Research
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Highlights
- Irish Banks - Countdown to capital raisings
- 04 Feb 2010 (PDF)
- Investors should get greater clarity on the capital requirements and earnings potential of the Irish banks as the key uncertainties around NAMA and the EC's response to restructuring are resolved as early as Q1. Assuming outside capital is forthcoming, we see upside potential of 48% for BKIR and 63% for ALBK. ALBK is higher risk due to its greater capital requirement of €4.1bn (versus €2.2bn for BKIR).
- Ryanair Holdings - Yield improvement a positive sign; Q3 results better than expected; costs performance still stellar
- 01 Feb 2010 (PDF)
- Ryanair's net loss of €10.9m for Q3 is better than expected. Full year guidance has been moved up from the lower end of €200-300m to €275m. The key driver for the better numbers and guidance is yields, which were down 12.5% in Q3 and are guided to be down -7-10% in Q4. Cost performance was excellent.
- Elan Corp - Basis now exists for stronger Tysabri growth profile; upgrading medium-term forecasts
- 01 Feb 2010 (PDF)
- The 2009 out-turn indicated that the efficacy message can spur growth, even with difficult PML headwinds. Tysabri can approach $2bn in revenues, off a patient base of 73,300, by 2013. This represents a 16% uplift to our previous patient estimates and adds circa $70m to EBITDA in 2013.
- Monthly Market Monitor - ISEQ delivers flat performance in January despite early promise
- 01 Feb 2010 (PDF)
- The ISEQ rose just 0.04% in January. This is a poorer-than-average start to the year (the average January performance is 3.0%). Financials fell 0.2% in January, the fourth successive decline for the sector in that month. Industrials rose 0.1%. Small caps performed strongly (+2.5%), while large caps lagged (-0.4%).
- Tullow Oil - Pushing the E&P business cycle harder
- 27 Jan 2010 (PDF)
- Tullow's equity raising of £925m will push its appraisal and development assets even harder. It plans to rapidly advance production in Uganda and to repeat the development time-scale achieved on Jubilee with the recent oil discovery at Tweneboa. In addition, up to $500m per annum will be set aside to pursue rank exploration.
Other Recent Research
- Starting Points - February 9th 2010
- 09 Feb 2010 (PDF)
- Diageo - Weak but improving trends expected in interim results; H1 will mark the trough in volumes
- 09 Feb 2010 (PDF)
- Davy on Food and Beverages - Sector performance and valuation update; Apocalypse deferred; in pursuit of brand equity - reinvesting gross margin upside
- 09 Feb 2010 (PDF)
- Kenmare Resources - Perfect timing; exceptionally well positioned to benefit from recovering demand and prices
- 08 Feb 2010 (PDF)
- Supply, Demand and Curve - Lender or borrower be?
- 08 Feb 2010 (PDF)
- Davy on Construction - February 8th 2010
- 08 Feb 2010 (PDF)
Regular Products
| Title | Date | Archive |
|---|---|---|
| Weekly Book | 08 Feb 2010 | |
| Weekly Market Comment | 08 May 2010 | Archive |
| Monthly Market Monitor | 01 Feb 2010 | Archive |
| Davy on the Irish Economy | 29 Sep 2009 | Archive |