Davy Research

Fresh thinking on the European

industrials and consumer sectors

Food, beverage & pharma

Poultry in motion

Cranswick’s evolution has been shaped by its strategic agility and measured capital allocation. Dedicated supply chains (pork and poultry) and embedded customer relationships have...

May 15 2018| Roland French CFA , Katy Hutchinson | Company Report | 34 pages

A new vintage: Matthew Clark Bibendum in the right hands

The acquisition of Matthew Clark Bibendum (MCB) is transformational for C&C’s UK platform. The transaction marks a material up-scaling of C&C’s downstream activities across core...

May 14 2018| Cathal Kenny , Roland French CFA | Company Report | 21 pages

A differentiated and scalable business model with structural growth attributes

Few stocks under our coverage offer Kerry’s attractive combination of organic growth levers (volume growth and margin) and M&A optionality. Kerry’s winning strategy and competitive...

May 2 2018| Liz Coen , Katy Hutchinson | Company Report | 24 pages
Financials

Monthly update: mortgage outlook supported by strong growth and greater pricing discipline

Bank of Ireland (BOI) and Allied Irish Banks (AIB) both outperformed the wider European market in the last month, supported by strong Q1 updates; in contrast, PTSB was again a...

May 11 2018| Conall MacCoille , Diarmaid Sheridan , Stephen Lyons | Sector Report | 23 pages
Industrials

Site visits demonstrate significant progress on ramp-up

Our examination of Cairn Homes’ progress on open sites shows that it is well on the way to achieving at least its current medium-term target of 1,300-1,400 units. Notwithstanding some...

April 17 2018| Colin Sheridan CFA | Company Report | 17 pages

Ramp-up on course; Glenveagh Living to drive higher profits from 2021

We are adjusting our model to account for the significant land purchases that Glenveagh has made since last October’s IPO. To date, the company has delivered on expectations that...

April 17 2018| Colin Sheridan CFA , Michael Mitchell | Company Report | 14 pages
Leisure

Playtech announces acquisition of Snaitech as it strives for regulatory diversification

This deal, which sees Playtech, a B2B provider of gaming services, acquire Snaitech, an Italian B2C player, reflects Playtech’s desire to increase its exposure to large regulated gaming...

April 12 2018| Guest , Joseph Quinn | Sector Report | 6 pages
Markets & indices

Global equity markets put Q1 losses behind them; MSCI AC World Index gains 1.7% in April

Global equity markets substantially rebounded in April, gaining 1.7%, after accruing heavy monthly losses in both February and March. Sentiment was buoyed by a strong earnings season,...

May 1 2018| Jenny Campbell , Jim O'Neill , Laura Chambers | Monthly Market Monitor | 21 pages
Davy Research

Revising up our forecasts for Irish GDP growth

We have revised up our projections for Irish GDP growth to 5.7% in 2018 and 4.5% in 2019 on the back of stronger-than-expected export growth and labour market performance. We...

April 30 2018| Conall MacCoille , David McNamara | Irish Economy | 13 pages

Revising up our UK GDP growth forecasts

We have revised up our UK GDP forecasts to 1.5% growth in 2018 and 1.8% in 2019. We still expect Brexit and the government’s deficit reduction programme will weigh on GDP growth and...

April 13 2018| Conall MacCoille | Research Report | 12 pages