Jul 2 2025
Recent Research
Economics weekly, A pivotal week for the ECB
Jun 30 2025
Ibstock plc, Setback dampens investment case
Jun 30 2025
Holcim, Spin-off of Amrize completed
Jun 23 2025
Ibstock plc
Setback dampens investment case
The prospect of Ibstock recording a pick-up in earnings this year has been dashed. While volumes continue to recover, the combination of higher-than-expected costs and weaker selling...
IRES REIT
Returns profile has materially improved
The changes announced to rent regulations fell short of the best case, leading to some consolidation in IRES’ stock. However, the ability to capture reversion will boost rent growth and...
Flutter Entertainment plc
‘Snai nergies’ – assessing the potential
The US has rightly been the new shiny toy for online gambling operators. However, Italy, Europe’s biggest regulated gambling market, has been delivering strong growth. Having acquired an...
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...
