CRH : Oddo BHF confirms its recommendation on the stock
The analyst points out that CRH reported 9m EBITDA in line with consensus at $4.8bn, +14% and +9% L/L.
Separately, CRH announced a $2.1 bn acquisition in Texas in the Cement/ RMC business, representing 12.1x EV/EBITDA 2023.
Although management has not mentioned the amount of expected synergies, Oddo BHF points out that Texas is one of the most dynamic states in terms of population growth and industrial relocations.
CRH's share price has reacted rather well to this well-balanced publication and to the acquisition of Martin Marietta's Cement/Concrete assets in Texas", says the broker, adding that "the main listing in Uncle Sam's country should undeniably support the share price in the coming months, especially in view of the company's entry into the indexes in March".
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