Davy Research

Fresh thinking on the European

industrials and consumer sectors

Current themes at Davy Research

Industrials

Maturing Irish real estate cycle continues to offer favourable backdrop for listed sector

The Irish real estate market generated total returns of 36.3% in the year to end-Q1 2015, among the highest in the MSCI index universe. The sharp turnaround has been led by offices...

May 13 2015| Ray Crowley , Flor O'Donoghue | Sector Report | 31 pages

Enters the next stage of evolution with a 1,474-unit portfolio yielding 5% and over €300m of capacity to fund expansion; initiating coverage with 'Outperform' rating

We formally initiate coverage on Irish Residential Properties REIT (IRES) with an ‘Outperform’ rating. IRES offers exposure to a new asset class – the Irish multi-family sector – at an...

May 8 2015| Ray Crowley , Flor O'Donoghue , Conall Mac Coille | Company Report | 40 pages
Resources & environment

Round and round the cycle; initiating coverage with a 'Neutral' rating

With decent assets and a solid financial structure, Circle Oil is well positioned to continue to benefit from the recent modest recovery in sentiment towards smaller E&P equities. This will...

May 7 2015| Job Langbroek | Company Report | 12 pages
Markets & indices

Monthly gains pared following Fed comments

The MSCI AC World Index advanced 1.3% in April, erasing the 0.6% loss of the previous month. Gains were pared substantially over the final two days of the month – the index fell 1.6% –...

May 1 2015| Jim O'Neill , Jenny Campbell , Laura Chambers , Colin Richardson | Monthly Market Monitor | 31 pages
Financials

In other banking news ...

Banks are increasingly looking to differentiate themselves through their digital strategies. KBC is relying on competitive products and its digital and mobile offering to pose a challenge...

April 30 2015| Emer Lang , Stephen Lyons , Diarmaid Sheridan | Davy Banks Monthly | 16 pages