Oct 7 2022
Recent Research
Banks, Bright notes (on a rainy day)
Oct 5 2022
Kenmare
New forecasts and sensitivities
We upgrade our Kenmare forecasts for 2022/2023 and introduce new forecasts for 2024. We continue to conservatively model a decline in commodity prices through 2024 due to macro...
Hostelworld
2022 musings
FY22 seems very much like a transitionary year for Hostelworld (HSW), both in terms of the ongoing recovery of the travel industry and the specific company issues around marketing...
Dalata Hotel Group
Forecast changes post H1 2022 results
We are putting through forecast changes for Dalata, as indicated after the H1 2022 results. We expect the impact of refugees on hotel stock in Ireland will continue longer than...
Disruptive technology
September UK housing snapshot: good times, bad times?
In many ways, the data remain behind the curve of rather radical economic change. Thus, approvals and transactions look solid enough, but all eyes are on the remainder of 2022. The...
Irish economy
MyHome Property Report, Q3 2022
This quarter’s MyHome report shows asking prices falling by 1.3% in Q3 2022, with annual inflation slowing to 7.8%. The summer has seen a surge in new listings for sale, up 17% on 2019...
Origin Enterprises
Black sheep in a sea of red
Reflecting four consecutive profit upgrades, strong cash delivery, progressive shareholder returns and margin progression, Origin’s equity has been an outlier across our food coverage...
IAG
Franchise intact post-COVID – just more debt
The market (particularly the widebody market) is supply constrained. Demand is still, in our view, linked to a COVID recovery. IAG’s franchises remain intact, and it has the most exposure...
Irish banks
A virtuous cycle
For the first time since the Global Financial Crisis, sustainable returns are in sight for Irish banks. Operating jaws will widen substantially after years of tightening, with material...
Ergomed
Strong growth potential and high earnings visibility
Ergomed is a UK-listed, pure play healthcare services business with a strong global platform in Pharmacovigilance and Clinical Research Services. These are both growth sectors of the...
Ingredients
Davy Ingredients Handbook – Charting choppy waters
A sharp de-rating since late 2021 has lowered ingredient sector valuations back to 2017-18 levels. The journey in valuation discovery continues to be influenced by the direction of the...
