Holcim has applied a carbon-storing concrete formulation in a commercial-scale construction project, collaborating with Swedish startup Paebbl and general contractor Goldbeck to lay the foundations of a logistics centre in southern Germany. The work uses Paebbl’s Rebond process, which converts captured CO2 into a powder of magnesium carbonate and silicon dioxide that can substitute for a portion of conventional cement, with the result that the captured carbon is permanently locked into the material.
J.P. Morgan carries an "overweight" rating on Holcim and has set a CHF84 price target.
On the infrastructure side, Ferrovial reported group EBITDA for the first quarter of €321 million. That result was 9.2% ahead of company consensus and 4.5% ahead of J.P. Morgan’s estimates, with the outperformance driven by Construction and Toll Roads, which themselves came in around 4.4% above consensus.
Separately, the 407-ETR toll operator reported year-on-year traffic growth of 8.2% and a Q1 EBITDA that was 3.6% above J.P. Morgan’s estimate. J.P. Morgan rates Ferrovial "overweight" and assigns a €65 price target.
J.P. Morgan updated its model for Fraport after the company’s Q1 results. The bank reduced its 2026 traffic growth estimate to 1%, which implies roughly 2% growth over the final eight months of 2026 after assuming a 10% year-on-year traffic decline in April. The revision lowers 2026E EBITDA by approximately 1%.
Management at Fraport confirmed guidance "on the basis of continued security of kerosene supply," and the company flagged significant uncertainty for the year. As a consequence of the model changes, J.P. Morgan trimmed its Dec-27 price target from €86 to €85 while maintaining an "overweight" rating.
In transaction-related news, GAP implemented the merger of Cross Border Xpress and its technical assistance business. GAP issued 89,740,731 new net shares and Aena received 38,994,777 GAP shares, representing 6.55% of GAP’s capital, of which 25,263,873 are BB shares and 13,730,904 are B shares.
J.P. Morgan places Aena at "underweight" with a €21 price target, compared with a €24.3 close reported as of May 7, 2026.
Turning to the UK housing market, Halifax’s April House Price Index showed a month-on-month decline of 0.1% after a 0.5% drop in March. On a year-on-year basis, prices were up 0.4%, with the average house price recorded at £299,313.
The UK construction Purchasing Managers’ Index fell to a five-month low of 39.7 in April, down from 45.6 in March. Economists had expected the PMI to rise to 46; instead the index signalled a sharper contraction, with input-cost inflation pushed to its highest level since June 2022 amid the Iran conflict.
Among listed homebuilders, J.P. Morgan’s coverage includes an "overweight" rating and a 520p price target for Barratt Redrow against a 263p close as of May 7, 2026, which the bank calculates implies 97% upside on a 2026E P/E of 8.3x. Crest Nicholson is rated "neutral" with a 160p price target and was trading at 73p.
The week’s corporate and macro data paint a mixed picture: technological and operational advances in building materials and solid infrastructure results sit alongside weaker near-term demand signals in UK construction and airports, and revised traffic assumptions for Fraport.