Oct 31 2025
Recent Research
Greencoat Renewables, Solid Q3 NAV performance
Oct 30 2025
Lufthansa, In-line Q3
Oct 30 2025
SigmaRoc plc
Updating forecasts
We have updated our SigmaRoc (SRC) forecasts and price target following its recent trading update. While the stock has performed strongly year-to-date (+63%), we see further upside...
Danone
Q3 update – strong volume growth continues
Q3 like-for-like (LFL) growth came in above consensus at +4.8% (VA: +4.3%), driven by further growth in volume/mix across all categories (+3.2%), with strong momentum into the final...
Kenmare
New forecasts with more conservative assumptions
We have published new forecasts on Kenmare. Due to macro trends, we assume lower price forecasts in 2026 onwards than indicated following the Q3 production report. Our price...
Irish banks
Banks monthly: looking ahead to Q3
The key themes in Q3 are unlikely to dramatically differ to those of H1 2025 and, in some areas (particularly on distributions), clarity is unlikely to be forthcoming. Nonetheless, we...
Bank of Ireland
Drawing a line under UK motor finance
The estimated provision increase for Bank of Ireland (BIRG) is larger than anticipated but remains manageable on capital. Based on our forecasts, the incremental provision (over and...
Greencoat UK Wind
Model update
H1 2025 presented a challenging operating environment for Greencoat UK Wind (UKW) with generation 14% below budget, and this is reflected in our updated 2025-2027 forecasts. Despite...
Irish economy
Why Budget 2026 will not overheat the Irish economy
In this report, we welcome the emphasis in Budget 2026 on infrastructure and housing given significant and well-documented shortfalls in these areas. We also find limited evidence that...
permanent tsb Group
Transformation of returns
PTSB’s investment case has been transformed in recent years, with deleveraging non-performing exposures (NPEs) and acquiring significant assets from Ulster Bank the key highlights....
Greencoat Renewables
Taking stock of H1 2025
Greencoat Renewables’ (GRP) equity story combines a resilient, diversified portfolio with a compelling valuation case. As the sector continues to de-rate, risk-adjusted returns have...
Airlines
Contrasting fortunes
The ULCCs (ultra low-cost carriers) under our coverage will report Q2 (peak summer) results next month. Ryanair will report record profits as cashflow and growth power ahead....
