JPM: Building Broadcast: HEI, GEBN, SIKA, HOLN, FRA, FER, BTRW

J.P. Morgan's European building and construction team published its daily note. Heidelberg Materials reported Q3-26 revenue of EUR 6,413m, up 10.4% reported and 5.6% like-for-like, with EBITDA of EUR 1,624m (up 8.2% reported, 5.2% LFL) and EBIT of EUR 1,281m, up 6.5% LFL and 4% ahead of the EUR 1,237m consensus, helped by Europe beating street EBITDA expectations by around 5%; price over cost turned positive at EUR 18m. Full-year EBIT guidance of EUR 3.40-3.65bn was reaffirmed, and the Transformation Accelerator Initiative is set to exceed its EUR 500m target this year, with a further EUR 300m added, split roughly evenly across 2027 and 2028, which could drive modest consensus upgrades. Geberit's model was updated after Q3: management reiterated full-year local-currency sales growth of 5-6% and an EBITDA margin around the prior-year 29.4%, with roughly 2.5% pricing for the year, though October sales trends were weaker than Q3; capex is seen at CHF 200m and energy is about 2% of net sal