Flutter Entertainment

Reflections on a promising first half

The first half of 2020 was a transformational period for Flutter Entertainment (Flutter). Progress made is supportive of its exciting growth-led investment thesis, with strong momentum...

Airlines

Uneven road to recovery – dawn coming but post bleak winter

The presentation attached to this thought piece contains our latest sector data covering forecasts, capital structures and long-term aircraft demand/supply. Discussion within the...

Irish economy

Revising up our Irish GDP forecasts

We have revised up our forecast for Irish GDP to just a 1.7% contraction in 2020, mainly reflecting the resilience of the multinational sector but also that the re-opening of the...

Amryt Pharma

Filsuvez – Phase III success; pathway opened for commercial launch; increasing price target

Filsuvez achieving the primary endpoint in its Phase III trial for epidermolysis bullosa (EB) now makes drug approval highly likely and opens the pathway for commercialisation. It could be...

Glanbia

The Hut Group – selling shovels and gold?

The pending flotation of The Hut Group (THG) piques our interest on two fronts – (1) as a competitor of Glanbia and (2) the group’s end-to-end business-to-business (B2B) e-commerce...

Total Produce

Equity materially divorced from fundamentals

The underperformance of the Total Produce equity is materially divorced from recent operational execution and delivery. Strong first-half trading is evidence of an agile economic model...

Monthly Market Monitor

Global markets jump 5.6% in August, now +2.8% ytd

The MSCI AC World Index jumped 5.6% in August with strong gains across all regions. The benchmark is now ahead 2.8% year-to-date (ytd) and 12.6% over one year. Markets were driven by...

Grafton Group

Another material forecast upgrade

While trading profits may still fall up to 30% this year, it would represent a far better outcome for Grafton than had been feared at one stage during Q2. The group has performed...

Hostelworld

Meet the New World

Prompt and purposeful work on the ‘controllables’ (reducing costs, reinforcing the balance sheet, retaining strategic initiatives) suggest that Hostelworld will be an outperformer when...

Irish economy

MyHome asking prices rebound through the summer

Today’s MyHome report shows asking prices bounced back during the summer, up 1.2% on the year, better than the 2.9% annual decline in Q2 2020. As we suspected, the Q2 reading of...