Good morning, Mike — a complacent tape

Crh PlcCRH

CRH is the dominant vertically integrated building materials platform in North America and Europe, compounding through bolt-on M&A funded by stable, infrastructure-tied cash flows. At $115 against a base IV of $221, the price-to-IV ratio of 0.52 is the kind of margin of safety that lets you absorb a recession and still win.