Davy Research

Fresh thinking on the European

industrials and consumer sectors

Current themes at Davy Research


Attractive valuation might not be enough until uncertainty lifts

We are initiating coverage of Forterra with a ‘Neutral’ recommendation. The near-term outlook for a business that is fully exposed to the UK is clearly uncertain and visibility is limited....

Aug 19 2016| Flor O'Donoghue , Michael Mitchell | Company Report | 44 pages

Can build an attractive track record as an independent plc

We are initiating coverage of Ibstock with an ‘Outperform’ recommendation. Ibstock offers good quality exposure to what remains a structurally attractive UK brick market despite...

Aug 19 2016| Flor O'Donoghue , Michael Mitchell | Company Report | 58 pages

Near-term challenges to negotiate but UK brick sector has the flexibility to prosper

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The likely downturn in construction activity has put the remarkable turnaround of the UK brick industry at risk. However, our analysis of the sector suggests that it has the...

Aug 19 2016| Flor O'Donoghue , Michael Mitchell | Sector Report | 46 pages
Food, beverage & pharma

Tracking regional balance in Taste & Nutrition; H1 results preview

Regional balance has supported consistent revenue and earnings delivery in the specialist ingredient/nutrition sector in recent years. Kerry’s investment commitment in this regard is...

Jul 8 2016| Jack Gorman | Company Report | 8 pages
Markets & indices

Winning streak continues for global markets in September; strong Q3 gains posted

Global markets advanced – if narrowly – for a third successive month, providing strong third-quarter gains. The MSCI AC world index rose 0.05% in September, bringing the Q3 climb to 4.6%...

Oct 3 2016| Jim O'Neill , Colin Richardson , Jenny Campbell | Monthly Market Monitor | 22 pages
Davy Research

Budget 2017 as expected; Help-to-Buy unveiled

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Budget 2017 measures were broadly as expected – a €1.3bn giveaway, split 3:1 in favour of spending rises over tax cuts. The deficit is expected to fall to 0.9% of GDP in 2016 and 0.4% in...

Oct 11 2016| Conall Mac Coille , David McNamara | Irish Economy | 4 pages