Davy Research

Fresh thinking on the European

industrials and consumer sectors

Current themes at Davy Research

Financials

On-going asset quality improvements; write-backs to fade with normalisation

The improvement in asset quality was one of the stand-out features of the FY 2015 results across the Irish banking system. Although troubled loans remain elevated, normalisation is...

March 30 2016| Emer Lang , Diarmaid Sheridan , Stephen Lyons | Sector Report | 14 pages
Transport & logistics

As much about the micro as the macro

Kuehne + Nagel (K+N) demonstrates how a highly focused operator can drive gross profit growth through value-added services and share gains despite a lacklustre macro backdrop and...

April 8 2016| Allan Smylie CFA , Ross Harvey , Stephen Furlong | Company Report | 23 pages

Delivering Substantial Value: detailed analysis of UTi transaction

We are moving our rating on DSV to ‘Outperform’. We believe the 13% relative outperformance of the shares (versus the SXNP) following the UTi deal announcement still does not capture...

April 8 2016| Allan Smylie CFA , Ross Harvey , Stephen Furlong | Company Report | 26 pages
Davy Research

New economic forecasts: GDP to grow by 6.0% in 2016 and 4.0% in 2017

We have revised up our forecasts for Irish GDP growth to a 6.0% expansion in 2016 and 4.0% in 2017 due to the exceptionally strong momentum in the economy that has been maintained...

April 13 2016| Conall Mac Coille | Morning briefing | 1 page

MyHome Property Report, Q1 2016: House prices regain momentum

MyHome asking price data point to renewed momentum in Irish house prices in Q1 2016. Asking prices on newly listed properties for sale rose by 2.1% on the quarter and by 0.9% in Dublin,...

April 4 2016| Conall Mac Coille | Irish Economy | 10 pages

March rally: equity markets recover strongly with some back in the black for 2016

Global equity markets staged a strong recovery in March and in some cases wiped out the losses accumulated over the previous two months. The MSCI AC World Index jumped 5.3%, reducing...

April 1 2016| Jim O'Neill , Laura Chambers , Jenny Campbell , Colin Richardson | Monthly Market Monitor | 24 pages