PRIVATE CLIENTS
- Wealth Management
The most important thing we can do for our clients today is to listen. By understanding what you want out of life, we can help you put the right financial plan and investment strategy in place to achieve your personal goals.
CORPORATE & INSTITUTIONAL
- Asset Management
At Davy Asset Management it is our unique perspective that inspires our thematic styled investment strategies that deliver market leading performance. - Corporate Finance
Davy Corporate Finance is Irelands largest corporate financial adviser.
We work with domestic and international public, private, commercial and semi-state entities, combining innovative advice and proven execution skills, to provide a complete range of integrated corporate finance services. - Institutional Equity
Davy is the market leader in the origination, distribution and trading of Irish equities.
Our equity sales and trading function provides analysis and execution for domestic and overseas institutional investors, including some of the largest global fund managers, hedge funds, sovereign entities and money managers.
- Corporate Broking
Davy Corporate Broking serves a hybrid role combining traditional corporate advisory services, with institutional marketing and equity capital market transaction services.
The Corporate Broking team provides clients with a comprehensive service to help manage their relationships with the market and their existing and potential institutional shareholders.
- Debt & Specialist Finance
Davy's Debt & Specialist Finance team is the largest in Ireland. We act for both borrowers and investors in the global debt markets.
We are active traders in all sovereign bonds and global credits, and are primary dealers of Irish government bonds.
- Money Broking
Davy's Money Broking team acts exclusively in an agency capacity, for professional clients, matching up buyers and sellers in the wholesale financial markets.
Our over-the-counter products and services include interbank deposits, repos, forward rate agreements, swaps and forward foreign exchange rates.
- Fund Services
Davy has been involved with regulated investment funds for over 15 years, and can provide advice and services for clients seeking to establish a fund in Ireland.
- Property
Davy Property is one of the largest direct property investment and asset management businesses in Ireland. Our Property business is focused around Property Management, Property Investment and Portfolio Restructuring & Refinancing.
Davy Research
LafargeHolcim
DAVY VIEW
We have updated our earnings forecasts for LafargeHolcim (LHN) following the Q3 results last week. We cut our FY17 and FY18 EBITDA forecasts by 3.6% and 4% respectively. The initial update from the new CEO was understandably brief and made sense, with more detail to come with a strategic update in March. His first act was encouraging in itself, cutting the group’s unrealistic profit targets. With expectations now reset, he can focus on his growth agenda – devolving responsibility at country level and simplifying the group structure. For now, we maintain our ‘Underperform’ rating given continued pressure in key end-markets and little by way of valuation support.
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RATINGS AND PRICE CORRECT AT TIME OF ISSUE
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LafargeHolcim
Closing Price: 5635
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PREVIOUS RATING 29/07/15
Neutral
Analyst(S)
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Robert Gardiner +353 1 6149004 View profile
