Sep 13 2024
Recent Research
Symrise, Management changes; on track for FY24
Sep 13 2024
discoverIE, Upbeat Capital Markets Event
Sep 12 2024
Greencore Group, Northampton site visit
Sep 12 2024
Ryanair Holdings, EU ownership nearing 50%
Sep 12 2024
Irish economy
Apple €13bn tax case settled finally and unexpectedly
A final outcome was not expected from this morning’s Apple tax case ruling but brings to a close a long drawn-out process. Ireland’s corporate tax regime now reflects the development...
James Fisher and Sons plc
Making solid progress
James Fisher has delivered H124 EBITA ahead of our expectations as the turnaround strategy gathers pace. The new revolving credit facility (RCF) agreement is nearly ready — we...
Grafton Group
Well-positioned for cycle turn
Grafton has proved itself an astute and judicious manager of capital; it has significant cash reserves; and it operates an attractive portfolio of businesses. Strategically, the next...
Diploma plc
Strength in numbers
Diploma has been one of the most resilient stocks in the Industrials universe. It runs a decentralised, acquisitive model whereby the companies acquired enhance the overall group’s...
Irish economy
Corporation tax receipts double in August
Corporation tax receipts doubled in August’s exchequer figures. The government’s expansionary fiscal policy is evident in the underlying exchequer balance excluding corporation tax...
Irish economy
Sinn Féin goes all-in on housing ahead of Ireland’s next election
While Sinn Féin’s new housing plan targets a material increase in output above current levels, it is not a significant departure from its previous plans. Unsurprisingly, the strategy...
UK housebuilders
Modest volume improvements but affordability still key concern
Affordability will continue to act as a drag on UK homebuilder demand into the near future and provides reasons to be cautious in the near term. Modest volume improvements versus...
Vistry Group
Reliable growth from Partnerships model
Vistry’s unique Partnerships model will provide it with two distinct advantages over peers in the medium term: (1) it will likely benefit from the increased focus of a new Labour...
Hill & Smith
Trident upgrade
The soft organic constant currency (OCC) revenue movement in May and June can be attributed to two issues: weakness in the UK ahead of the election and continued subdued volumes...
Kingspan Group
H1 results to confirm longer-term trajectory remains intact
The expectation that Kingspan’s first-half trading profits will be little changed on H1 2023 appears somewhat unexciting, especially given the group’s track record. But in the context...
