Ocado Group

A digital-super-market-market

Ocado’s Tech Solutions business provides the picks and shovels for grocers to move online. A fast-growing business with an aEBITDA margin of 50% within the next five years; however,...

Fast Fashion

Fashion players’ forecast update: 2023, the year of… cashflow?

2020 was about growth, 2021/22 was about profitability – we had 2023 pinned as the ‘year of efficiency’, but perhaps cashflow is more important. On the face of it, both boohoo (BOO)...

Disruptive technology

Week 20 – US Bellwether Blast: Nvidia’s Q124 earnings

Nvidia (NVDA) makes the chips needed to run large language models like OpenAI’s GPT4. As investors pile in, trying to bet on the next and best applications of generative AI, the AI...

Glenveagh Properties

Path to 2024 clearer than ever

After a difficult 12 months for residential construction in Ireland due to planning issues, there are clear signs that Glenveagh is seeing a much-improved planning environment in 2023....

Airlines

Prolonged summer; period of margin expansion

Demand (and the desire for ‘experiences’) is running ahead of multi-year supply constraints. We believe we are in a period of margin expansion even if/when ‘economics’ moderate yields....

Disruptive technology

Week 18 – US Bellwether Blast: Apple Q223 earnings

Apple (AAPL) is very dependent on consumers’ ability to afford its products, although its shares fell the least of the bellwethers in 2022 at -27%. Such is the need for smartphones in...

Kingspan Group

Earnings upgrade further evidence of operational delivery

We are upgrading our Kingspan trading profit and earnings forecasts for this year by 7%. Based on the new estimates, Kingspan is now on a 2023 P/E multiple of just over 18x. The...

Hostelworld

Strong start to 2023 – upgrading forecasts

Hostelworld (HSW) provided an unequivocally positive update this week. Strategic execution has driven trading, and both volume and price have surprised on the upside. Similarly, marketing...

Stelrad Group plc

Warming up to Stelrad

The equity market has failed to warm up to Stelrad since its IPO in November 2021. We believe that this response has been unwarranted and initiate coverage with an ‘Outperform’ rating...

Paper & packaging

Q1 results recap: signs of stabilisation

While subdued demand, destocking and lower prices were consistent Q1 2023 themes, we see Q2 2023 signs of stabilisation in (1) Packaging, (2) Chinese pulp and (3) Wood (lumber). We ...