Dec 11 2024
Recent Research
Marshalls
The Marshalls Plan
Marshalls’ Capital Markets Event (CME) outlined the levers that the group can pull to grow sales over the coming years. There was a clear signal that it has shifted away from...
Irish economy
New forecasts: strong economic growth set to continue despite downside risks
We are updating our economic forecasts for 2025 and extending the horizon out to 2026. Available details for this year indicate that growth momentum has picked up, helped by rising...
DS Smith
In-line H1; expect Q1 2025 IP take-over completion
DS Smith’s £221m H1 FY25 EBIT was in-line with Visible Alpha consensus. Subject to European regulatory clearance, we expect the International Paper (IP) take-over of DS Smith to...
Irish economy
Budget stimulus obscured by Apple back-taxes in November
The November exchequer returns are heavily affected by the receipt of back-taxes from Apple. Beneath the surface however, the fiscal stimulus from Budget 2025 is evident. November...
FBD Holdings
Strategic delivery
FBD continues to deliver on its strategy, growing customer numbers and gross written premium (GWP) in its core franchise and priority areas in a manner consistent with managing risk....
Essentra plc
Components of value
Essentra Components has delivered consistent growth over time at good margins. When it was part of the wider Essentra group (before it emerged as a pure-play components business in...
Economics weekly
Ireland’s main incumbents set to form the next government
With counting for the last 12 seats soon to conclude, the general election in Ireland has seen a decisive result in favour of the two main incumbent parties. Fianna Fáil outperformed the...
Hostelworld
Growth and balance sheet optionality
We update our model and valuation methodology for Hostelworld (HSW), setting a new price target of 156p per share. FY24 has seen slightly weaker revenue generation than expected as...
Grafton Group
Taking the next step forward
Grafton’s acquisition of Salvador Escoda looks a judicious use of a portion of the group’s ample capital resources. The deal augments the group’s existing portfolio and also provides a...
Stelrad Group plc
Investment case continues to heat up
Stelrad’s Capital Markets Event (CME) struck a very positive tone, highlighting the structural growth drivers that lay ahead for the group, particularly in premiumisation and...
