Davy Research

Fresh thinking on the European

industrials and consumer sectors

Current themes at Davy Research

Industrials

Initiating coverage: cash generation, acquisition potential and margin expansion all provide cause for optimism

We are initiating on Ardagh Group with an ‘Outperform’ rating and a price target of $23.50, representing upside of 11% from current levels. While the group’s markets are relatively...

Apr 12 2017| Flor O'Donoghue , Barry Dixon | Company Report | 70 pages
Food, beverage & pharma

Unrelenting Delivery of Growth

The UDG Healthcare investment thesis is a potent combination of structurally high organic growth and balance sheet capacity for investment that is potentially equivalent to 35% of the...

Jun 12 2017| Allan Smylie CFA , Andrew Young CFA | Company Report | 55 pages
Transport & logistics

Entering the third phase; initiating coverage

AerCap is now embarking on the third phase of its corporate development. From its IPO in 2006 through to 2013, it increased its owned fleet by almost 75%. The 2014 ILFC deal was an...

Jun 27 2017| Ross Harvey , Stephen Furlong | Company Report | 63 pages

An inflection point for yields

We are now more constructive on industry fundamentals for the first time in four years. Capacity growth trends in short-haul and key long-haul markets are improving. There are also...

Jan 27 2017| Stephen Furlong , Ross Harvey , Allan Smylie CFA | Sector Report | 73 pages
Markets & indices

MSCI AC world index advances for eighth consecutive month and enjoys best first half since 2013

The MSCI AC world index, despite falling 0.8% in the final two days of the month, managed to eke out a gain of 0.03% in June – marking its eighth consecutive monthly advance. The global...

Davy Research

MyHome Property Report, Q2 2017: Irish house price inflation should remain strong despite end of 'Help-to-Buy' scheme

MyHome asking price data show house price inflation rising to 8.9% in Q2 2017. In Dublin, asking price inflation was even stronger at 10.2%. The stock of properties listed for sale was...

Jul 3 2017| Conall Mac Coille | Irish Economy | 12 pages

Eurozone and UK: prospects diverge in post-Brexit Europe

In our January issue of Davy Economics Monthly, we highlight the diverging outlook for the eurozone and UK economies in 2017. Concerns around political events – namely, elections in...

Jan 18 2017| David McNamara | Davy Economics Monthly | 11 pages