howden JoineryPriyal WoolfHold8694,760854-2%18.717.8SIGPriyal WoolfHold15.417713.5-12%-4.4Travis PerkinsPriyal WoolfHold6391,34480827%18.312.4PAN-EUROPEAN BUILDING PRODUCTS/MATERIALS15%20.217.8CRHGlynis JohnsonBuy9266,57011121%17.515.6ForterraPriyal WoolfBuy1984092064%19.013.6GeberitPriyal WoolfBuy60820,40971017%33.8GenuitPriyal WoolfBuy40299652631%14.713.5Heidelberg MaterialsGlynis JohnsonBuy178.733,262203.714%13.311.9HolcimGlynis JohnsonHold93.452,98597.75%17.316.0IbstockPriyal WoolfBuy1967702097%24.917.8KingspanPriyal WoolfHold75.613,73369.5-8%19.518.5Saint-GobainGlynis JohnsonBuy10050,80414141%14.112.7SikaPriyal WoolfBuy22134,34727826%29.227.3VolutionDavid FarrellBuy6191,22070013%19.318.1CONCESSIONS/CONTRACTORS10%19.716.6ACSGraham HuntHold5916,32849-17%20.518.5AD PortsGraham HuntBuy4.020,3526.665%13.610.5Balfour BeattyGraham HuntBuy5042,85057815%11.210.0EiffageGraham HuntBuy12212,00013510%11.7FerrovialGraham HuntBuy45.533,121461%52.4HochtiefGraham HuntHold16512,408153-7%17.515.3SkanskaGraham HuntHold23195,5832352%16.012.5VinciGraham HuntBuy12873,69314110%14.813.0Upside/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 9 - 15 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Consensus pan-European and US valuations: HousebuildersExhibit 4 - Consensus pan-European and US valuations: Housebuilders.ShareMarketCountrypricecap (LC)of listing2025E2026E2027E2025E2026EHOUSEBUILDERS15.416.010.110.6UK18.311.89.48.6Barratt Redrow4576,592UK15.512.810.49.6Bellway2,6903,201UK16.514.011.511.0Berkeley4,1804,143UK12.712.511.19.0Crest Nicholson183469UK20.513.69.610.6MJ Gleeson530310UK15.213.110.69.4Persimmon1,3154,211UK13.811.810.19.6Taylor Wimpey1184,170UK13.711.610.08.0Vistry Group6252,043UK10.88.67.26.3Watkin Jones35.892UK46.18.64.64.0IRELAND10.29.48.99.2Cairn Homes1.91,190Ireland11.110.29.59.9Glenveagh1.8978Ireland9.38.78.38.5US10.38.97.98.4Beazer Homes20.5620US10.76.1-10.0DR Horton11736,060US10.29.58.08.5KB Home51.43,689US7.36.95.96.8Lennar Corporation10527,764US10.69.17.67.6Meritage Homes644,574US7.77.05.96.6NVR Inc7,00020,467US16.815.612.612.4Pulte Homes9819,584US8.58.17.06.4FINLANDYIT Oyj2.6596Finland-55.133.512.519.6FRANCENexity9.4530France-10.1101.111.79.5GERMANYInstone8.9418Germany12.29.27.87.2SPAIN19.317.917.113.8Aedas Homes26.31,147Spain10.510.19.710.0Metrovacesa10.71,623Spain33.530.129.220.8Neinor Homes14.11,057Spain13.813.412.310.6SWEDENJM AB1509,650Sweden28.313.89.232.7P/EEV/EBITDASource: Jefferies, FactSetPlease see important disclosure information on pages 9 - 15 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Consensus pan-European valuations: Building products/materialsExhibit 5 - Consensus pan-European valuations: Building products/materialsShareMarketCountrypricecap (LC)of listing2025E2026E2027E2025E2026EBUILDING PRODUCTS/MATERIALS17.514.313.09.58.6Breedon Group4591,591UK12.611.09.96.56.0Buzzi Unicem46.99,034Italy9.59.18.75.95.7CRH92.062,165UK16.014.413.110.39.6Forterra198421UK19.914.510.99.07.6Forbo8391,246Switzerland11.510.29.56.25.7Geberit60820,632Switzerland32.830.328.222.821.5Genuit4021,000UK15.714.112.99.28.6Georg Fischer64.85,311Switzerland21.718.616.213.412.7Heidelberg Materials17931,877Germany14.012.411.28.27.6Holcim93.454,102Switzerland15.114.312.88.68.3Ibstoc