Davy Research

Fresh thinking on the European

industrials and consumer sectors

Current themes at Davy Research


Significant cash returns as final hurdle approaches; initiating with an 'Outperform' rating

Lloyds Banking Group is robustly capitalised and generates attractive underlying returns, enabling further capital accretion and progressive dividend payments from current low levels....

November 13 2015| Diarmaid Sheridan | Company Report | 38 pages

Site visit conveys positive tone

The key take-away from our recent annual Davy financials site visit is that the improving Irish economy is providing a welcome boost to both the banks and NAMA. The prospect of...

September 23 2015| Emer Lang | Davy Banks Monthly | 16 pages
Food, beverage & pharma

Growth is the missing ingredient; initiating coverage with a 'Neutral' rating

Having observed the improving operational and financial performance of Premier Foods over the past 18 months, we believe the investment case now has more credibility. However, we...

October 1 2015| Declan Morrissey | Company Report | 32 pages

Initiating coverage with 'Outperform' rating

Malin aims to create shareholder value through the selective long-term application of capital and operational expertise to private, pre-IPO, pre-trade sale businesses across the life...

September 29 2015| Jack Gorman , Declan Morrissey | Company Report | 33 pages
Transport & logistics

Navigating volatile times

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The European transportation sector has fared well through the recent China/commodities-led sell-off, outperforming by 8% over the past three months. The airlines have gained from...

September 1 2015| Stephen Furlong , Ross Harvey , Allan Smylie CFA | Sector Report | 83 pages
Markets & indices

Rout in global equities continues with worst quarter since Q3 2011; final-day rally pares losses

Global equity markets continued to fall sharply in September. The MSCI AC World Index lost 3.6% (local currency) to deliver the poorest quarterly return (-8.6%) in four years. However, a...

October 1 2015| Jim O'Neill , Laura Chambers , Jenny Campbell , Colin Richardson | Monthly Market Monitor | 27 pages
Davy Research

UK economy: the good, the bad and the ugly

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In the November issue of Davy Economics Monthly, we discuss two issues. First, we examine some of the good and not so good developments in the UK economy of late. Second, we look at...

November 16 2015| David McNamara | Davy Economics Monthly | 11 pages

Budget 2016 delivers further €1.5bn giveaway

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Today’s Budget 2016 was as expected, loosening policy by €1.5bn – 0.7% of GDP. Tax cuts worth €750m were focused on income taxes, while expenditure rises focused on public sector pay...

October 13 2015| Conall Mac Coille , David McNamara | Irish Economy | 4 pages

New economic forecasts: GDP to grow by 6.5% in 2015 and 4.0% in 2016

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We have significantly revised up our forecasts for Irish GDP growth to a 6.5% expansion in 2015, 4.0% in 2016 and 3.6% in 2017. This follows exceptional GDP growth in H1 2015.

September 29 2015| Conall Mac Coille | Irish Economy | 11 pages