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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.

Regular Products

Title Date Archive
Weekly Book 10 Mar 2010
Weekly Market Comment 08 Mar 2010 Archive
Monthly Market Monitor 03 Mar 2010 Archive
29 Sep 2009 Archive

Market Movements

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Top 10 Companies
Company Price Change
ARYZTA 28.10 +0.03
Bank of Ireland 1.20 +0.04
CRH 17.90 +0.06
DCC 19.44 +0.12
Dragon Oil 5.31 -0.01
Elan(USc) 7.40 +0.15
Kerry Group 23.67 +0.27
Paddy Power 23.03 +0.95
Ryanair 3.42 +0.02
Smurfit Kappa Group 6.30 -0.20
Davy forecast changes
Adj. dil. EPS(c) 2010 2011
March 5th prev rev prev rev
ALBK -552 -449 24.2 37.3
FBD 101.8 85.9 123.4 129.1
Fyffes 5.1 4.4 5.2 4.9
Grafton Group 6.0 11.0 22.0 22.5
Irish Life & Permanent -24.0 -28.9 45.9 20.9
Kingspan Group 22.5 25.0 46.0 46.0
Redrow 3.5 4.0 6.3 7.3
Taylor Wimpey -0.4 -0.2 2.5 2.6