Mar 27 2024
Recent Research
Xaar, Stronger platform for growth
Mar 26 2024
Xaar
Stronger platform for growth
Xaar has delivered FY23 profits ahead of our expectations. While customer-delayed launches of new printing machines impacted the FY23 out-turn, most now look set for launch in 2024...
Grafton Group
Ready to jump on the platform
An increasing possibility that Grafton will undertake a platform acquisition (£100-500m) this year merits an analysis of the possible effect of such a transaction. Applying Grafton’s...
Flutter Entertainment
FY23 – GAAP and guide key
Flutter Entertainment will report its FY23 preliminary results on Tuesday March 26th at 07.00 GMT with a conference call at 10.30. This will be its first update under US GAAP. Given that...
Hill & Smith
Consistent delivery
Hill & Smith (HILS) remains one of our top picks for 2024. The tailwinds of US infrastructure investment, self-help from organic investment in its existing higher growth/higher margin...
Associated British Foods
Investigating Primark USA
While we remain optimistic on the trajectory of Primark’s growth and profitability, we note that its US expansion remains a source of debate among the investment community. Our...
Dalata Hotel Group
UK expansion to drive growth
2023 was another exceptional year for Dalata, growing revenues, increasing its estate and pipeline, delivering strong profit growth, generating record free cashflow and reintroducing...
M&A update
An early look at Barratt Redrow
In this report we examine what a combined Barratt Redrow business will look like. We think the market has reacted too negatively to the proposed combination and make Barratt...
DS Smith
Return to box growth; pending Mondi merger update
DS Smith’s Q3 FY24 update indicates a return to positive (c.1%) like-for-like (LFL) box volume growth in February 2024. Our unchanged FY24E estimates of £701m adjusted EBIT and 33p...
TRIG plc
Leading operator but superior returns available elsewhere
TRIG’s financial performance has been impacted by the more challenging recent macro-economic backdrop. Its near-term returns outlook remains subdued, although the longer-term...
Greencoat UK Wind
2023 results highlight steady through-cycle returns
Persisting interest rate uncertainty and a period of disappointing share price performance across the renewable infrastructure sector disguise another year of solid shareholder...