Volution

Forecast update

Forecasts for Volution have been upgraded following the group’s positive trading update. Our earnings estimate for the year to end-July has been increased by 3%, reflecting...

Dalata Hotel Group

Increasing 2022 forecasts

As indicated after Dalata’s positive AGM statement, we are making material upgrades to our 2022 forecasts given the strength of operating performance. We have left 2023 and 2024...

FBD Holdings

Material re-rating opportunity awaits

We believe that FBD is now moving to a position where it can return material value to shareholders in the coming years through a combination of a release of surplus capital and balance...

ITM Power

Updating forecasts

We have refreshed our forecasts for ITM Power ahead of the FY2022 trading statement, which is due on June 9th. Changes result from the timing of completing a contract as well as an...

Kingspan Group

Model update

Kingspan’s terrific start to the year has prompted yet another earnings upgrade as estimates also capture the recent acquisition spend. But the outlook into H2 is highly uncertain...

HelloFresh SE

Conviction call… eating into the KPIs

Inflation is here to stay, but the ‘consumer staple’ nature of HelloFresh (HFG) shapes it to outperform in relative terms through economic recession. We debunk the myths around...

UK support services

Anyone fancy a takeout?

We have often commented on Private Equity (PE) interest in the UK Support Services sector, but it is worth reiterating the current state of play and potential for further deals. The...

UK recruitment

Housekeeping, Hays’ CMD and long-term value

We believe the market has taken the view that medium-term forecasts for the staffers are now way too high and that the fallout from the geopolitical situation will take a significant...

Disruptive technology

April UK housing snapshot

As for the capital markets, observers of the UK housing market are confused. April 2022 produced a further drop in the sentiment-led Twindig index (down 1%), with rising mortgage...

Associated British Foods

Model update and equity considerations

Persistent and elevated cost inflation will weigh on margin delivery through FY22 and FY23 as the food businesses chase recovery and Primark prioritises price leadership. Forecasting...