Davy Research

Fresh thinking on the European

industrials and consumer sectors

Current themes at Davy Research

Business Support Services

Initiating coverage with an 'Outperform' rating; attractive ROCE lets us look beyond short-term capital requirements

Applegreen is a major petrol forecourt retailer in the Republic of Ireland with a significant and growing presence in the UK. Since the launch of the Applegreen brand in 2005, the group...

July 23 2015| Robert Stokes CFA | Company Report | 35 pages
Financials

Credit focus

Our latest issue of Davy Banks Monthly has a distinct credit-focused theme as we examine: (i) the emergence of Irish bank AT1s, which garnered substantial investor interest as banks...

July 9 2015| Emer Lang , Stephen Lyons , Diarmaid Sheridan , Ray Crowley | Davy Banks Monthly | 39 pages

Challenged bank turns challenger

Permanent tsb (PTSB) has quickly transformed into an attractive investment proposition as a focussed domestic retail bank that will benefit from a consolidated market and a strongly...

June 8 2015| Emer Lang , Stephen Lyons , Diarmaid Sheridan , Conall Mac Coille | Company Report | 79 pages
Industrials

Maturing Irish real estate cycle continues to offer favourable backdrop for listed sector

The Irish real estate market generated total returns of 36.3% in the year to end-Q1 2015, among the highest in the MSCI index universe. The sharp turnaround has been led by offices...

May 13 2015| Ray Crowley , Flor O'Donoghue | Sector Report | 31 pages
Markets & indices

Greece crisis dominates market sentiment and leaves June with heavy losses

The MSCI AC World Index fell 3.0% as the prospect of a Greek default and exit from the single currency dominated sentiment. Not surprisingly, the largest losses were incurred in Europe...

July 2 2015| Jim O'Neill , Laura Chambers , Jenny Campbell , Colin Richardson | Monthly Market Monitor | 31 pages
Transport & logistics

Initiating coverage with 'Outperform' rating; early stage growth with over 50% upside

We expand our coverage of the aviation value chain to include the aircraft leasing space, initiating on Avolon. Our positive investment thesis centres on attractive industry dynamics, an...

June 23 2015| Stephen Furlong , Ross Harvey , Allan Smylie CFA | Company Report | 68 pages
Davy Research

UK Budget: Osborne sticks to fiscal consolidation plan but waters down spending cuts

Far from the slash-and-burn budget many had expected, UK Chancellor George Osborne’s July Budget raised taxes, slowed the pace of spending cuts and delayed the goal of achieving a...

July 9 2015| Conall Mac Coille | Davy Economics Monthly | 3 pages

MyHome Property Report, Q2 2015: House price inflation continues to moderate

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MyHome asking price data point to a further slowdown in house price inflation in H2 2015. In Q2, asking prices on newly listed properties rose by 1.1% nationally and by 0.8% in Dublin, both...

June 30 2015| Conall Mac Coille | Irish Economy | 9 pages