Sep 25 2018
Recent Research
Irish banks
Monthly update: Annual banks site visit takeaways
Irish banks’ performance was relatively unchanged on the month, with PTSB up 2% post its interim results, BOI up 1% and AIB down 1% - which compared with a 2% gain for the wider sector...
Applegreen
Catching a Break
Hats off to the Applegreen management team. The more we look at the Welcome Break deal, the more we like it. The Welcome Break portfolio is well invested with defensive cash flow...
permanent tsb Group
Accelerated NPL reductions provide capital comfort
Non-performing loan (NPL) reductions so far in 2018 give confidence that further significant reductions will occur in the near term. NPL sales by PTSB and elsewhere in the market have...
Irish economy
Irish residential property price inflation slows to 10.4%
The Residential Property Price Index (RPPI) increased by 1% in July, but the annual inflation rate fell to 10.4% — its slowest pace since April 2017. In Dublin, prices rose by a solid 0.7% on...
Irish economy
Four paths to a ‘fudge’ on Brexit
In this report we describe how a ‘fudge’ on the Irish border issue will eventually be found, allowing the UK to move to a transition period from March 2019 and avoiding a ‘cliff-edge’...
Glenveagh Properties
A closer look at Glenveagh Living; potential returns drive our price target higher
To date, we have not allowed for any superior returns to be generated from Glenveagh Living. Our analysis of the pipeline sites suggests that the potential uplift to returns is...
Givaudan
South-East Asian growth platform
The South-East (SE) Asian market growth opportunity took centre stage at Givaudan’s half-year investor conference. A number of themes – regional diversity, the dominance of the...
IAG
Premium financials, premium prospects – where is the premium multiple?
IAG is not a typical airline. Its network confers competitive benefits that translate into consistent yield outperformance while simultaneously allowing unit cost reductions. It has an...
Food and beverage
The great polarisation – growth trumping value
We are in danger of becoming conditioned to what feels like the perpetual underperformance of value stocks. 2016 was the only year over the last decade in which the MSCI World Value...
Kingspan Group
Earnings upgrades highlight momentum but it is the longer-term potential that really excites
Kingspan remains in great shape as the upgrade of forecasts following its H1 results indicates. But the continuing upward march of estimates is only part of the story. What we found...
