2025-06-11-Jefferies-伊布斯托克（IBST）_初步观点_交易更新_7页_103kb

Equity Research Summary for Ibstock

• Ibstock is rated BUY with a price target of 226.00p, up from 212p.
• Adj EBITDA for FY25 is revised to £77-£82m, down from consensus £90-91m due to flat pricing and higher costs from competitive pressure and operational inefficiencies.
• MGmt cites weaker pricing pass-through and increased demand for lower-priced bricks as key factors.
• The company remains the largest UK brick producer and generates revenue through construction materials; market cap is £759.5M.
• Investment risk factors include UK growth, cost inflation, and product competition, but upside includes potential cost savings.