Dec 7 2018
Recent Research
VR Education Holdings
Seeing the bigger picture; initiating coverage with ‘Outperform’ rating
VR Education Holdings (VRE) has developed a proprietary virtual reality (VR) educational platform on the back of its successfully launched experience games (Apollo 11 VR, Titanic VR). We...
Monthly Market Monitor
End-month rally pushes global markets 1.2% higher in November
Global markets recovered some small ground in November but barely dented the 7.0% collapse in October. The MSCI AC World Index gained 1.2%, reducing the year-to-date (ytd) loss to 2.3%....
Irish economy
Ireland to benefit from change in ECB capital key
Ireland will benefit from a significant revision to its capital key, from 1.6% to 1.8%, in January 2019 – implying that the stock of Public Sector Purchase Programme (PSPP) purchases...
Cranswick plc
Growth platform underpinned by poultry and international ambitions
Cranswick’s evolution has been shaped by its strategic agility and progressive reinvestment model. Dedicated supply chains have deepened retailer relationships. The roots of the...
Irish banks
Monthly update: stress test outcome much improved
The positive outcome for AIB and BOI in the EBA stress test exercise is welcome and should help the banks to retrace some of their recent underperformance. The outcome is testament...
IRES REIT
Strong NAV prospects from yield compression, reversion and development pipeline
Prime Private Rented Sector (PRS) yields in Dublin have declined by 80bps since end-2016 and continue to be very well bid. IRES’ reported yields are now at a record spread versus prime...
Malin Corporation
Sharpening the strategic focus
Malin is sharpening its strategic focus. It has simplified its strategy to focus on four priority assets that hold considerable upside, and the leaner structure provides a longer...
Dalata Hotel Group
Pricing in an unrealistic 2019 RevPAR outcome
Dalata’s share price has fallen by 20% since early October. Concerns about oncoming Dublin supply and VAT changes are overdone. We estimate the stock is now pricing in a circa 4.5%...
Kerry Group
Eastern promise - Kerry’s SE Asia journey is only beginning
Enabled by its localised solutions-led model, Kerry has built an enviable track record in SE Asia with a ten-year organic volume CAGR of 14%. Success is built on consumer insights, an...
AIB Group
Forecast revisions post Q3 and lower lending growth
Although AIB’s Q3 update reaffirmed progress on the bank’s medium-term targets, we reduce our forecasts to reflect lower lending growth assumptions. This reflects our new mortgage...
