Davy Research

Fresh thinking on the European

industrials and consumer sectors

Davy Research

Transport & logistics

The Amazon(s) of travel?

In this report we examine how Europe’s main low-cost carriers (LCCs) are utilising digital technologies to leverage and enhance customer relationships. We have held extensive discussions...

Sep 8 2017| Stephen Furlong , Ross Harvey | Sector Report | 35 pages
Food, beverage & pharma

US field trip: North American growth platform bearing fruit

The emergence of a North American growth platform provides a compelling opportunity for Total Produce and a unique point of difference to its equity story. With high quality anchor...

Sep 8 2017| Cathal Kenny | Company Report | 31 pages

Asia – an introduction to Kerry’s leading emerging markets platform

When Kerry unveils its new five-year targets on October 11th under incoming CEO Edmond Scanlon, we expect the Asia Pacific (ASPAC) division to be an area of focus. Asia (within ASPAC)...

Aug 1 2017| Liz Coen | Company Report | 32 pages
Leisure

Near term re-rating unlikely without capital return; focus needs to be inward-facing over next 12 months

Paddy Power Betfair has de-rated 20% year-to-date on the back of the surprise CEO announcement, ongoing sluggishness in Europe Online and rising tax risks. With the new CEO unlikely...

Aug 29 2017| David Jennings , Joseph Quinn | Company Report | 28 pages

50% upside factoring in UK opportunities

We reinitiate coverage on Dalata with an ‘Outperform’ rating and a 12-month price target of €6.20 (23% upside). Beyond this, we see material upside for Dalata in regional UK. Our...

Aug 21 2017| David Jennings , Joseph Quinn | Company Report | 51 pages
Financials

NPL disposals cloud near-term outlook

PTSB’s accelerated non-performing (NPL) reduction targets will see a cleaner core franchise emerge more quickly but at a price to valuation as surplus capital is used towards...

Aug 29 2017| Stephen Lyons , Emer Lang | Company Report | 37 pages
Resources & environment

Mid-year review of E&P names

The value and risk in exploration and production (E&P) shares depends largely on your view of the oil price. This year’s wobbling oil price has so far meant that capital markets are...

Aug 25 2017| Job Langbroek , Caren Crowley | Sector Report | 29 pages
Utilities

Initiation of coverage: Irish renewable policy pays dividends

Greencoat Renewables offers unique equity access to operating Irish wind assets which, buoyed by strong wind capacity factors, aim to pay a growing regular dividend over time. Given...

Aug 24 2017| Joseph McGinley CFA | Company Report | 37 pages
Markets & indices

Global equities advance for tenth consecutive month

The MSCI AC world index jumped 0.6% on the final day of August, resulting in a tenth successive monthly gain for the global benchmark. The index added 0.2% in August and has now climbed...

Sep 1 2017| Colin Richardson , Jenny Campbell , Jim O'Neill , Laura Chambers | Monthly Market Monitor | 22 pages
Davy Research

Gauging Ireland’s housing demand/supply imbalance

Our new analysis of housing demand and supply in Ireland reveals an even larger imbalance than we first thought. Government policy seems focused on boosting supply by helping...

Sep 6 2017| Conall MacCoille , David McNamara | Irish Economy | 34 pages