Nov 21 2018
Recent Research
Cranswick plc
Growth platform underpinned by poultry and international ambitions
Cranswick’s evolution has been shaped by its strategic agility and progressive reinvestment model. Dedicated supply chains have deepened retailer relationships. The roots of the...
Irish banks
Monthly update: stress test outcome much improved
The positive outcome for AIB and BOI in the EBA stress test exercise is welcome and should help the banks to retrace some of their recent underperformance. The outcome is testament...
IRES REIT
Strong NAV prospects from yield compression, reversion and development pipeline
Prime Private Rented Sector (PRS) yields in Dublin have declined by 80bps since end-2016 and continue to be very well bid. IRES’ reported yields are now at a record spread versus prime...
Malin Corporation
Sharpening the strategic focus
Malin is sharpening its strategic focus. It has simplified its strategy to focus on four priority assets that hold considerable upside, and the leaner structure provides a longer...
Dalata Hotel Group
Pricing in an unrealistic 2019 RevPAR outcome
Dalata’s share price has fallen by 20% since early October. Concerns about oncoming Dublin supply and VAT changes are overdone. We estimate the stock is now pricing in a circa 4.5%...
Kerry Group
Eastern promise - Kerry’s SE Asia journey is only beginning
Enabled by its localised solutions-led model, Kerry has built an enviable track record in SE Asia with a ten-year organic volume CAGR of 14%. Success is built on consumer insights, an...
AIB Group
Forecast revisions post Q3 and lower lending growth
Although AIB’s Q3 update reaffirmed progress on the bank’s medium-term targets, we reduce our forecasts to reflect lower lending growth assumptions. This reflects our new mortgage...
Bank of Ireland
Forecast revisions post Q3
While the environment may have become more difficult, as evidenced by Brexit-related caution on the part of businesses and a slowdown in mortgage market growth, Bank of Ireland (BOI)...
Irish banks
Monthly update: mortgage market – let’s (not) “party like it’s 1999”
An Post is threatening to do what Bank of Scotland did in 1999 – enter the mortgage market with pricing 1ppt below the current (headline) rate. We remain sceptical on the grounds of...
C&C
Robust performance across core brands expected as investors get first sight of MCB
C&C will report interim results on October 25th. We expect core brands (Tennent’s, Bulmers and Magners) to have performed well, aided by favourable weather and the World Cup. While...
