Jan 30 2023
Recent Research
Treatt plc, AGM trading update
Jan 27 2023
Disruptive technology
Week 3 – US Bellwether Blast: MSFT’s Q223 earnings
Two things hit us from the Q223 print: 1) the cautious commentary around the demand environment for digital services and 2) Microsoft’s (MSFT) further investment in OpenAI. MSFT’s...
GB Group plc
Numbers downgrades… does the story hold?
As the enterprise software spending environment weakens, we lower our GB Group (GBG) revenue estimates for FY23, FY24 and FY25 by 3%, 6% and 6%, respectively. Hitting the target...
Banks
Proceed to the next level
2022 was a stellar year to be invested in Irish banks. The rate debate has now shifted to peak rates and overtightening, which at face value is not constructive but may create...
Smurfit Kappa Group
Reiterate ‘Outperform’ ahead of February 8th results
European packaging leader Smurfit Kappa Group (SKG) has de-rated on fears regarding box demand and pricing. With easing energy and OCC raw material headwinds, we believe SKG guidance...
Paper & packaging
Subdued box demand but positive sentiment inflection
Despite subdued box demand, we believe de-rated valuations provide appealing 2023 risk/reward as cyclical sectors such as packaging re-rate long before recessions end. With easing cost...
Corre Energy
Operational update and NPV upgrades following the new offtake agreement
Corre Energy has issued an operational update. The spotlight is turning to its nearer-term projects. This follows the recent positive news of its 15-year offtake agreement on its ZW1...
Disruptive technology
Week 2 – US Bellwether Blast: Tesla’s price cuts
We focus on Tesla’s (TSLA) 20% price cuts across its range, with shares up 4% on the news. Price cuts of this size are unheard of and will place pressure on traditional manufacturers...
musicMagpie plc
Forecast update: legend of the rent
MusicMagpie’s (MMAG) rental proposition delivers c.78% gross margins and is clearly compelling, particularly through a cost-of-living crisis, as it offers a lower-cost alternative for...
DSM
Launching new estimates and equity observations
DSM’s acquisition (merger structure) of Firmenich fits with its growth strategy and decadal transformation and creates a formidable global supply chain with access to considerable R&D...
Flutter Entertainment
Early innings of US upgrade cycle
The FanDuel business has made remarkable progress in the relatively new US market. The combination of the ‘Flutter Edge’, the FanDuel brand and strong management has led to what...
