Research
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Highlights
- Tullow Oil - No real surprises as group gears up to deliver production profile
- 10 Mar 2010 (PDF)
- Headline revenue (£583m) and costs were broadly as guided. Lower realised oil and gas prices resulted in operating profits of £95m (versus £300m in 2008). The production profile is largely as guided with emphasis on the Atlantic margin play both offshore Africa and South America.
- Irish Life & Permanent - Results are a bit better than expected; awaiting news on the 'Third Force'
- 03 Mar 2010 (PDF)
- Life and pensions operating profits of €102m are broadly in line with our expectations, but banking losses of €266m are lower than our forecast €311m due to lower impairment losses. As expected, volumes decline in both key businesses.
- Allied Irish Banks - Results in line; expect 'tangible progress' on recapitalisation in 2010
- 02 Mar 2010 (PDF)
- Allied Irish Banks has reported an underlying pre-tax loss of €3.3bn - the product of an operating profit of €2.3bn, an impairment charge on loans of €5.4bn and losses on associates of €262m. Underlying EPS is -344.4c (Davy: -392.2c). The group is committed to 'tangible progress' towards increasing capital ratios in 2010 and a 'relatively aggressive' cost agenda.
- Monthly Market Monitor - Difficult month sees ISEQ retreat 3.5%; underperforms E300 by 3.0%
- 02 Mar 2010 (PDF)
- The ISEQ continued its poor start to 2010 with a loss of 3.5% in February. The index underperformed the E300 by 3.0% in February and by 1.1% over 12 months. Financials fell 19.9%, the fifth straight monthly decline. The industrials sector fell 1.8% and is 32.1% ahead over 12 months. Large and small caps were pretty much in-line with each other, losing 2.2% and 2.3% respectively.
- CRH - Market backdrop remains difficult despite improving H2 trends; forecasts likely to remain unchanged
- 02 Mar 2010 (PDF)
- CRH reported full year operating profits (EBITA) of €996m (pre-impairments of €41m), in-line with our forecast. Revenues of €17.4bn were down 17% year-on-year, but like-for-like revenues showed some improvement in H2. Management expects a "difficult demand backdrop" throughout 2010. We will likely leave our full year 2010 forecasts unchanged.
Other Recent Research
- Starting Points - March 11th 2010
- 11 Mar 2010 (PDF)
- Glanbia - In talks to dispose of its Irish businesses; FY2009 results in-line
- 10 Mar 2010 (PDF)
- Tate & Lyle - Positive trading tailwinds in near term but still facing structural challenges
- 10 Mar 2010 (PDF)
- Geberit - Full-year results to reveal strong end to the year; outlook comments awaited
- 10 Mar 2010 (PDF)
- Bovis Homes - Full year results slightly behind; strength of balance sheet and order book reinforces 'outperform' rating
- 09 Mar 2010 (PDF)
- Davy on Food and Beverages - Sector performance and valuation update; previewing ARYZTA and Origin Enterprises results
- 09 Mar 2010 (PDF)
Regular Products
| Title | Date | Archive |
|---|---|---|
| Weekly Book | 10 Mar 2010 | |
| Weekly Market Comment | 08 Mar 2010 | Archive |
| Monthly Market Monitor | 03 Mar 2010 | Archive |
| Davy on the Irish Economy | 29 Sep 2009 | Archive |