Davy Research

Upcoming Events

April 23 2014
Kingspan Group Kingspan Group - ex-dividend - final dividend rate - 8.5c
April 25 2014
Bank of Ireland Bank of Ireland - AGC - O'Reilly Hall, UCD, Belfield, Dublin 4 - 09.30
Corbion Corbion - interim management statement
William Hill plc William Hill - interim management statement
April 28 2014
Heineken Heineken - ex-dividend - final dividend rate - 53.0c

Current Themes

Industrials

Real Estate Emerging REIT sector offers exposure to a recovering Irish commercial property market

Improving real estate and economic fundamentals, along with legislation introduced in April, have paved the way for the launch of Ireland’s Real Estate Investment Trust (REIT) sector. To date, there have been two REIT listings (Green REIT, followed by Hibernia...

Transport & leisure

Transport Logistics Industry conditions improving; end-to-end solutions key; 3 investor themes for 2014

A recent survey, commissioned by Davy, confirms our view that the express and logistics sector’s volume growth is improving and that best-of-breed operators will excel. We view three themes in particular as important for 2014: excess cash/shareholder...

Financials

Bank of Ireland Focus moves to lending prospects

The key focus has switched from recovery to new lending flows in an increasingly concentrated Irish market as Bank of Ireland (BKIR) looks to reverse the contraction in its average interest earning asset base. Meanwhile, the Central Bank of Ireland’s (CBI)...

Bank of Ireland Popular Irish recovery play

Investor enthusiasm for all things Irish, coupled with the tangible progress made by the bank in delivering on its strategic objectives, has propelled Bank of Ireland (BKIR) shares to a premium valuation – 1.6x forecast end-2014 TNAV and 12.1 times the first...

Markets & indices

Global Indices Irish Stock Exchange updates constituent free floats following scheduled Q1 review

The Irish Stock Exchange (ISE) has published updated free floats following its scheduled Q1 review. The calculation date was February 28th. The changes will be applied to the ISE indices after the close of business on Friday, March 21st to take effect from the...

Davy Research

Davy Economics Monthly Ireland's creditless recovery set to continue

In the April edition of Davy Economics Monthly, we focus on two issues. Firstly, we look at the outlook for Irish mortgage lending, with the stock set to continue contracting as households continue to de-leverage. Secondly, we analyse recent developments in...

Monthly Market Monitor Global markets mixed in March; Q1 returns weak

Having rebounded strongly in February, global markets struggled in their bid to progress any further in March. The result is a poor first quarter for equities in general, with the MSCI world developed index up 0.5% on where it started the year. World emerging...

Davy European Consumer Monthly Davy European Consumer Monthly - March 24 2014

  • March 24 2014
  • 16 pages

Davy Economics Monthly Peering through Ireland's hazy macroeconomic data

In the fifth edition of Davy Economics Monthly, we focus on three issues: the growing likelihood that the Irish government can realise value from its stakes in Irish banks and NAMA; Ireland’s confusing macroeconomic data; and Chancellor George Osborne’s UK...

Davy Economics Monthly UK rate rises priced in as Bank of England drops forward guidance

The February issue of Davy Economics Monthly looks at three issues: the latest Central Bank data on Irish mortgage arrears, the demise of the Bank of England’s forward guidance policy and the attempts by the French government to address structural...