Nov 11 2019
Recent Research
Irish economy
Irish housing starts surge to 26,000, up 33% in Q3 2019
This morning’s Irish housing starts data have beaten all expectations, showing 7,596 commencements in Q3 2019 – up 33% on the year; the 2,648 in Dublin were up 27%. There have been...
Irish banks
Mortgage market reflection following Q3 developments
Mortgage market lending continues to grow and is on track to meet our 11% growth forecast for 2019 despite Brexit uncertainty and weakening house price growth. The market recovery...
Glenveagh Properties
Make yourself at home: long-term opportunity for growth
Glenveagh has materially outperformed its IPO volume targets in the last two years, and there is evidence to suggest that the build-out is still ahead of our expectations into the end...
Monthly Market Monitor
Global equity markets advance for a second successive month
The MSCI AC World Index advanced for a second successive month in October — it rose 1.9% following a 2.0% increase in September. The return brings the benchmark’s year-to-date (ytd)...
Aircraft leasing
Aircraft leasing deep dive: expanding sector coverage
The principal aim of this report is to give investors deeper insight into the four main US/UK listed aircraft leasing companies. Our preference is for businesses that have a strong...
Dalata Hotel Group
Focus on the cash
Investor attention over the past year has focused on slowing RevPAR growth. However, this overlooks the continued growth in free cashflow. Dalata now has one of the highest...
Flutter Entertainment
Positioning for growth in a changing gaming sector
Flutter Entertainment’s (Flutter) acquisition of The Stars Group (TSG) reflects the now much-changed opportunity and risk set for the global gaming sector. It should materially improve...
UDG Healthcare plc
Delivering to plan; building a leading advisory business
UDG Healthcare has committed c.$250m in the last three years in delivering on its strategy to build an advisory business within Ashfield. This now accounts for over 20% of group profit...
Banks
Strategic updates the main catalyst for re-ratings
On a year-to-date basis, Irish banks and CYBG continue to significantly underperform the SX7P index; in contrast, Lloyds Banking Group (LLOY) and RBS have modestly outperformed the...
Ryanair Holdings
Q2 should show short haul improving
In our recent industry report, “Who Dares Wins”, we pointed out that although it may not feel like it, the structural underpinnings of the European airline sector continue to improve....
