Disruptive technology

Week 3 – US Bellwether Blast: MSFT’s Q223 earnings

Two things hit us from the Q223 print: 1) the cautious commentary around the demand environment for digital services and 2) Microsoft’s (MSFT) further investment in OpenAI. MSFT’s...

GB Group plc

Numbers downgrades… does the story hold?

As the enterprise software spending environment weakens, we lower our GB Group (GBG) revenue estimates for FY23, FY24 and FY25 by 3%, 6% and 6%, respectively. Hitting the target...

Banks

Proceed to the next level

2022 was a stellar year to be invested in Irish banks. The rate debate has now shifted to peak rates and overtightening, which at face value is not constructive but may create...

Smurfit Kappa Group

Reiterate ‘Outperform’ ahead of February 8th results

European packaging leader Smurfit Kappa Group (SKG) has de-rated on fears regarding box demand and pricing. With easing energy and OCC raw material headwinds, we believe SKG guidance...

Paper & packaging

Subdued box demand but positive sentiment inflection

Despite subdued box demand, we believe de-rated valuations provide appealing 2023 risk/reward as cyclical sectors such as packaging re-rate long before recessions end. With easing cost...

Corre Energy

Operational update and NPV upgrades following the new offtake agreement

Corre Energy has issued an operational update. The spotlight is turning to its nearer-term projects. This follows the recent positive news of its 15-year offtake agreement on its ZW1...

Disruptive technology

Week 2 – US Bellwether Blast: Tesla’s price cuts

We focus on Tesla’s (TSLA) 20% price cuts across its range, with shares up 4% on the news. Price cuts of this size are unheard of and will place pressure on traditional manufacturers...

musicMagpie plc

Forecast update: legend of the rent

MusicMagpie’s (MMAG) rental proposition delivers c.78% gross margins and is clearly compelling, particularly through a cost-of-living crisis, as it offers a lower-cost alternative for...

DSM

Launching new estimates and equity observations

DSM’s acquisition (merger structure) of Firmenich fits with its growth strategy and decadal transformation and creates a formidable global supply chain with access to considerable R&D...

Flutter Entertainment

Early innings of US upgrade cycle

The FanDuel business has made remarkable progress in the relatively new US market. The combination of the ‘Flutter Edge’, the FanDuel brand and strong management has led to what...