DAVY VIEW

Irish Continental Group (ICG) delivered a decent summer in the context of the macro backdrop. The investment in the WB Yeats (€155m, planned >15% IRR) can be seen in the summer numbers, albeit there are growing pains in that it was late to the market and weakness in sterling is highlighted. On balance, volumes look good but with bedding down the new ship into the schedule and some additional costs, we are likely to lower our FY forecasts to c.€87m from (EBITDA €91m).