May 17 2019
Recent Research
Premier Oil, 2P power – production and price
May 16 2019
Irish banks
Monthly update: another brick in the wall
There was little to surprise in Irish banks’ Q1 updates, where margin resilience proved to be the consistent theme. Instead, the greater surprise in the month was the announcement that...
Real estate
The latest trends in the Irish real estate market
The latest data on the Irish real estate market suggest that rent growth continues in all sectors with particular strength in industrial. The trend in yields is more varied as retail...
DCC
Opportunity knocks!
We think consistency of strategy and execution has been the key driver of DCC’s performance for the last two-and-a-half decades as a listed plc. In this report, we argue that DCC...
Paddy Power Betfair
Improving Australia performance a core group catalyst; upgrading stock to ‘Outperform’
Post the significant regulatory changes in 2018, we believe that Paddy Power Betfair’s (PPB) addressable Australian market can grow at double-digit pace over the coming years. The...
Airlines - low-cost carriers
LCC summer preview: caution likely to prevail through earnings season
Since the last earnings season news flow has been difficult, with Brexit noise limiting UK consumer demand, rising fuel prices and MAX issues for Boeing operators. We expect that, while...
Dalata Hotel Group
Growth journey has just begun
Five years on from its IPO, Dalata’s growth journey has just begun. As Ireland’s leading hotel operator, the group has also made significant progress on growing its UK presence. We see...
Monthly Market Monitor
Exceptional start to 2019 continues; global equities rise 3.5% in April
The MSCI AC World Index gained 3.5% in April, increasing the year-to-date (ytd) climb to 15.6%. It is the best four-month start to a year in the benchmark’s history, having advanced in...
Falcon Oil and Gas
Learning through play
This year’s drilling activity is structured to glean as much as possible from the various oil and gas targets identified in the Beetaloo Basin, Northern Australia. This will allow the most...
Irish banks
Monthly update: April showers
The agreed six-month Brexit extension, while removing the near-term risk of a catastrophic hard-Brexit scenario for Irish SMEs, does little to facilitate medium-term financial planning...
UK banks
Focus on capital returns given uncertain macro backdrop
Both Lloyds Banking Group (LLOY) and RBS continue to deliver towards their stated management ambitions – resulting in meaningful capital returns. The prospect of a ‘no deal’ Brexit...
