Jan 22 2026
Recent Research
Forterra plc, Solid 2025 delivery confirmed
Jan 22 2026
Kenmare, Q4 production report and 2026 guidance
Jan 21 2026
Ingredients
Ingredients chartbook: decadal valuation reversal; model updates
2025 was characterised by slowing top-line growth, which led to a further sector de-rating. For 2026, we model organic growth of c.3% for all names with improving momentum expected in...
Glenveagh Properties
Higher earnings and cashflow drive 3% increase in price target
We are increasing our Glenveagh Properties price target by c.3% (15% upside) today, mainly on the back of higher EPS and cashflow forecasts. The business enters 2026 in a strong...
Ibstock plc
Model update
Our revised Ibstock forecasts reflect what is likely to be another difficult year for the group. We now forecast that adjusted EBITDA for this year will be only modestly higher than...
Greencore Group
Bakkavor acquisition revisited
With the Bakkavor acquisition set to complete on January 16th, we remain confident that the transaction represents a compelling value creation opportunity. The acquisition materially...
Airlines
The Sun Also Rises
The aviation industry may have lost nearly half a decade of growth (almost a ‘lost generation’) during the pandemic, but we believe earnings are in the middle of an upcycle. We are in a...
Associated British Foods
Model update – further downside
We are cutting our FY26 and FY27 adjusted EPS forecasts by c.11% and c.6% respectively, reflecting weaker expected volume delivery (FY26: -c.2.3%) and ongoing margin pressure at...
Greggs plc
Model update – reduced FY26 forecasts
We are lowering our FY26 adjusted profit before tax (PBT) forecasts by c.6.5%, with the reduction largely driven by softer like-for-like (LFL) growth assumptions through the year, as...
Flutter Entertainment plc
Launches prediction markets and model update
Flutter confirmed yesterday (December 22nd) that it has launched FanDuel Predicts in five initial states, representing the start of a phased national rollout. The release notes that...
Robertet
Scent and Sensibility: initiating on Robertet
We are initiating coverage of Robertet, a mid-sized house in the global fragrance and flavour (F&F) sector with a long-standing focus on natural ingredients and a vertically integrated...
Irish banks
Banks monthly: competition evolution
Following fundamental changes in the retail Irish banking landscape almost five years ago, competition in the market continues to evolve. We assess the market as competitive but...
