Davy Research

Fresh thinking on the European

industrials and consumer sectors

Davy Research


Key stock picks and sector themes for 2018

This report examines the themes we expect to dominate the European building materials and construction sector in 2018. Our stock-picking criteria remain focused on quality (cash...

Conviction calls for 2018: earnings growth, financial strength and returns continue to dominate

The Davy Research Conviction List represents the best conviction ideas from the 120 stocks in our coverage universe. Our ideas are based on deep fundamental knowledge of these...

Jan 2 2018| Barry Dixon | Sector Report | 18 pages

Joining an exclusive club; initiating with an ‘Outperform’ rating

Glenveagh is at the start of an exciting journey. It is now one of a very small group of housebuilders with the financial and operational capacity to build much-needed homes at scale in...

Nov 10 2017| Colin Sheridan CFA , Michael Mitchell | Company Report | 34 pages
Resources & environment

Could this be oil’s year?

The late 2016 OPEC deal pulled the oil price out of the doldrums in 2017. At the same time, economic recovery provided the demand to shift metal prices from their early 2016 funk. Since...

Dec 14 2017| Job Langbroek | Sector Report | 13 pages

2018 outlook: regulatory changes hold the key to gaming returns; backdrop for hotels remains supportive

2018 is likely to see important developments in the regulation and taxation of gambling in the US, UK, Germany and Australia. These changes could potentially redefine the sector...

Jan 15 2018| David Jennings , Joseph Quinn | Sector Report | 20 pages

2018: a year of delivery in new rooms and longer-term pipeline

We have updated our Dalata price target to €6.90 from €6.20 as we roll forward our DCF model and incorporate the start of the group’s UK asset-light expansion. For 2018, in addition...

Jan 15 2018| Joseph Quinn , David Jennings | Company Report | 11 pages

LCL deal smart move strategically but valuation looks full; initiate with ‘Neutral’ rating and 912p price target

We believe that GVC’s proposed bid for Ladbrokes Coral makes sense strategically. It further de-risks the business from a regulatory standpoint and is opportunistic to the extent...

Dec 13 2017| David Jennings , Joseph Quinn | Company Report | 48 pages
Business Support Services

At your convenience!

Applegreen’s convenience retail proposition is a unique differentiator versus peers. It has facilitated rapid site growth in a consolidating forecourt market, delivering 15% EBIT CAGR in...

Oct 19 2017| Eoghan Reid , Allan Smylie CFA | Company Report | 54 pages
Markets & indices

Ending on a high: global markets add 1.2% in December, up 17.5% in 2017

The MSCI AC world index gained 1.2% in December, the 14th successive monthly increase for the global benchmark. This brings the cumulative growth over that period to 22.6% and the 2017...

Jan 2 2018| Colin Richardson , Jenny Campbell , Jim O'Neill , Laura Chambers | Monthly Market Monitor | 21 pages
Davy Research

MyHome Property Report, Q4 2017

The latest MyHome property report shows a 1% fall in Q4 2017 but with prices up 10.2% on the year – the fastest pace of asking price inflation since early 2015. The number of homes...

Jan 2 2018| Conall MacCoille | Irish Economy | 13 pages