CAPITAL MARKETS

Ireland’s leading Capital Markets advisory team

Davy to be acquired by long-term strategic owners

We are pleased to announce an agreement that will see Davy’s Wealth Management, Capital Markets and associated businesses being acquired by long-term strategic owners, Bank of Ireland. The agreement remains subject to regulatory and other customary approvals.

About Us

At Davy, our vision is to be the financial services partner most trusted by our clients and most admired for our people. Our Capital Markets advisory team focuses on Irish and UK corporates with distribution and access to institutional investors across the globe.

At Davy, we deliver world class outcomes to corporate and institutional clients through leading research and insights, expert execution and our strong access to distribution networks. We provide expert equity, debt, strategic and sustainability advice with a deep understanding of global markets, innovative capital raising solutions and specialist advisory capabilities.

Capital Markets is a division of the Davy Group of companies, serving clients for over 90 years.

Davy Capital Markets image of gears against a white background

Institutional Group

Equities | Research

Corporate Group

Corporate Finance | Corporate Broking | Davy Horizons

CAPITAL MARKETS

Ireland’s leading Capital Markets advisory team

Davy to be acquired by long-term strategic owners

About Us

Institutional Group

Corporate Group

New forecasts reflect lower price and higher volume assumptions

Davy Industrials Conference – roadshow feedback notes

As one transformational year ends, another begins…

Updating forecasts following the recent H1 2021 results

Much more than just marginal gains

Hyper-growth, hyper-valuation

Upgrading forecasts with $1bn book value possible in 2021

Better by design – delivering the integrated solutions model

Audere est Facere – to dare is to do; market leaders double down focus on strategic development in a crisis

Thinking outside the box; roadmap to €72.5

Model update: another big increase to current year earnings forecasts

A fresh produce category leader with over 30% upside

H1 progress means group profits/cash to inflect sharply

Upgrading forecasts on better volume and margin outlook; increasing price target to €1.49

Acquiring GNOG; updating forecasts following Q2 results

A better business to emerge post-crisis

New Irish economic forecasts

Valuation upside no longer clear after strong run

Progress on all fronts; upgrading estimates by 14%

Positive backdrop into H1 2021 results

At your service…

Q2 a reminder of US positioning and investment opportunity

Ingredients/F&F – positive fundamentals ahead of Q2/H1 results

The specialists

Ina great place

Turbulent summer still in store as traffic picks up

Relative de-rating into an improving outlook

Origin of the species – evolution of strategy being overlooked, with equity mispriced

Expecting solid Q2s; recent stock weakness an opportunity

Thoughts on Q2/H1 trading

Half-time update – de-ratings create opportunity

Updating forecasts

Upgrading forecasts as house price inflation accelerates; increasing price target to €1.41

MyHome Property Report, Q2 2021

Q2 strength driving 6% earnings upgrade

Ireland’s housing market set for cyclical-inflationary upturn

Model update: yes, another upgrade

At your service…

Pre-let news positively impacts the investment case

Upgrades from the recent equity raise and acquisitions

Write-back at you

Irish mortgage approvals hit €1.1bn in April, up 107% on 2020

Key metrics improving; increasing price target to €1.36

At your service...

Data support better growth; productivity drives EBIT

Wood, trees and settling dust…

Switching gears

New forecast for UK GDP to grow by 6.7% in 2021

Thesis on surplus capital return remains intact

Hugely geared to a reopening

At your service…

Welcome to the Hostel-world of opportunity!

Delivering to plan – with more to come

Meeting with management; significant untapped potential

Another earnings upgrade as outcome of strategic review awaited

Digital shovels and gold; initiating coverage on an e-commerce growth machine

Customer momentum results in another meaningful upgrade

At your service…

Scope to return close to 50% of share price in the next four years; increase price target to €1.44

Back to the future – the changing banking landscape

Strong Q1; good contract win; earnings upgrades

Emerging from lockdown as strong as ever; increasing price target to €1.31

At your service…

Model update: another upgrade with 2020/2021 earnings forecasts increased by 6%

Positive thesis unchanged, even if recovery is moving to the right; inflection point is coming

Model update: FY22 still uncertain, greater confidence on outer year delivery

Solid momentum into Q1 results; upside risks

MyHome Property Report, Q1 2021

Pedigree and potential

Initiation summary

Hygiene joins the party

The Special Ones

Cashflow improvements underappreciated

Exiting the capital