Davy Research

Fresh thinking on the European

industrials and consumer sectors

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At your convenience!

Applegreen’s convenience retail proposition is a unique differentiator versus peers. It has facilitated rapid site growth in a consolidating forecourt market, delivering 15% EBIT CAGR in...

Oct 19 2017| Eoghan Reid , Allan Smylie CFA | Company Report | 54 pages
Leisure

LCL deal smart move strategically but valuation looks full; initiate with ‘Neutral’ rating and 912p price target

We believe that GVC’s proposed bid for Ladbrokes Coral makes sense strategically. It further de-risks the business from a regulatory standpoint and is opportunistic to the extent...

Dec 13 2017| David Jennings , Joseph Quinn | Company Report | 48 pages
Technology

Consolidator for the players

Outsourcing within the US$100bn-plus video game industry is growing. Developers are increasingly turning to outsourcing partners to achieve faster content delivery, driven by the pace...

Oct 18 2017| Joseph Quinn | Company Report | 26 pages
Food, beverage & pharma

A unique life sciences opportunity

Since its IPO in 2015, Malin has made significant progress in executing its strategy. It has allocated €372.5m across 18 portfolio companies, offering investors diversification of...

Oct 16 2017| Andrew Young CFA | Company Report | 47 pages

US field trip: North American growth platform bearing fruit

The emergence of a North American growth platform provides a compelling opportunity for Total Produce and a unique point of difference to its equity story. With high quality anchor...

Sep 8 2017| Cathal Kenny , Roland French CFA | Company Report | 31 pages
Industrials

Joining an exclusive club; initiating with an ‘Outperform’ rating

Glenveagh is at the start of an exciting journey. It is now one of a very small group of housebuilders with the financial and operational capacity to build much-needed homes at scale in...

Nov 10 2017| Colin Sheridan CFA , Michael Mitchell | Company Report | 34 pages

Compelling valuation and cash returns story; upgrade to ‘Outperform’

We are upgrading Kingfisher to ‘Outperform’. The recent slide in the share price reflects the operational challenges facing the business and a lack of belief in the ONE Kingfisher...

Oct 2 2017| Flor O'Donoghue , Michael Mitchell | Company Report | 21 pages
Financials

Progress remains unfairly overlooked

Over the past few years, Bank of Ireland (BOI) has transformed its solvency position, building CET1 capital while reducing non-performing loans. It is now transforming its operating...

Sep 29 2017| Diarmaid Sheridan , Stephen Lyons | Company Report | 34 pages
Markets & indices

The only way is up! Global markets climb for 11th consecutive month

The rise of global equities continued with the MSCI AC world index enjoying its 11th consecutive monthly gain. It has risen 16.5% over that time frame. The global benchmark added a...

Oct 2 2017| Colin Richardson , Jenny Campbell , Jim O'Neill , Laura Chambers | Monthly Market Monitor | 22 pages
Davy Research

Modest giveaway Budget ahead of Brexit uncertainty

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Today’s Budget was broadly as expected. The government unveiled €1.2bn of spending rises and tax cuts, albeit financed by additional revenue-raising measures – notably a higher 6%...

Oct 10 2017| Conall MacCoille , David McNamara | Irish Economy | 7 pages