Dec 7 2018
Industrials
Recent Research
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European cement
The falling knife
Q3 results promise little by way of positive surprise from the cement stocks. Making numbers and maintaining guidance will be a good day’s work in this sector. In our view, the balance...
Glenveagh Properties
A closer look at Glenveagh Living; potential returns drive our price target higher
To date, we have not allowed for any superior returns to be generated from Glenveagh Living. Our analysis of the pipeline sites suggests that the potential uplift to returns is...
Kingspan Group
Earnings upgrades highlight momentum but it is the longer-term potential that really excites
Kingspan remains in great shape as the upgrade of forecasts following its H1 results indicates. But the continuing upward march of estimates is only part of the story. What we found...
Grafton Group
H1 2018: Further evidence of business model strength
We are likely to increase our Grafton full year profit expectations modestly (by c.2-3%) – this alone sets the stock apart in a sector context. That is not to say that Grafton is...
Davy Conviction List
Removing Kingfisher and HeidelbergCement on earnings concerns
We are removing HeidelbergCement and Kingfisher from the Davy Research Conviction List. Both names had a disappointing performance in H1 due to challenging end-markets and associated...
Kingfisher
Underlying performance challenged; cutting rating to ‘Neutral’
Since upgrading Kingfisher to ‘Outperform’ last October, the subsequent journey has been volatile. Back below the upgrade price (the stock has fallen 8% during that period, in line with...
Kingspan Group
A more subdued half likely by its standards but outlook still excites
Kingspan’s interim results are expected to be solid rather than spectacular. The group had a relatively slow start to the year and the impetus from recent acquisitions will only really...
Mincon Group
Operating profit 11% ahead of forecasts
In the wake of significant revenue growth in the last couple of years, Mincon is now seeing significant margin expansion. Underlying operating profit margin is up by more than 200bps...
Mondi
Upgrading 2019 forecasts by 6% on pricing and M&A; price target increased to 2500p
The latest upgrade to Mondi Group’s forecasts is unlikely to be the last. The demand environment is solid and positive pricing is driving higher margins. With supply constraints set to...
Ibstock plc
H1 results as flagged with no change to headline full year numbers expected
As expected, there is little by way of meaningful new information in Ibstock’s interim results. Headline forecast changes will be minimal. The group has a short-term headwind with the...
