Jul 26 2024
Recent Research
Holcim, Margins continue to expand
Jul 26 2024
Howden Joinery, Remains on track
Jul 25 2024
Irish banks
Favourable dynamics continue in H1 2024
Current interest rate expectations remain supportive of ongoing robust net interest income. Combined with a strong economy, attractive capital generation will be an ongoing feature for...
Paper & packaging
Packaging over pulp in H2
Ahead of European pulp and packaging Q2 2024 results season, we reaffirm our ‘packaging over pulp’ view for H2 2024. Mondi, our top sector pick, benefits from packaging demand...
Paper & packaging
Unpacking US box leaders
We initiate coverage of US packaging leaders International Paper (IP) and newly formed Smurfit WestRock (SW). 2023 was a US packaging trough, with recovering box demand and price...
Spectris
Weaker outlook – downside risk remains
We downgrade our forecasts and rating following the June trading update. Despite the weaker H2 guidance/outlook being reflected in our new forecasts, there remains a significant H2...
Airlines - low-cost carriers
Growing pains
Early summer reporting starts next week. While the overall dynamic of aerospace supply constraints continues and fundamentally strong demand remains, we expect an element of tough...
Ibstock plc
Time to stock up
We detect an increasing appetite to embrace ideas that play into the theme of a potential recovery in the UK construction sector in the aftermath of the upcoming General Election....
Flutter Entertainment plc
Focus on the bigger picture – growth and attractive valuation
The Flutter Entertainment investment case is continuing to improve as FanDuel has inflected from an attractive opportunity to an attractive business. Outside of the US, the UK &...
DCC
Growth in ROCE and strength in the Energy division set to drive outperformance
DCC’s share price broke out of a multi-year downtrend following its interim results in late 2023. This was driven by an improved outlook on return on capital employed (ROCE) and the...
DS Smith
Return to box growth but continued IP bid uncertainty
DS Smith’s £701m FY24 EBITA was in-line with consensus, with a positive FY25E box demand and pricing outlook. However, due to raw material and labour cost inflation, we reduce FY25E...
discoverIE
More to discover
discoverIE (DSCV) is a M&A-led growth compounder with an impressive 12-year track record. Compared with other companies with a compounding model in the industrials sector, such as...
