Apr 7 2020
Recent Research
Irish economy
March exchequer returns show €2bn hit from COVID-19 measures
Today’s exchequer returns show a €2bn hit from COVID-19 on the public finances in March through extra health spending and social welfare payments and a fall in VAT receipts. The 50%...
Ingredients
A new operating age — the strong will get stronger
A new operating age is about to commence. We predict fundamental changes in how companies are governed — Boards will consider risk with a radically different mindset. Stakeholder models...
Irish economy
Ireland and COVID-19
In this report we set out what we know so far about the impact of COVID-19 on the Irish economy. Clearly, the impact is highly uncertain, so for now we have decided to delay revising...
Irish banks
Weighing up the impact of COVID-19
Bank share prices continue to move lower as concern regarding COVID-19 mounts. Unlike the financial crisis, banks aren’t the architects of the current crisis. As such, solvency is much...
FBD Holdings
Exceptional 2019 gives way to a more balanced outlook
2019 was an exceptional year, boosted by the three tailwinds of favourable investment markets, prior-year reserve releases and benign weather. Near-term underwriting profits will remain...
Monthly Market Monitor
Latest coronavirus cases shake global markets; MSCI AC World Index plunges 7.7% in February
The MSCI AC World Index continued its 2020 losses in February, falling 7.7%. The monthly performance brings the benchmark’s year-to-date (ytd) loss to 8.4%. The catalyst again, for the...
Total Produce
A fresh perspective
We believe the market is overlooking the value and growth opportunity of the Dole investment and the benefits afforded by the prudent deal structure. The agreed structure provides...
Glenveagh Properties
Pre-fund deals to accelerate Urban revenue
Assuming successful pre-funding deals on Glenveagh Properties’ North Docks sites has driven a modest upgrade to our estimates. In this report, we focus on this new reporting...
Irish Continental Grp
FY2020 – feels like ‘waiting for Godot’, but we should start seeing return on investments
Irish Continental Group (ICG) will report FY2019 results on March 5th. We are expecting a ramp-up in EBITDA over the coming years. While our FY2019 EBITDA forecast of €87m represents a...
Dalata Hotel Group
Free cashflow opportunity from Dublin RevPAR concerns
Market data for 2019 show that Dublin RevPAR declined 3.6% year-on-year (yoy) due to softer demand for rooms and increased supply. Investors have overreacted in assuming EPS...
