Initiating coverage: cash generation, acquisition potential and margin expansion all provide cause for optimism
We are initiating on Ardagh Group with an ‘Outperform’ rating and a price target of $23.50, representing upside of 11% from current levels. While the group’s markets are relatively...
Unrelenting Delivery of Growth
The UDG Healthcare investment thesis is a potent combination of structurally high organic growth and balance sheet capacity for investment that is potentially equivalent to 35% of the...
Entering the third phase; initiating coverage
AerCap is now embarking on the third phase of its corporate development. From its IPO in 2006 through to 2013, it increased its owned fleet by almost 75%. The 2014 ILFC deal was an...
An inflection point for yields
We are now more constructive on industry fundamentals for the first time in four years. Capacity growth trends in short-haul and key long-haul markets are improving. There are also...
Six in a row: global equities continue to climb; MSCI AC world index up 1.1% in April
The MSCI AC world index rose 1.1% in April marking the sixth consecutive monthly gain. In a month where geo-political events took centre stage the first round results of the French...
Davy Research conviction list records solid performance in January; adding IAG
The Davy Research conviction list has started the year well with six of the seven names outperforming the benchmark. We are happy to keep these names on the list, and are adding IAG,...
Eurozone and UK: prospects diverge in post-Brexit Europe
In our January issue of Davy Economics Monthly, we highlight the diverging outlook for the eurozone and UK economies in 2017. Concerns around political events – namely, elections in...