Davy Research

Fresh thinking on the European

industrials and consumer sectors

Davy Research

Industrials

Execution and expansion

Following an IPO that raised C$178m (gross) in June, IPL Plastics Inc. has now begun the next phase of its evolution. The IPO follows impressive operational, strategic and financial...

July 16 2018| Flor O'Donoghue | Company Report | 64 pages

Europe price gains, US cement tariffs and upgraded estimates

We have upgraded our Buzzi Unicem (BZU) earnings forecasts to reflect improved price momentum in Europe and easing foreign exchange headwinds. We remain ‘Outperform’ (price target:...

July 5 2018| Robert Gardiner | Company Report | 14 pages

Upgrading estimates for Lagan acquisition

We have upgraded our Breedon Group estimates to reflect the acquisition of the Lagan Group. The deal marks another astute step for the management team following the purchase of...

July 3 2018| Robert Gardiner | Company Report | 10 pages
Financials

H1 results preview

We expect H1 results (July 30th) to demonstrate early signs of progress towards BOI’s recently announced targets – specifically regarding loan growth and operating expense...

July 19 2018| Diarmaid Sheridan , Stephen Lyons , Jack O' Halloran | Company Report | 6 pages

H1 results preview

We expect that AIB’s H1 results (July 27th) will demonstrate the continued normalisation of the bank through further NPE reductions and loan book growth. Normalisation also results in...

July 19 2018| Stephen Lyons , Diarmaid Sheridan , Jack O' Halloran | Company Report | 6 pages

Monthly update: Countercyclical capital buffer (through the cycle)

It was another month of mixed performance for the Irish banks against the backdrop of a flat sector that recovered from a poor start. PTSB outperformed while Bank of Ireland (BOI)...

July 11 2018| Conall MacCoille , Diarmaid Sheridan , Stephen Lyons | Sector Report | 26 pages

Alpha at a discount

Green REIT and its predecessor, Green Property plc, have achieved historical returns far above benchmarks, whereas the sector has underperformed. The risk/return outlook for Green...

July 4 2018| Colin Grant | Company Report | 38 pages
Markets & indices

Trade concerns weigh on global equities; MSCI AC World Index 0.2% lower

The MSCI AC World Index fell 0.2% in June with trade at the fore front of investor concerns. Mixed, often confused, signals from US officials saw markets fluctuate through the month....

July 2 2018| Jenny Campbell , Jim O'Neill , Laura Chambers | Monthly Market Monitor | 22 pages
Food, beverage & pharma

Next phase of growth will focus on revenue development and capital allocation

Glanbia will release its FY18 interim results on August 9th. FY18 guidance calls for 5-8% pro-forma constant currency EPS (adjusted) growth, with that growth to be delivered in H2 18. We...

July 19 2018| Cathal Kenny , Roland French CFA | Company Report | 14 pages
Davy Research

Taking stock of the Irish housing market

The gap between demand and supply continues to widen. A new measure has revised housing completions through 2011-2017 down by 40%. Population projections are being revised up after...

July 9 2018| Conall MacCoille | Irish Economy | 20 pages