Oct 4 2022
Recent Research
Hostelworld, 2022 musings
Oct 4 2022
Watkin Jones, Volatility drives FY22 miss
Oct 4 2022
Uniphar, Acquisition of Inspired Health
Oct 4 2022
Hostelworld
2022 musings
FY22 seems very much like a transitionary year for Hostelworld (HSW), both in terms of the ongoing recovery of the travel industry and the specific company issues around marketing...
Dalata Hotel Group
Forecast changes post H1 2022 results
We are putting through forecast changes for Dalata, as indicated after the H1 2022 results. We expect the impact of refugees on hotel stock in Ireland will continue longer than...
Disruptive technology
September UK housing snapshot: good times, bad times?
In many ways, the data remain behind the curve of rather radical economic change. Thus, approvals and transactions look solid enough, but all eyes are on the remainder of 2022. The...
Irish economy
MyHome Property Report, Q3 2022
This quarter’s MyHome report shows asking prices falling by 1.3% in Q3 2022, with annual inflation slowing to 7.8%. The summer has seen a surge in new listings for sale, up 17% on 2019...
Origin Enterprises
Black sheep in a sea of red
Reflecting four consecutive profit upgrades, strong cash delivery, progressive shareholder returns and margin progression, Origin’s equity has been an outlier across our food coverage...
IAG
Franchise intact post-COVID – just more debt
The market (particularly the widebody market) is supply constrained. Demand is still, in our view, linked to a COVID recovery. IAG’s franchises remain intact, and it has the most exposure...
Irish banks
A virtuous cycle
For the first time since the Global Financial Crisis, sustainable returns are in sight for Irish banks. Operating jaws will widen substantially after years of tightening, with material...
Ergomed
Strong growth potential and high earnings visibility
Ergomed is a UK-listed, pure play healthcare services business with a strong global platform in Pharmacovigilance and Clinical Research Services. These are both growth sectors of the...
Ingredients
Davy Ingredients Handbook – Charting choppy waters
A sharp de-rating since late 2021 has lowered ingredient sector valuations back to 2017-18 levels. The journey in valuation discovery continues to be influenced by the direction of the...
CRH
Quality shining through; producing on and off the field
The quality of CRH’s strategic execution, portfolio and commercial management is coming to the fore. We are upgrading our 2022 EBITDA forecast by 3% (to $5.48bn), where we expect...
