ACA deal: doing what CRH does best

研报英文原文证据摘录

ACA deal: doing what CRH does best

Global Research

23 June 2026ab

CRH Equities

United StatesACA deal: doing what CRH does best

Building Materials

12-month rating Buy

CRH to acquire ACA US for $8.5bn EV (~10% of CRH EV)

CRH announced a deal to acquire ACA US for $8.5bn EV ($150 per share, a 12m price target US$147.00

10% premium to Friday's close) implying 15x 2026E pre-synergy EV/EBITDA or 11.5x

including year-3 run rate cost-synergies of $175m. The acquisition will be cash and debt

Price (22 Jun 2026) US$111.75

funded and take pro-forma 2026E net debt to 2.4x (vs cons 1.6x). Mgmt expects the

deal to be earnings, margin and CF accretive in year 1 post completion, which is RIC: CRH.N BBG: CRH US

expected in Q1 27 subject to ACA shareholder vote and regulatory approvals.

Trading data and key metrics

ACA derives ~60% of adj EBITDA from Construction Products, a 35mt annualized

52-wk range US$131.38-88.67

production aggregates business generating 27% EBITDA margins, and ~40% from

Engineered Structures, a critical infrastructure player focused on energy transmission, Market cap. US$75.2b

with demand driven by grid modernization, electrification and datacenters. Though the Shares o/s 673m (COM)

headline multiple feels high, we think this is an attractive deal for CRH and explain why. Free float 100%

Avg. daily volume ('000) 1,351

Targeted cost $175m synergies in line with past achievements Avg. daily value (m) US$147.2

With a headline transaction multiple ~50% above CRH's, the deal's attractiveness Common s/h equity (12/26E) US$25.8b

hinges on (1) synergy capture and (2) the implied multiple CRH is paying for Engineered P/BV (12/26E) 2.9x

Structures, the less "core CRH" part of ACA. Re synergy capture, CRH has a strong track Net debt to EBITDA (12/26E) 1.5x