Davy Research



Ireland: Merchanting margins and country RONA can approach peak once again

Grafton’s current Irish prospects are frequently measured by (i) the pace of like-for-like (LFL) revenue growth and (ii) profitability compared to previous peak...

Jun 19 2017 | Michael Mitchell , Flor O'Donoghue | Company Report | 22 pages

Cash in as cement prices turn in Europe – upgrade to 'Outperform'

While not quite a fallen star, the halo has certainly slipped at HeidelbergCement (HEI). Two disappointing quarters have seen the stock struggle as doubts persist around synergies and...

Jun 16 2017 | Robert Gardiner | Company Report | 40 pages

Stick with the winner: updated price target of €37.5 gives 20% further upside

We are revising our Kingspan share price target from €32.5 to €37.5. Much has changed since the last significant adjustment to our price target in April 2016. The revision implies upside...

May 17 2017 | Flor O'Donoghue , Michael Mitchell | Company Report | 9 pages

A low key start to the year but significant upside to play for

Breedon Group (Breedon) has released a short trading statement ahead of its AGM today. The update is very much in line, both in terms of Q1 trading and management’s outlook for the...

Apr 25 2017 | Robert Gardiner | Company Report | 2 pages

Initiating coverage: cash generation, acquisition potential and margin expansion all provide cause for optimism

We are initiating on Ardagh Group with an ‘Outperform’ rating and a price target of $23.50, representing upside of 11% from current levels. While the group’s markets are relatively...

Apr 12 2017 | Flor O'Donoghue , Barry Dixon | Company Report | 70 pages

Feedback from Davy real estate site visit

Davy hosted its fourth annual real estate site visit in Ireland on April 5th and 6th. The general tone continues to be upbeat on the outlook for all sectors – residential has the...

Apr 11 2017 | Colin Grant , David Jennings , Colin Sheridan CFA | Sector Report | 6 pages

Boxing clever: forecast revisions reflect recent pricing momentum; further upside likely

The European packaging sector has not experienced such a confluence of positive factors for some time. Improving domestic and export demand, limited new capacity (for now), falling...

Mar 30 2017 | Barry Dixon , Colin Sheridan CFA | Sector Report | 17 pages

Drilling the point home: poised for 2017/2018 rally as mining cycle recovers

Many of the factors driving Mincon’s earnings are now pointing to the upside. Peers are flagging a very strong Q1, with positive trends in consumables. In addition, miners’ capex seems...

Mar 16 2017 | Colin Sheridan CFA | Company Report | 7 pages

Returns focus and cash performance driving upgrades

We have upgraded our CRH forecasts following the group’s strong trading and cash performance in 2016. The operational result was once again characterised by significant operating...

Mar 10 2017 | Robert Gardiner , Barry Dixon | Company Report | 20 pages

Believe in Breedon; upgrade to ‘Outperform’

The unexpected resilience of the UK market through late 2016 drives our Breedon upgrade. We believe this resilience can continue and have adjusted upwards our FY2017 and FY2018...

Mar 6 2017 | Robert Gardiner , Robert Gardiner | Company Report | 14 pages

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