May 31 2023
Recent Research
Datalex, At an inflection point
May 31 2023
ARYZTA, Strong performance continues
May 30 2023
Ocado Group
A digital-super-market-market
Ocado’s Tech Solutions business provides the picks and shovels for grocers to move online. A fast-growing business with an aEBITDA margin of 50% within the next five years; however,...
Fast Fashion
Fashion players’ forecast update: 2023, the year of… cashflow?
2020 was about growth, 2021/22 was about profitability – we had 2023 pinned as the ‘year of efficiency’, but perhaps cashflow is more important. On the face of it, both boohoo (BOO)...
Disruptive technology
Week 20 – US Bellwether Blast: Nvidia’s Q124 earnings
Nvidia (NVDA) makes the chips needed to run large language models like OpenAI’s GPT4. As investors pile in, trying to bet on the next and best applications of generative AI, the AI...
Glenveagh Properties
Path to 2024 clearer than ever
After a difficult 12 months for residential construction in Ireland due to planning issues, there are clear signs that Glenveagh is seeing a much-improved planning environment in 2023....
Airlines
Prolonged summer; period of margin expansion
Demand (and the desire for ‘experiences’) is running ahead of multi-year supply constraints. We believe we are in a period of margin expansion even if/when ‘economics’ moderate yields....
Disruptive technology
Week 18 – US Bellwether Blast: Apple Q223 earnings
Apple (AAPL) is very dependent on consumers’ ability to afford its products, although its shares fell the least of the bellwethers in 2022 at -27%. Such is the need for smartphones in...
Kingspan Group
Earnings upgrade further evidence of operational delivery
We are upgrading our Kingspan trading profit and earnings forecasts for this year by 7%. Based on the new estimates, Kingspan is now on a 2023 P/E multiple of just over 18x. The...
Hostelworld
Strong start to 2023 – upgrading forecasts
Hostelworld (HSW) provided an unequivocally positive update this week. Strategic execution has driven trading, and both volume and price have surprised on the upside. Similarly, marketing...
Stelrad Group plc
Warming up to Stelrad
The equity market has failed to warm up to Stelrad since its IPO in November 2021. We believe that this response has been unwarranted and initiate coverage with an ‘Outperform’ rating...
Paper & packaging
Q1 results recap: signs of stabilisation
While subdued demand, destocking and lower prices were consistent Q1 2023 themes, we see Q2 2023 signs of stabilisation in (1) Packaging, (2) Chinese pulp and (3) Wood (lumber). We ...
