Feb 23 2026
Recent Research
Danone, FY25 results – strong finish to the year
Feb 20 2026
Kingspan Group, Ready for lift off
Feb 20 2026
Mondi, Falls short of consensus expectations
Feb 19 2026
Saint-Gobain Group
Ready to take the next step
Saint-Gobain has made a successful transition from an unwieldly conglomerate into a more-nimble, locally managed business focused on light and sustainable construction. Most notably,...
Travis Perkins plc
Cutting 2026 forecasts as outlook remains subdued
2025 was something of a year of transition for Travis Perkins, but our downward revision of current year estimates underlines how trading conditions remain unaccommodating. The stock...
Kingspan Group
Robust results expected for 2025 and attractive set-up for this year
Kingspan should report another year of robust earnings growth for 2025. This will set it apart from a building products sector that has struggled with generally unhelpful trading...
Cairn Homes
Increasing price target to 243c
A clear beat of FY25 guidance has driven a circa 3% upgrade to our Cairn Homes’ FY25 operating profit forecast, with FY27 also moving up by circa 4% (2026 is broadly unchanged)....
Flutter Entertainment plc
What is priced in?
Ahead of Flutter’s FY25 earnings, we update our forecasts. Q4 forecasts for the US come down but remain within the guidance range as the well-publicised handle softness impacted. A...
Irish banks
Positive liability dynamics
We retain a constructive outlook on the Irish banks into 2026. The Irish economy is set for ongoing growth, while bank balance sheets are also well primed. In the report, we assess the...
Glanbia
Positive setup for 2026 – results due February 25th
2025 was a game of two halves for Glanbia with downward earnings revisions being supplanted by upgrades as we exited the year. The business sits at the intersection of the protein...
Ryanair Holdings
Continues to excel
Q3 numbers continue to excel. Ryanair is cautiously guiding FY26 profit after tax (pre-exceptional) in a range of €2.13-2.23bn. We are likely to broadly keep our €2.21bn forecasts...
Weir Group plc
Moving to ‘Neutral’ on changing risk profile
The strong rally in Weir’s share price aligns with our expectations. The angle of appreciation is steepening. We remain very positive on the long-term outlook for its end markets and...
Ingredients
Ingredients chartbook: decadal valuation reversal; model updates
2025 was characterised by slowing top-line growth, which led to a further sector de-rating. For 2026, we model organic growth of c.3% for all names with improving momentum expected in...
