Marshalls PLC

First-pass take

Marshalls is a cyclical building products manufacturer with zero AI exposure. While Viridian Solar grew 32% (driven by Part L energy-efficiency regulations, not AI), this masks severe deterioration elsewhere: Landscaping margin collapsed to 0.2% (from 4.0%) despite 4% volume growth, due to price investment and adverse mix. Group operating margin fell 190bp to 8.9% despite 2% revenue growth—negative operating leverage. ROCE of 7% is declining. With no share price disclosed, valuation assessment limited; leverage rising to 1.8x amid deteriorating EBITDA suggests no margin of safety. High exposur