Arcosa / CRH PLC: From Spin-Co To Reported CRH Target

研报英文原文证据摘录

Arcosa / CRH PLC: From Spin-Co To Reported CRH Target

Equity Research

22 June 2026

Arcosa / CRH PLC

From Spin-Co To Reported CRH

Target

Arcosa has executed a disciplined post-spin pivot, shedding ACA OVERWEIGHT

POSITIVE"cyclical" for "higher-growth" materials and infrastructure U.S.ConstructionMachinery &

assets. Today's portfolio is cleaner with balance sheet Price Target USD 140.00

flexibility and embedded EBITDA upside. CRH interest would Price (18-Jun-26) USD 135.84 Potential Upside/Downside +3.1%

Source: Bloomberg, Barclays Researchvalidate value, but potential deal pricing and full value TBD.

CRH OVERWEIGHTWe’ve had a long-held view that Arcosa (ACA) is an under-covered, under-followed

U.S. Machinery & POSITIVEcompany with SOTP upside. CRH reportedly found our "diamond in the rough" and the Construction

Arcosa story is bright (FT story on M&A: Building materials group CRH nears its biggest- Price Target USD 131.00

ever deal to buy Arcosa, 21 June 2026). The companies have not commented on the media Price (18-Jun-26) USD 111.24

reports. Potential Upside/Downside +17.8%

Source: Bloomberg, Barclays Research

1) Arcosa has been the quintessential spin-co. A hodgepodge of businesses from Trinity

Industries that identified “what it wanted to be” at spin and has taken steps to get there U.S. Machinery & Construction

almost step by step, point by point since. From divestitures in steel components, to tanks, to Adam Seiden, CFA

barge, Arcosa has been realigning from “cyclical” to “growth” businesses and reinvesting into +1 212 526 2212

areas like construction products (CP) and engineered structures (ES) both inorganically adam.seiden@barclays.com

(Stavola, Ameron) and organically. After the spring 2026 sale of barge to PE, it left the company BCI, US