Davy Research

Fresh thinking on the European

industrials and consumer sectors

Food, beverage & pharma

What we learned in Pennsylvania

We attended UDG’s two-day Capital Markets Day (CMD) in Allentown and Fort Washington, PA, last week. Our key takeaway is one of impressive ‘breadth’ – of service offering, geographic...

February 28 2018| Allan Smylie CFA , Andrew Young CFA | Company Report | 9 pages

High Noon - 2018 a defining year as productivity initiatives take centre stage

2018 will be a defining year for Danone – equity performance hinges on the success of its productivity initiatives. Its productivity programme has taken on greater significance in light...

February 14 2018| Cathal Kenny , Katy Hutchinson | Company Report | 29 pages

Entering year one of its five-year plan in rude health

Across the ingredients sector, we believe that Kerry Group has the greatest potential for earnings growth over the medium term. The group has the dual organic growth levers of...

February 6 2018| Liz Coen , Katy Hutchinson | Company Report | 14 pages

Beyond dairy: the next frontier

Starbucks’s new range of Evolution Fresh Daily Probiotic smoothies will reach shelves in February 2018, signalling the arrival of probiotics to fast moving consumer goods (FMCG)...

February 6 2018| Katy Hutchinson , Liz Coen | Sector Report | 18 pages

Little earnings momentum; downgrade to ‘Neutral’

Earnings sustainability, capital requirements and dividend capability were dominant themes in Lloyds Banking Group (LLOY) in 2017 and will likely remain so during 2018. We do not expect the...

February 14 2018| Diarmaid Sheridan , Stephen Lyons | Company Report | 15 pages

‘Fixing’ France: lifting the lid on Kingfisher’s biggest opportunity

Despite concerns about its UK exposure, France has been the major drag on Kingfisher’s profitability over the past six years. ‘Fixing’ France therefore represents the group’s...

February 8 2018| Michael Mitchell , Flor O'Donoghue , Guest | Company Report | 26 pages
Business Support Services

An inflection point in the UK market?

The UK market is a large exposure for Applegreen (28% of gross profit) and a potentially larger opportunity, with almost 5x the number of forecourts in its domestic market. While we...

February 6 2018| Allan Smylie CFA , Eoghan Reid | Company Report | 14 pages
Markets & indices

And so it comes to an end; global equities fall 3.7% in February

The MSCI AC world index fell 3.7% in February, the first monthly reversal for the benchmark since October 2016 (and the election of Donald Trump). Fears that inflation would drive rate...

March 1 2018| Jim O'Neill , Laura Chambers , Jenny Campbell , Guest | Monthly Market Monitor | 20 pages

Global markets enjoy strong start to 2018; MSCI AC world index +4.1%

Global equity markets continued their rich vein of form in January, advancing 4.1%. The jump is all the more impressive given the 1.6% decline over the final three days. The gain is the...

February 1 2018| Jim O'Neill , Laura Chambers , Jenny Campbell , Guest | Monthly Market Monitor | 20 pages
Davy Research

How to spend it: government unveils its ten-year capital plan

In this report we take a detailed look at the government’s new capital plan. While many projects were already in the pipeline, this plan formalises the government’s priorities for the...

February 21 2018| David McNamara , Conall MacCoille | Irish Economy | 9 pages