Mar 27 2026
Recent Research
Hostelworld, Positive start to FY26
Mar 26 2026
Treatt plc, H1-26 trading update
Mar 26 2026
Kenmare, FY2025 results
Mar 25 2026
dsm-firmenich, Key takeaways from Investor Day
Mar 25 2026
Flutter Entertainment plc
Forecast update
We update our Flutter forecasts to reflect FY26 guidance. At a high level, we now expect a strong and resilient International business with the key potential regulatory shocks factored...
dsm-firmenich
Key takeaways from Investor Day
With its portfolio transformation complete, the emphasis shifts to growth execution. A roadmap to 2028 was presented with revenue and margin targets unchanged. The mid-point of 2028...
Ingredients
Q1 model updates – slow start to 2026 expected in an uncertain environment
Ahead of Q1 results, we update our Givaudan, Symrise and Kerry Group models. Top-line forecast changes reflect a subdued consumer environment, with the conflict in the Middle East...
Airlines
The Sun Also Rises: where to go from here in aviation
In our January 14th report, “The Sun Also Rises”, we argued that the aviation industry may have lost nearly half a decade of growth (almost a ‘lost generation’) during the pandemic,...
Smurfit Westrock
Focus on material margin expansion
Smurfit Westrock set out an ambitious, and we argue credible, set of 2030 targets at its FY 2025 results. At the heart of the plan is to bring the adjusted EBITDA margin in its North...
FBD Holdings
Persistent attractive returns
FBD continues to execute its strategy, with growth in customers and gross written premium (GWP), while simultaneously managing risk. In the past five years, €7.75 of dividends have been...
Diploma plc
Upgrading forecasts
Following the positive trading statement issued yesterday (March 18th), we are upgrading our Diploma forecasts. We increase the expected rate of organic revenue growth and our margin...
Cairn Homes
Increasing price target to 271c
Operating profit forecasts are c.5% higher across the investment horizon in our new estimates this morning. This increase, combined with a higher level of returns, has driven a 12%...
Mincon Group
Material upgrades follow FY25 results; target price moving to 82c
2025 was a successful year of growth and self-help initiatives at Mincon. The business has maintained momentum into FY26 and we are increasing our forecasts to reflect higher sales...
CRH
Another strong year of growth ahead; significant upside from 2030 targets
Following another strong year of delivery in 2025 and a robust set of FY26 guidance figures, we increase our CRH price target (PT) to $144 with a high level of confidence in our new,...
