UK support services

At your service…

It was another busy week in the Business Services sector. RWS management presented to Davy on May 10th following a strong April trading statement. Intertek made its first significant...

Hostelworld

Welcome to the Hostel-world of opportunity!

Hostelworld meets the key criteria to be considered a high-grade recovery play — it is sensitive to improving demand and easing restrictions, its restructured cost base ensures...

Tyman

Delivering to plan – with more to come

We have upgraded our Tyman forecasts following the group’s impressive start to 2021. That improved outlook owes much to management’s efforts to streamline and strengthen the...

RWS Holdings plc

Meeting with management; significant untapped potential

Andrew Brode (Chairman) and Des Glass (CFO) presented to the Davy salesforce on Monday May 10th. The meeting spanned growth potential, further synergies, new areas and M&A. We...

Grafton Group

Another earnings upgrade as outcome of strategic review awaited

Our latest revision (an upgrade of 20%) leaves Grafton earnings estimates for 2021 29% above the start of year position. Even still, we prudently assume a slowdown from H2 after what...

THG plc

Digital shovels and gold; initiating coverage on an e-commerce growth machine

We are broadening our consumer coverage with the initiation of THG plc. THG is an e-commerce growth enabler with an early mover advantage. Channel checks confirm a highly relevant...

UK support services

At your service…

It was another busy week across the UK Business Services sector. IWG reported its Q1 results, which were in line – albeit we see strong potential from both Enterprise Accounts and...

Cairn Homes

Scope to return close to 50% of share price in the next four years; increase price target to €1.44

Our report contains a material upgrade to forecasts along with a more ambitious set of new numbers for 2024. Shareholder returns are once again a big driver of our positive thesis on...

Irish banks

Back to the future – the changing banking landscape

Fundamental structural changes are afoot in Irish banking. Gone are the concerns of new entrants and irrational behaviour, replaced by exits of two foreign-owned banks – taking the...

Serco Group plc

Strong Q1; good contract win; earnings upgrades

As indicated yesterday (April 27th), we formally upgrade forecasts for the current year and next. We find it strange that the market has chosen to de-rate the stock considering Q1...