Feb 13 2019
Industrials
Recent Research
Meet your Industrials Research team
Kingspan Group
Well positioned to close out a decade of real progress
Kingspan remains a stand-out and a top pick of ours in the European building materials sector. Results for 2018, due on February 22nd, will confirm an eighth consecutive year of...
Davy Conviction List
Q4 2018 a period to forget; sticking with our core names; adding Glenveagh Properties and ICG
While the Davy Research Conviction List had a disappointing final quarter in 2018, we believe that all the names on the list still merit inclusion and are significantly oversold. We are...
Construction Year-End
Darkest before the dawn? Key stock picks for 2019
2018 was a year to forget as the European building materials sector returned its weakest performance in seven years. Sentiment towards the sector has rarely been worse. We are more...
Year-end Document
Ireland’s call: investment opportunities in 2019
The 21% decline in the Irish equity market in 2018 was at odds with on-going strength in the economy. With economic growth expected to exceed 5% in 2019 (subject to an on-going fudge...
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...
