Davy Research

Fresh thinking on the European

industrials and consumer sectors

Food, beverage & pharma

Moving to ‘Neutral’ following material EPS downgrade

While Greencore’s restructuring of its US network is not surprising, the associated impact on profit development is unexpected. Greencore’s legacy US business has been its Achilles...

March 13 2018| Cathal Kenny , Roland French CFA | Company Report | 6 pages

What we learned in Pennsylvania

We attended UDG’s two-day Capital Markets Day (CMD) in Allentown and Fort Washington, PA, last week. Our key takeaway is one of impressive ‘breadth’ – of service offering, geographic...

February 28 2018| Allan Smylie CFA , Andrew Young CFA | Company Report | 9 pages

Monthly update – appetite for destruction

Q4 bank earnings have been largely overshadowed by the political cloud surrounding mortgage non-performing loans (NPLs) resolution. Opposition to NPL sales and repossessions challenge...

March 13 2018| Stephen Lyons , Diarmaid Sheridan | Sector Report | 23 pages

On track towards target delivery, supported by strong NPE reduction

AIB’s first set of annual results post its IPO delivered as expected, with a positive surprise on non-performing exposures (NPEs), and demonstrated progress towards its reiterated...

March 12 2018| Stephen Lyons , Diarmaid Sheridan | Company Report | 17 pages

Setting stage for upcoming capital markets day

As we have commented previously, 2017 should be seen as a year of significant progress for Bank of Ireland (BOI) with the substantial decreases in non-performing exposures (NPEs),...

March 12 2018| Diarmaid Sheridan , Stephen Lyons | Company Report | 17 pages

Little earnings momentum; downgrade to ‘Neutral’

Earnings sustainability, capital requirements and dividend capability were dominant themes in Lloyds Banking Group (LLOY) in 2017 and will likely remain so during 2018. We do not expect the...

February 14 2018| Diarmaid Sheridan , Stephen Lyons | Company Report | 15 pages
Business Support Services

A world of opportunity! Deep dive into DCC’s LPG division

DCC LPG is a leading European player in the sales and marketing of propane and butane to commercial, industrial, domestic, retail and agricultural customers. The business has high...

March 22 2018| Allan Smylie CFA , Ross Harvey | Company Report | 48 pages
Markets & indices

And so it comes to an end; global equities fall 3.7% in February

The MSCI AC world index fell 3.7% in February, the first monthly reversal for the benchmark since October 2016 (and the election of Donald Trump). Fears that inflation would drive rate...

March 1 2018| Jim O'Neill , Laura Chambers , Jenny Campbell , Guest | Monthly Market Monitor | 20 pages
Davy Research

Irish consumer spending recovery still at early stage

We believe that the rebound in Irish consumer spending is still at an early stage. Savings remain high and, after enormous progress in rebuilding household finances, consumers are only...

March 22 2018| Conall MacCoille , David McNamara | Irish Economy | 18 pages

How to spend it: government unveils its ten-year capital plan

In this report we take a detailed look at the government’s new capital plan. While many projects were already in the pipeline, this plan formalises the government’s priorities for the...

February 21 2018| David McNamara , Conall MacCoille | Irish Economy | 9 pages