Davy Research

Fresh thinking on the European

industrials and consumer sectors

Current themes at Davy Research

Financials

Taking stock of provisions

Supported by strong economic tailwinds and work-out success, the resolution of Irish banks’ impaired loans has gathered momentum, with impaired loans falling significantly from peak,...

January 29 2016| Emer Lang , Stephen Lyons , Diarmaid Sheridan | Sector Report | 35 pages

Significant cash returns as final hurdle approaches; initiating with an 'Outperform' rating

Lloyds Banking Group is robustly capitalised and generates attractive underlying returns, enabling further capital accretion and progressive dividend payments from current low levels....

November 13 2015| Diarmaid Sheridan | Company Report | 38 pages
Food, beverage & pharma

Growth is the missing ingredient; initiating coverage with a 'Neutral' rating

Having observed the improving operational and financial performance of Premier Foods over the past 18 months, we believe the investment case now has more credibility. However, we...

October 1 2015| Declan Morrissey | Company Report | 32 pages

Initiating coverage with 'Outperform' rating

Malin aims to create shareholder value through the selective long-term application of capital and operational expertise to private, pre-IPO, pre-trade sale businesses across the life...

September 29 2015| Jack Gorman , Declan Morrissey | Company Report | 33 pages
Transport & logistics

European airlines - playing the Trump card

Davy Research Image

At this point in the cycle, the key question is how much of the windfall gains from oil will be competed away in the next two to three years. While capacity and competitive intensity...

January 25 2016| Stephen Furlong , Ross Harvey , Allan Smylie CFA | Sector Report | 93 pages

Capturing the Zeitgeist

Winning the budget-conscious customer has defined category leaders in the consumer space such as Aldi, Ryanair and Uber. We think Hostelworld plays to this theme. The Millennial...

December 15 2015| Ross Harvey , Stephen Furlong , Allan Smylie CFA | Company Report | 59 pages
Markets & indices

January blues - poorest start since 2009 - but ends on a bright note

The MSCI AC world index slumped 5.5% in January, making it the worst start to a year since 2009 and the poorest single monthly return since August 2015. The rout in oil prices, with...

February 1 2016| Jim O'Neill , Laura Chambers , Jenny Campbell , Colin Richardson | Monthly Market Monitor | 18 pages
Davy Research

MyHome Property Report, Q4 2015: Room for catch-up in house prices outside Dublin; time to build

Asking prices on the entire stock of properties listed for sale on MyHome were flat in Q4 2015 but still up 5.6% on the year. There was a 0.1% decline in Dublin, albeit still up 6.4% on the...

January 11 2016| Conall Mac Coille | Irish Economy | 11 pages

UK economy: the good, the bad and the ugly

Davy Research Image

In the November issue of Davy Economics Monthly, we discuss two issues. First, we examine some of the good and not so good developments in the UK economy of late. Second, we look at...

November 16 2015| David McNamara | Davy Economics Monthly | 11 pages