Nov 30 2020
Recent Research
AIB Group, A new route to achieve targets
Nov 30 2020
Clinigen, All service and no product?
Nov 27 2020
CRH, Onwards and upwards
Nov 27 2020
Clinigen
All service and no product?
We think Clinigen’s largest division is being valued at c.4x EBITDA – bizarre given the c.55% divisional EBITDA margins and growth optionality with Proleukin and Erwinase. Admittedly, recent...
CRH
Onwards and upwards
We have once again upgraded our CRH forecasts following the group’s latest trading update. Based on our forecasts, profitability will have improved on a like-for-like (lfl) basis in 2020...
Gamesys Group
Continued evolution to create meaningful shareholder value
Gamesys Group (GYS) has a short history but a bright future. In just six years, it has assembled valuable positions in key markets and delivered attractive growth. If it repeats this...
Grafton Group
Model update – another earnings upgrade of substance
We are increasing our 2020 EPS forecast by 26% and next year’s estimate by 5%. The latter (56p) means the latest forecast is 24% higher than what was envisaged back in May. It is...
Dalata Hotel Group
Updating forecasts
We have updated our Dalata forecasts following the group’s H1 2020 results, the recent placing, the latest COVID-19-related restrictions in the UK and Ireland and the Irish Budget. The...
Equity research
Bitcoin: the technology prodigy and ultimate category killer
Against a backdrop of growing interest, in this thematic report we undertake a deep-dive on the economic and technological principles of Bitcoin. Software is eating the world and...
Kingspan Group
Model update
Kingspan continues to impress. Our revised 2021 trading profit forecast of €500m is, remarkably, within 5% of what had been expected prior to COVID-19. This operating resilience has been...
Airlines
Light at the end of a very dark tunnel
While cash burn remains very significant for network airlines, we think IAG is restructuring quickly and should have enough liquidity to emerge from this crisis as one of the leanest,...
Kerry Group
Model update – improving outlook
We maintain our FY20 EPS forecast (in line with company guidance) and pare our FY21 EPS by 3%. For Taste & Nutrition (T&N), we model for a return to volume growth in Q4-20 and an...
Irish economy
Data suggest Irish GDP will hold up better in second lockdown
Three weeks into Ireland’s second lockdown, high frequency data indicate that consumer spending, employment and housing demand have held up better than in the April/May period....
