Jul 10 2020
Recent Research
Abbey, Full year results in line with guidance
Jul 10 2020
VR Education Holdings, ENGAGE lands in Tokyo
Jul 9 2020
C&C, CEO and CFO appointments
Jul 9 2020
Grafton Group, Up and running
Jul 9 2020
European building materials
Counting the cost
From the April lows, Q2 construction activity has rebounded quicker than we first thought. That suggests the potential to surprise positively, especially for companies with large...
easyJet
A long recovery path ahead
easyJet’s 15% equity raise (gross proceeds of £419m) along with sale and leaseback transactions will see liquidity proceeds exceeding £3bn and should give its capital structure some...
Monthly Market Monitor
Global equities continue to advance; MSCI AC World Index adds 2.7% in June
Global equity markets continued to rebound in June, advancing for a third consecutive month. The MSCI AC World Index gained 2.7%, bringing the second-quarter climb to 17.7% and reducing...
Ingredients
Flavour and Fragrance leadership – demonstrating resilience
We expect Symrise and Givaudan to emerge from the current crisis with enhanced propositions. We forecast healthy levels of organic revenue and EBITDA growth for FY20. We upgraded...
Irish economy
MyHome Property Report, Q2 2020
Irish asking price inflation has moved into negative territory for the first time this cycle, at 2.9% nationally and 2.6% in Dublin. This is consistent with our forecast for a 5% fall...
UK housebuilders
Sector at attractive levels; upgrading Barratt Developments to ‘Outperform’
The sell-off in the UK housebuilders’ sector has provided an opportunity to enter the sector at historically attractive valuations. In this report, we upgrade Barratt Developments to...
IRES REIT
Resolution of market concerns to provide material upside
Investor focus shifted away from positive company dynamics to a range of market concerns impacting IRES’ ratings. However, these concerns are now being resolved. Many of the group’s...
Flutter Entertainment
Platform + opportunity = growth
Flutter deserves attention. A compelling strategy is delivering a powerful growth platform in a global and structurally expanding industry. It presents a multi-year opportunity for the...
Irish banks
Stable government and economic recovery positive for bank ratings
The proposed formation of a new government comes as the re-opening of the Irish economy is accelerating. Both factors should positively impact the Irish banking sector. The majority...
C&C
Entering a new phase – route to market platform integral
The post-lockdown environment marks a new phase for C&C. While the old Matthew Clark Bibendum (MCB) playbook remains relevant, the next phase is likely to require an acceleration of...
