Jun 12 2025
Recent Research
Bellway plc, Modest upgrades to FY25 on the way
Jun 10 2025
Ryanair Holdings, Invests in engines
Jun 10 2025
Greencore Group
Bakkavor acquisition: a detailed study
We view the Greencore-Bakkavor acquisition as a compelling value creation opportunity. It establishes a c.£4bn revenue leader in chilled convenience foods by combining complementary...
Hill & Smith
Nothing to fear but fear itself
Hill & Smith has an excellent track record of growing EPS through periods of macro weakness. Another such period may be approaching. However, history has shown that investor concerns...
Breedon Group
Attractive fundamentals but lacking catalysts
Breedon has a clear strategy, credible management team, proven resilience and positive organic growth prospects in 2025/26. It has also performed well as a stock, up 50% over the past...
Ryanair Holdings
All set for the summer; new €750m share buyback
Ryanair’s FY25 is at the very top end of previous guidance; FY26 guidance, while measured, implies strong demand with an ever-strengthening balance sheet. A new €750m follow-on...
FBD Holdings
Strong execution
FBD continues to execute its strategy strongly. This is evident via ongoing increases in gross written premium (GWP) across its business lines and cash returns via ordinary and special...
Hostelworld
Growth to reaccelerate with balance sheet optionality
Hostelworld’s Capital Markets Day outlined an ambitious strategy to drive further revenue and updated on capital allocation. Its platform and social strategy are primed to deliver...
IRES REIT
Returns profile set to materially improve
Institutional investors have only been able to achieve low returns since rent caps were introduced in 2016. This has led to low supply and the rental crisis has got worse. We expect a...
Irish banks
Resilient mortgage activity in Q1
The mortgage market continued to demonstrate resilience in Q1 2025 with improvements across both drawdowns and approvals. Although the market is still constrained by supply, strong...
Glenveagh Properties
Site visit highlights significant opportunity
Our recent site visit to Glenveagh’s largest Partnerships site demonstrated a business that is both well positioned in the current market and has significant growth opportunities in...
Givaudan
Consumer Products anchoring Fragrance & Beauty division
We attended Givaudan's recent Spring Investor Conference, which showcased its Consumer Products (CP) fragrance segment. The event reaffirmed our positive view on the growing breadth...
