June 10, 2026 04:02 AM GMT Building & Construction | Europe Renovation over New Build A slowing-to-negative demographic backdrop in Europe caps new-build growth beyond a cyclical bounce. Renovation is the long-term play in construction: ageing, inefficient stock drives persistent upgrade demand, reinforced by regulation & subsidies. Key Takeaways Price Target €29.00 €23.00 Renovation demand is anchored to the installed building base, not incremental housing supply. Europe's stock is large, ageing & ineffici ...