观看视频建筑产品分销领域的整合浪潮

USA | Building Products [Watch the Video] Wave of Consolidation InBuilding Products Distribution Wesee the consolidation of the distribution industry accelerating,withincumbents like FERG, BLDR, BLD, & ABC well positioned but will see increasedcompetition from HD & QXO. Manufacturers with strong consumer-facingproducts should win, and we anticipate M&A stepping up as they look tobroaden their product offering to become even more important to the channel. Take a look at our deep dive on Building Products [READ HERE], or click below to watch the video. Jesse Barone, CFA * | Equity Associate(212) 336-7260 | jbarone1@jefferies.com Company Valuation/Risks For 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, Philip Ng, CFA, 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 views expressedin this research report. I, Maggie Grady Miller, CPA, 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 recommendations orviews expressed in this research report. I, Jesse Barone, 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 or viewsexpressed in this research report. I, Fiona Shang, 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 views expressedin this research report. As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement. Investment Recommendation Record (Article 3(1)e and Article 7 of MAR) Recommendation PublishedJune 15, 2025 23:32 P.M.Recommendation DistributedJune 16, 2025 11:30 A.M. Company Specific Disclosures Jefferies LLC is serving as lead financial advisor to James Hardie Industries plc for its acquisition of AZEK Company Inc.Ramoun Lazar has an equity position in James Hardie Industries plc (ASX: JHX).Jefferies LLC is serving as lead financial advisor to James Hardie Industriesplc for its acquisition of AZEK Company Inc. Ramoun Lazar has an equity position in James Hardie Industries plc (ASX: JHX). Jefferies LLC is serving as lead financial advisor to James Hardie Industriesplc for its acquisition of AZEK Company Inc. Jefferies Financial Group Inc., its affiliates or subsidiaries expect to receive or intend to seek compensation for investment banking services from James HardieIndustries Ltd within the next three months. Within the past 12 months, Jefferies Financial Group Inc., its affiliates or subsidiaries has received compensation from investment banking services from JamesHardie Industries Ltd. Within the past twelve months, James Hardie Industries Ltd has been a client of Jefferies Financial Group Inc., its affiliates or subsidiaries and investmentbanking services are being or have been provided. Within the past twelve months, SRS Distribution Inc. has been a client of Jefferies Financial Group Inc., its affiliates or subsidiaries and investment bankingservices are being or have been provided. Within the past 12 months, Jefferies Financial Group Inc., its affiliates or subsidiaries has received compensation from investment banking services from SRSDistribution Inc.. For 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. Explanation of Jefferies Ratings Buy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period. Hold - Describes securities that we expect to provide a total return (price appreciation plus yield)