Davy Research

Fresh thinking on the European

industrials and consumer sectors

Current themes at Davy Research

Food, beverage & pharma

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...

Nov 9 2016| Declan Morrissey | Company Report | 25 pages
Industrials

Attractive valuation might not be enough until uncertainty lifts

We are initiating coverage of Forterra with a ‘Neutral’ recommendation. The near-term outlook for a business that is fully exposed to the UK is clearly uncertain and visibility is limited....

Aug 19 2016| Flor O'Donoghue , Michael Mitchell | Company Report | 44 pages

Can build an attractive track record as an independent plc

We are initiating coverage of Ibstock with an ‘Outperform’ recommendation. Ibstock offers good quality exposure to what remains a structurally attractive UK brick market despite...

Aug 19 2016| Flor O'Donoghue , Michael Mitchell | Company Report | 58 pages

Near-term challenges to negotiate but UK brick sector has the flexibility to prosper

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The likely downturn in construction activity has put the remarkable turnaround of the UK brick industry at risk. However, our analysis of the sector suggests that it has the...

Aug 19 2016| Flor O'Donoghue , Michael Mitchell | Sector Report | 46 pages
Markets & indices

Monthly winning streak comes to an end; MSCI AC world index falls 0.6%

The MSCI AC world index fell 0.6% in October, the first monthly decline since June. The fall reduces the year-to-date return to 2.3%. The damage was largely inflicted during the final...

Nov 1 2016| Laura Chambers , Jenny Campbell , Jim O'Neill , Colin Richardson | Monthly Market Monitor | 22 pages
Davy Research

UK Autumn Statement preview: time for a bold statement

This year’s Autumn Statement (Wednesday, November 23rd) provides the first opportunity for the UK government to outline a fiscal policy response to Brexit. The job of closing the...

Nov 21 2016| David McNamara , Robert Gardiner | Davy Economics Monthly | 11 pages

Budget 2017 as expected; Help-to-Buy unveiled

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Budget 2017 measures were broadly as expected – a €1.3bn giveaway, split 3:1 in favour of spending rises over tax cuts. The deficit is expected to fall to 0.9% of GDP in 2016 and 0.4% in...

Oct 11 2016| Conall Mac Coille , David McNamara | Irish Economy | 4 pages