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...
High on Hope but 'Neutral' for now
Breedon offers quality exposure to the consolidation opportunity in the UK heavyside market. The transformational Hope deal, led by a proven management team, provides scale and...
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...
An outlier that can continue to prosper
That Cranswick has prospered through a decade of deflation and static volume growth in UK food manufacturing is testament to its operational excellence and smart capital allocation. It...
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...
Line your pockets!
Container liners are like airlines on steroids – there is massive gearing to a yield number that, let’s be honest, is practically impossible to forecast. So why bother looking at A.P. Møller...
Six in a row: global equities continue to climb; MSCI AC world index up 1.1% in April
The MSCI AC world index rose 1.1% in April marking the sixth consecutive monthly gain. In a month where geo-political events took centre stage the first round results of the French...
Davy Research conviction list records solid performance in January; adding IAG
The Davy Research conviction list has started the year well with six of the seven names outperforming the benchmark. We are happy to keep these names on the list, and are adding IAG,...
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...