Sep 18 2020
Recent Research
Flutter Entertainment
Reflections on a promising first half
The first half of 2020 was a transformational period for Flutter Entertainment (Flutter). Progress made is supportive of its exciting growth-led investment thesis, with strong momentum...
Airlines
Uneven road to recovery – dawn coming but post bleak winter
The presentation attached to this thought piece contains our latest sector data covering forecasts, capital structures and long-term aircraft demand/supply. Discussion within the...
Irish economy
Revising up our Irish GDP forecasts
We have revised up our forecast for Irish GDP to just a 1.7% contraction in 2020, mainly reflecting the resilience of the multinational sector but also that the re-opening of the...
Amryt Pharma
Filsuvez – Phase III success; pathway opened for commercial launch; increasing price target
Filsuvez achieving the primary endpoint in its Phase III trial for epidermolysis bullosa (EB) now makes drug approval highly likely and opens the pathway for commercialisation. It could be...
Glanbia
The Hut Group – selling shovels and gold?
The pending flotation of The Hut Group (THG) piques our interest on two fronts – (1) as a competitor of Glanbia and (2) the group’s end-to-end business-to-business (B2B) e-commerce...
Total Produce
Equity materially divorced from fundamentals
The underperformance of the Total Produce equity is materially divorced from recent operational execution and delivery. Strong first-half trading is evidence of an agile economic model...
Monthly Market Monitor
Global markets jump 5.6% in August, now +2.8% ytd
The MSCI AC World Index jumped 5.6% in August with strong gains across all regions. The benchmark is now ahead 2.8% year-to-date (ytd) and 12.6% over one year. Markets were driven by...
Grafton Group
Another material forecast upgrade
While trading profits may still fall up to 30% this year, it would represent a far better outcome for Grafton than had been feared at one stage during Q2. The group has performed...
Hostelworld
Meet the New World
Prompt and purposeful work on the ‘controllables’ (reducing costs, reinforcing the balance sheet, retaining strategic initiatives) suggest that Hostelworld will be an outperformer when...
Irish economy
MyHome asking prices rebound through the summer
Today’s MyHome report shows asking prices bounced back during the summer, up 1.2% on the year, better than the 2.9% annual decline in Q2 2020. As we suspected, the Q2 reading of...
