Jan 30 2026
Recent Research
Irish banks, Positive liability dynamics
Jan 29 2026
easyJet, Wider winter losses
Jan 29 2026
Greencore Group, Strong start to FY26
Jan 29 2026
Flutter Entertainment plc
What is priced in?
Ahead of Flutter’s FY25 earnings, we update our forecasts. Q4 forecasts for the US come down but remain within the guidance range as the well-publicised handle softness impacted. A...
Irish banks
Positive liability dynamics
We retain a constructive outlook on the Irish banks into 2026. The Irish economy is set for ongoing growth, while bank balance sheets are also well primed. In the report, we assess the...
Glanbia
Positive setup for 2026 – results due February 25th
2025 was a game of two halves for Glanbia with downward earnings revisions being supplanted by upgrades as we exited the year. The business sits at the intersection of the protein...
Ryanair Holdings
Continues to excel
Q3 numbers continue to excel. Ryanair is cautiously guiding FY26 profit after tax (pre-exceptional) in a range of €2.13-2.23bn. We are likely to broadly keep our €2.21bn forecasts...
Weir Group plc
Moving to ‘Neutral’ on changing risk profile
The strong rally in Weir’s share price aligns with our expectations. The angle of appreciation is steepening. We remain very positive on the long-term outlook for its end markets and...
Ingredients
Ingredients chartbook: decadal valuation reversal; model updates
2025 was characterised by slowing top-line growth, which led to a further sector de-rating. For 2026, we model organic growth of c.3% for all names with improving momentum expected in...
Glenveagh Properties
Higher earnings and cashflow drive 3% increase in price target
We are increasing our Glenveagh Properties price target by c.3% (15% upside) today, mainly on the back of higher EPS and cashflow forecasts. The business enters 2026 in a strong...
Ibstock plc
Model update
Our revised Ibstock forecasts reflect what is likely to be another difficult year for the group. We now forecast that adjusted EBITDA for this year will be only modestly higher than...
Greencore Group
Bakkavor acquisition revisited
With the Bakkavor acquisition set to complete on January 16th, we remain confident that the transaction represents a compelling value creation opportunity. The acquisition materially...
Airlines
The Sun Also Rises
The aviation industry may have lost nearly half a decade of growth (almost a ‘lost generation’) during the pandemic, but we believe earnings are in the middle of an upcycle. We are in a...
