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    European building sector poised for growth in 2026, says BofA

    Picture of Travis Perkins logoTravis Perkins
    12/01/2026 12:55
    ** Bank of America sees the European building sector maintaining the positive growth momentum in 2026, supported by interest rate sensitivity, exposure to German infrastructure and Ukraine reconstruction, as well as strong pricing trends and M&A optionalities

** The brokerage distinguishes between heavy-side materials (aggregates, cement, concrete), expected to gain in particular from positive pricing and earnings momentum, and light-side materials (insulation boards, loft rolls, silicons), deemed less popular but facing "more material valuation optionality for 2026"

** It cites lead indicators suggesting a "renaissance" in European new housing in 2026 after five years of decline, potentially helping heavy-side as well as light-side materials' product volumes

** Key risks according to BofA are delays in the EU Emissions Trading Scheme regulation as well as in the housing recovery

** The brokerage is positive on Heidelberg Materials HEIG.DE, Buzzi BZU.MI (coverage resumed on Monday), CRH CRH.N, Saint-Gobain SGOB.PA, Kingspan KSP.I, Ferguson FERG.N, Balfour Beatty BALF.L and Travis Perkins TPK.L

** It rates as "neutral" Holcim HOLN.S (downgraded from "Buy"), Geberit GEBN.S and Amrize AMRZ.S


    COMPANYRATINGOLD RATINGPTOLD PT
    Heidelberg Materials HEIG.DEBuyBuy€255€240
    Buzzi BZU.MIBuy/€65/
    CRH CRH.NBuyBuy$132$132
    Saint-Gobain SGOB.PABuyBuy€115€105
    Kingspan KSP.IBuyBuy€97€97
    Ferguson FERG.NBuyBuy$280$280
    Balfour Beatty BALF.LBuyBuyGBp780GBp780
    Travis Perkins TPK.LBuyBuyGBp750GBp750
    Holcim HOLN.SNeutralBuyCHF82CHF78
    Geberit GEBN.SNeutralNeutralCHF640CHF620
    Amrize AMRZ.SNeutralNeutralCHF46CHF44
    Sika SIKA.SUnderperformUnderperformCHF165CHF165
    Rockwool ROCKb.COUnderperform/DKK200/
    Skanska SKAb.STUnderperformUnderperformSEK225SEK225
    Ashtead AHT.LUnderperformNeutralGBp4,700GBp4,900
    

 (Reporting by Mirko Mioreli)

 ((Mirko.Miorelli@thomsonreuters.com))

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