Research
Jump to: Other Recent Research | Regular Products
Highlights
- Monthly Market Monitor - ISEQ enjoys a strong start to 2012 with 3.7% gain; global markets begin year in positive territory; US dollar falls while Brent oil increases
- 01 Feb 2012 (PDF)
- The ISEQ began the year strongly with a 3.7% gain and outperformed the E300 by 0.1%. The FTSE all world developed and emerging market indices surged 4.4% and 7.6% respectively. The E300 added 3.6% and the STOXX 600 advanced 4.0%. US markets also experienced a strong opening month with the S&P 500, DJIA and NASDAQ climbing 4.4%, 3.4% and 8.0% respectively.
- Ryanair Holdings - Stellar Q3 results; market leader powering ahead to its most profitable year ever
- 30 Jan 2012 (PDF)
- Ryanair delivered a stellar Q3 net income performance with a profit of €14.9m compared with a loss of €10.3m last year. The better revenue performance was driven by reduced seat capacity, longer sectors, higher competitor fares/fuel surcharges and benign December weather. Ryanair is also raising its FY2012 guidance to €480m (from €440m), implying Q4 yields of 12%.
- Davy on Airlines - Low-cost carriers will continue to outperform but network airlines will struggle
- 19 Jan 2012 (PDF)
- Low-cost carriers Ryanair and easyJet are our preferred plays in a weak eurozone environment. However, network airlines face many challenges due to uncontrollable cost increases, with premium traffic the biggest risk. Our top picks remain Ryanair and easyJet based on profit growth and cash returns to shareholders.
- Irish Economic Forecasts: GDP growth projections revised down sharply as euro area recession looms
- 16 Jan 2012 (PDF)
- We have revised down sharply our projections for GDP growth to 0.4% in 2012 (from 1.7%) and to 1.6% in 2013. GNP will contract by 0.4% in 2012 (previously +1.0%). The deteriorating outlook for the euro area is the key reason for the downward revisions. We do not expect Ireland to hit the targets set out for the budget deficit in 2012 and 2013. With the debt level approaching the limits of sustainability, policy efforts to reduce the cost of recapitalising Ireland’s banks are appropriate.
- Global Building Materials - Groundhog Day: another disappointing year ahead; Wolseley our top pick; downgrading CRH to 'neutral' and Holcim to 'underperform'
- 12 Jan 2012 (PDF)
- We are reducing our 2012 and 2013 estimates for the European building materials sector by 5% and 8% respectively. Trading on 14x 2012 P/E, with downside risk to estimates and with many balance sheets still stretched, we see little reason to be overweight the sector. We are cutting CRH to 'neutral' and Holcim to 'underperform'; Wolseley and HeidelbergCement remain our top picks.
Other Recent Research
- Davy Morning Equity Briefing - February 3rd 2012
- 03 Feb 2012 (PDF)
- Monthly debt digest - The pain trade
- 03 Feb 2012 (PDF)
- Dragon Oil - Plenty in the tank: upgrading our NAV
- 03 Feb 2012 (PDF)
- Davy on Food and Beverages - January 31st 2012
- 31 Jan 2012 (PDF)
- Davy on Construction - January 30th 2012
- 30 Jan 2012 (PDF)
- CPL Resources - H1 results preview
- 26 Jan 2012 (PDF)
Regular Products
| Title | Date | Archive |
|---|---|---|
| Weekly Book | 03 Feb 2012 | |
| Weekly Market Comment | 30 Jan 2012 | Archive |
| Monthly Market Monitor | 01 Feb 2012 | Archive |